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Tuesday, January 23, 2018

Right Now News

Cargotec Defines Sustainability Targets for 2018

Photo: Cargotec Corporation

Cargotec Corporation's Extended Executive Board has set the company sustainability targets for 2018. The targets support Cargotec's strategic must-win battles - services, digitalisation and people leadership - with which the company aims to become the global leader in intelligent cargo handling. Cargotec's focus in 2018 will be on increasing safety awareness, setting a new sustainability standard for the supply chain, increasing the usage of renewable electricity, and ensuring that human rights-related company practices and processes are at the correct level.

Diana Containerships Sells Two Post-Panamax Container Vessels

Photo:  Diana Containerships Inc

Greece-based global shipping company Diana Containerships announced that it has entered into an agreement to sell the m/v March and the m/v Great, each a 2004 built containership, for an aggregate price of US$22.0 million to an unaffiliated third party. The Company expects the Vessels to be delivered to the buyer at the latest by March 30, 2018. The unaffiliated purchaser of the Vessels is the same party with which the Company entered into a previously announced agreement to sell up to seven vessels, subject to the purchaser arranging financing.

Norway SWF Dumps 3 Shipping Firms

Photo: Studio Fasching, Chittagong, Bangladesh, 2017 -  NGO Shipbreaking Platform

The Norwegian Central Bank  has decided to exclude ship owners Evergreen Marine Corporation, Precious Shipping, Korea Line Corporation and Thorensen Thai Agencies from the Government Pension Fund Global (GPFG). The exclusion is based on the companies’ poor management of their end-of-life ships and the sale of these for dirty and dangerous shipbreaking on the beaches of Gadani, Pakistan and Chittagong, Bangladesh. The Norwegian Council on Ethics directs the Norwegian Central Bank…

Philippine Senators Question Navy's $310 Million Frigate Deal

A group of Philippine opposition senators has sought a public inquiry into the navy’s 15.7 billion peso ($310 million) acquisition of a frigate from a South Korean firm, after media said the president’s closest aide had meddled in the deal. President Rodrigo Duterte is furious at media reports that his longtime special assistant, Christopher “Bong” Go, had intervened to help a South Korean sub-contractor win the right to install a combat management system on the two missile-capable vessels, which are due for delivery in 2020. Go has denied any wrongdoing. The frigate issue cost former navy chief Vice Admiral Ronald Joseph Mercado his job last month.

Coast Guard Cutter Elm Heads to Baltimore for Overhaul

File photo: USCG photo by John Edwards

The 20-year-old U.S. Coast Guard Cutter Elm is scheduled to make its way to the Coast Guard Yard in Baltimore this month for a planned major dry dock overhaul. The cutter’s departure from Atlantic Beach, N.C. will mark its last from its current homeport. After the overhaul work is completed, the Elm will report to a new homeport in Astoria, Oregon. Coast Guard Cutter Maple, which is presently undergoing a midlife overhaul of its own, will replace the Elm in Atlantic Beach this April.

DP World, India’s NIIF to Create USD 3 bln Investment Platform

Photo: DP World

The National Investment and Infrastructure Fund (NIIF), India’s first sovereign wealth fund, and Dubai-based ports operator DP World have announced the creation of an investment platform to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India. The partnership follows the Memorandum of Understanding (MoU) signed in May 2017 and the visit to India of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, in February 2016.

Women in Maritime: New UK Taskforce Established

Nusrat Ghani (Photo: Maritime UK)

Setting out to increase fairness, equality and inclusion within the maritime sector, Maritime UK has established a Women in Maritime Taskforce, a move welcomed by the U.K.’s new Maritime Minister, Nusrat Ghani MP. “I am delighted to see Maritime UK taking action to attract more women into our maritime industries, and I welcome this taskforce as an important first step,” said Ghani, who is only the second woman to hold the Department for Transport portfolio for the U.K.’s £40 billion maritime sector.

