Marine Link
Tuesday, November 21, 2017

Securities Exchange Commission News

BofA Extends Credit to Matson

Bank of America Corp. and five other lenders have approved a combined $325m credit line for Alexander & Baldwin Inc. and its subsidiary Matson Navigation. According to a Securities & Exchange Commission filing, Alexander & Baldwin's portion of the credit line is $225 million, and Matson's is $100 million. The credit lines replace a prior agreement that was due to expire in 2011. Source: Charlotte Journal of Business

Chinese Shipbuilder's Shares Tumble

China's Rongsheng Heavy Industries' shares tumbled after US Securities & Exchange Commission accusation Shares of China Rongsheng Heavy Industries tumbled 17 percent to a record low yesterday after its chairman Zhang Zhirong was accused of insider trading by the US Securities and Exchange Commission, reports the 'Hong Kong Standard'. The SEC accused Hong Kong-based Well Advantage - solely owned by Zhang - of trading illegally before an announcement by CNOOC (0883) that it would buy Nexen for US$15.1-billion (HK$117.78-billion). In related news Rongsheng said it expects net profits in the first half to have fallen sharply due to a declining industry. Analysts expect whole-year profits to slide by 25-30 percent from 2011.    

GulfMark Files $250M Shelf Registration

GulfMark Offshore, Inc. (Nasdaq:GMRK) announced it has filed a $250 million shelf registration statement on Form S-3 with the Securities & Exchange Commission to register the offer and sale by the Company from time to time of up to $250 million of various securities, which may include common stock, warrants, debt securities, and or preferred stock. "We have no immediate plans to offer any of the securities for sale, but believe it is prudent to have registered securities available to fund future opportunities," said president and chief operating officer, Bruce Streeter. He added that the new shelf registration statement replaces the one filed in 2000 that expired. GulfMark Offshore, Inc.

Nautilus Marine Extends Acquisition Tender Offer

Nautilus Marine Acquisition Corp. extends its tender offer for Assetplus Ltd. until end of January 2013. The completion of the tender offer is a condition to Nautilus' previously announced acquisition of Assetplus Limited. The extension is being made to comply with the rules and procedure requirements of the Securities Exchange Commission. Except for such extension, all of the terms and conditions set forth in the tender offer materials filed with the U.S. Securities and Exchange Commission on December 7, 2012, as amended, remain unchanged. Shareholders who support the Company's business transaction with Assetplus should not tender their common shares in the tender offer…

Nautilus Marine Extends Acquisition Tender Period

Greece's Nautilus Marine Acquisition Corp. (Nautilus) extends tender period referring to the acquisition of Assetplus Ltd. The tender offer, as amended, has been extended until 5:00 p.m., New York City time, on February 13, 2013, unless further extended or earlier terminated. The tender offer was previously scheduled to expire at 5:00 p.m. New York City time, on January 31, 2013. The completion of the tender offer is a condition to Nautilus' previously announced acquisition of Assetplus Limited. The extension is being made to comply with the rules and procedure requirements of the Securities Exchange Commission. Except for such extension, all of the terms and conditions set forth in the tender offer materials filed with the U.S.

Diana Containerships Launches USD 150 Mln Securities Offering

Photo: Diana Containerships Inc

Diana Containerships, a global shipping company specializing in the ownership of containerships, announced today that the Company has entered into a Securities Purchase Agreement with Kalani Investments, an entity organized in the British Virgin Islands (Kalani) that is not affiliated with the Company, for the sale of 3,000 newly-designated Series B-1 Convertible Preferred Shares, preferred warrants to purchase 6,500 Series B-1 Convertible Preferred Shares and preferred warrants to purchase 140,500 newly-designated Series B-2 Convertible Preferred Shares.

Friede Goldman Halter Says No Chapter 11

Friede Goldman Halter Inc., said on Wednesday it had not filed for bankruptcy protection and was seeking alternatives. The company's shares plummeted on Tuesday in response to investor concerns about the company's financial fitness. The shares had not recovered by late afternoon Wednesday trading on the New York Stock Exchange, a day after the company canceled a scheduled conference call with investors. The shares hit a new 52-week low of $.52 before crawling back to last trade at $.83, off 7.7 percent. An official statement released by the company said, "At this time, the company does not believe a filing is in the best interest of (its) creditors, shareholders, employees, or customers.