Tidewater Announces Expiration of Rights Plan

Tidewater Inc. announced that the company’s stockholder rights plan expired in accordance with its terms on November 1, 2006. While the company is not currently considering the adoption of a new stockholder rights plan, the Board of Directors has adopted a policy preserving its ability to implement a stockholder rights plan in the future. This newly adopted rights plan policy provides that in the future the Board will only adopt a stockholder rights plan if approved by the Company’s stockholders or if the Board, in the exercise of its fiduciary responsibilities, determines that the adoption of a rights plan without delay is in the best interest of the Company’s stockholders.

Manitowoc Company Enters New Rights Agreement

The Manitowoc Company announced that its Board of Directors has adopted a new Rights Agreement. In connection with its approval of the Rights Agreement, the Board of Directors declared, to shareholders of record as of March 30, 2007, a dividend distribution of one right for each outstanding share of Common Stock of the Company. The new rights replace similar rights that the Company issued under its Rights Agreement that expired on September 18, 2006. Generally, the rights will be exercisable only if a person or group acquires 20% or more of the Company’s Common Stock or announces a tender offer, the consummation of which would result in ownership by a person or group of 20% or more of the Common Stock.

Dril-Quip Adopts Stockholder Rights Plan

Dril-Quip, Inc. (NYSE:DRQ), manufacturer of offshore drilling and production equipment, announced that its Board of Directors has adopted a Stockholder Rights Plan designed to protect the company's stockholders from coercive or unfair takeover techniques. Terms of the Rights Plan provide for a dividend distribution of one right for each outstanding share of common stock to holders of record at the close of business on December 5, 2008. The Rights Plan would be triggered if an acquiring party accumulates 15 percent or more of the company's common stock and would entitle holders of the rights to purchase either shares of the company's stock or shares in an acquiring entity at half of market value.

Dockwise to Finance New Type 0 Vessel

Dockwise Ltd. Board of Directors approved of the commissioning of a newbuild vessel to serve the emerging demand for ocean transports with capacity of above 100,000 metric tons, and the notice of the same date for a special general meeting (SGM) to authorize the proposed rights issue to part-finance the investment. The SGM of the company was held on Nov. 23 in Amsterdam, the Netherlands, and all items were resolved in accordance with the Board of Directors' proposals as set out in the notice of the SGM. The minutes of the SGM are attached hereto. On basis of the authorization granted by the SGM, Dockwise has resolved to carry out a rights issue of 4…

Orsetd, Formerly Dong Energy, Sued over Name Change

(Photo: Orsted)

The descendants of Danish scientist Hans Christian Orsted will take legal action on Friday against one of Denmark's biggest companies over its decision to change its name to Orsted, their lawyer said. DONG Energy, the world's largest developer of offshore wind farms, in October renamed itself Orsted as part of its shift to renewable energy from oil and gas. DONG was short for Danish Oil and Natural Gas. It said the new name, chosen from more than 3,000 alternatives, was inspired by 19th century Danish physicist Hans Christian Orsted, who discovered electromagnetism.

Dorian Adopts Shareholder Rights Plan

Dorian LPG’s Corvette Photo courtesy Dorian

The Board of Directors of Dorian LPG Ltd. (NYSE: LPG) today adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of Company common stock (each, a "Right"). The shareholder rights plan will replace the Company's existing rights plan that is due to expire pursuant to its terms on December 20, 2016. John Hadjipateras, Chairman and Chief Executive Officer of the Company, stated: "The Board's decision to adopt the rights plan underscores its commitment to the equitable treatment of all the Company's shareholders.

Cruise Ship Passenger 'Bill of Rights' Adopted

Cruise Lines International Association (CLIA) has approved "Cruise Industry Passenger Bill of Rights" detailing members' commitment to the safety, comfort & care of guests in a number of important areas. The CEOs of CLIA North American member cruise lines are each immediately verifying in writing that they have adopted the Passenger Bill of Rights, which is a condition of membership in the Association. CLIA also will submit the Passenger Bill of Rights to the International Maritime Organization (IMO), requesting formal global recognition and applicability under the IMO's authority over the international maritime industry. The Passenger Bill of Rights will be effective immediately for U.S.

Golar LNG Bags New Long-term FSRU Contract

Photo:  Golar LNG

Golar LNG Partners announced that it has executed a 15-year charter with an energy and logistics company for the provision of an FSRU (floating storage and regasification unit) and related services in the Atlantic Basin. The charter provides the Partnership with the flexibility to nominate either the Golar Spirit or the Golar Freeze to service the contract provided that the nominated FSRU satisfies certain technical specifications ahead of project start-up, which is expected in the fourth quarter of 2018.

Rolls-Royce Notifies Total Voting Rights

Image

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting rights and capital as at the end of each calendar month. 1,886,455,159 ordinary shares of 20p each with voting rights. 1 Special Rights non-voting share of £1 with no voting rights. 22,005,007,762 non-cumulative redeemable preference shares of 0.1p each (C Shares) with no voting rights except at any general meeting at which…

Rolls-Royce Holdings' Voting Rights and Capital

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting rights and capital as at the end of each calendar month. 1,886,395,243 ordinary shares of 20p each with voting rights. 1 Special Rights non-voting share of £1 with no voting rights. 22,005,007,762 non-cumulative redeemable preference shares of 0.1p each (C Shares) with no voting rights except at any general meeting at which a resolution to wind up the Company is to be considered in which case the holders of C Shares shall have the right to attend the general meeting and shall be entitled to speak and vote only on such resolution. None of the ordinary shares or C Shares are held in Treasury.

Global Ship Lease Eyes Acquisitions

Photo: Global Ship Lease

The London-based Global Ship Lease (GSL) said that it  is well-positioned as one of few publicly listed containership leasing companies to acquire attractive portfolios of ships, attract growth capital or find a complementary merger partner. The containership charter owner has engaged Evercore to act as financial advisor to assist in reviewing strategic alternatives focused on maximizing shareholder value. GSL has successfully refinanced of all of the its indebtedness in October 2017 and with a strengthening market backdrop.

DryShips Commenses USD 100mln Rights Offering

File Photo: DryShips Inc

DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million. The deadline for participating in the Rights Offering is 5:00 p.m.…

Cruise Industry Adopts Passenger Bill of Rights

Cruise Lines International Association (CLIA) has  announced that its Board of Directors approved the adoption of a Cruise Industry Passenger Bill of Rights detailing CLIA members' commitment to the safety, comfort and care of guests in a number of important areas. The CEOs of CLIA North American member cruise lines are each immediately verifying in writing that they have adopted the Passenger Bill of Rights, which is a condition of membership in the Association. CLIA also will submit the Passenger Bill of Rights to the International Maritime Organization (IMO), requesting formal global recognition and applicability under the IMO's authority over the international maritime industry. The Passenger Bill of Rights will be effective immediately for U.S.

Moore Stephens Launches Shipping Recruitment Service

Leading shipping accountant and business consultant Moore Stephens has launched a recruitment consultancy and placement service to match jobs and people related to finance and shipping. "We know the shipping industry, we know the financial world, and we regularly advise on employee benefit structures, so our clients can benefit from our ability to match the right people to the right jobs, with the right conditions," says Chris Chasty, head of Moore Stephens' shipping group. Moore Stephens will find suitable candidates for finance-related positions within all sectors of the shipping industry for a fixed fee. "This is a straightforward service…

Frontline Proposes DHT Takeover

DHT Leopard Photo: DHT Holdings, Inc

DHT Holdings, Inc has received a non-binding, highly conditional proposal from Frontline Ltd to acquire all of the outstanding shares of common stock of DHT in a stock-for-stock transaction. Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT, which represents an implied price of $5.09 per DHT share, based on the closing price of Frontline shares of common stock on January 27, 2017. In the proposal letter delivered to DHT's Board of Directors on January 27…

New iPad, iPhone App Helps Mariners Avoid Right Whales

Ithaca, N.Y. – Mariners along the U.S. east coast can now download a new iPad and iPhone application which warns them when they enter areas of high risk of collision with critically endangered North Atlantic right whales. The free Whale Alert app provides one source for information about right whale management measures and the latest data about right whale detections, all overlaid on NOAA digital charts. “Whale Alert represents an innovative collaboration to protect this critically endangered species,” said David Wiley, NOAA’s Stellwagen Bank National Marine Sanctuary research coordinator and project lead. A key feature of Whale Alert is a display linking near real-time acoustic buoys…

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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