Fincantieri to Delist Vard

Photo: Vard Holdings Ltd

Italian shipbuilder Fincantieri has proposed to seek the privatization of Vard Holdings via a voluntary delisting from the Singapore Exchange Securities Trading Limited (SGX-ST). Fincantieri, which holds a 79.34 per cent stake in Vard through a subsidiary Fincantieri Oil & Gas, is now offering 25 Singapore cent per for every share it does not own, one cent more than its previous offer, which closed in January. "Under the Exit Offer, Fincantieri O&G will offer the shareholders of Vard SGD 0.25 in cash for each Vard share tendered in acceptance of the Exit Offer…

Warren Named OBMP Executive Director

Marc Warren (Photo: OBMP)

The Oregon Board of Maritime Pilots (OBMP) has appointed Marc Warren as its new Executive Director. Warren will work in partnership with the OBMP board members, state-licensed maritime pilots, shipping industry representatives and contractors, as well as with environmental, state and federal regulatory agencies and Oregon residents in an effort to implement the objectives and goals of OBMP. Warren previously served as a regulatory specialist for the Oregon Liquor Control Commission and possesses 25 years of maritime leadership experience with the U.S.

Sea Containers Extends Exchange Offer

Sea Containers Ltd. marine container lessor, passenger and freight transport operator, and leisure industry investor, has extended the exchange offer for its outstanding 9-1/2% Senior Notes due 2003 and 10-1/2% Senior Notes due 2003, which commenced on May 28, 2003, until 5:00 p.m., New York City time, on Friday, June 27, 2003. The date by which Notes may be tendered through the guaranteed delivery procedure described in the exchange offer materials will not be extended. Accordingly, certificates representing any Notes tendered pursuant to the guaranteed delivery procedure must be received by The Bank of New York, the exchange agent for the exchange offer, not later than 5:00 p.m., New York City time, on Monday, June 30, 2003. As of 10:00 a.m.

Hornbeck Offshore Files Shelf Registration Statements

Hornbeck Offshore Services, Inc. has filed a universal shelf registration statement on Form S-3 and an acquisition shelf registration statement on Form S-4 with the Securities and Exchange Commission. Once declared effective by the Securities and Exchange Commission, the universal shelf on Form S-3 will enable the Company to sell from time to time, in one or more public offerings, up to $350 million of its common stock, preferred stock, debt securities or warrants to purchase common stock, preferred stock or debt securities, or any combination of such securities. In addition, the selling stockholders named in the Form S-3 may, subject to certain conditions, offer up to 2,250,000 shares of the Company's common stock in the future.

Dry Ships Inc. Offers Ocean Rig Shares

Athens, Greece – Dry Ships Inc., a global provider of marine transportation services for dry bulk and petroleum cargoes and off-shore contract drilling oil services, announced that it is offering 9,000,000 common shares of Ocean Rig UDW Inc. (“Ocean Rig”) which it owns in an underwritten public offering pursuant to Ocean Rig’s registration statement on Form F-1, filed with the Securities and Exchange Commission. Dry Ships also intends to grant the underwriters a 30-day option to purchase up to 1,350,000 additional common shares to cover over-allotments. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering…

Euronav Postpones Public Offering

Euronav Filikon (Photo: Euronav)

Citing “unfavorable current capital market conditions,” Euronav NV announced today that it is postponing its contemplated initial public offering of ordinary shares in the United States and related offer to exchange the company’s outstanding unregistered ordinary shares in Belgium for ordinary shares registered under the Securities Act of 1933, as amended. The company said it will continue to evaluate the timing for the offerings as market conditions develop. The registration…

North Atlantic Drilling Set for Initial NYSE Public Offering

North Atlantic Drilling Limited (NADL), a leading offshore harsh environment drilling company in which Seadrill Limited currently holds a 74 percent ownership interest, to file for independent listing on the New York Stock Exchange (NYSE). The company states that it has filed its first amended registration statements with the United States Securities and Exchange Commission (SEC) in connection with its initial public offering and concurrent offer to exchange previously issued unregistered common shares, other than the common shares owned by affiliates of NADL, for common shares that have been registered under the Securities Act of 1933, as amended. Morgan Stanley will act as the Global Coordinator and Lead Bookrunner for the initial public offering.

Intelsat Commences Proposed IPO

Intelsat S.A. (formerly known as Intelsat Global Holdings S.A.) announced the pricing of its initial public offering of 19,323,672 common shares at a price of $18.00 per share and concurrent public offering of 3,000,000 Series A mandatory convertible junior non-voting preferred shares (the “Series A preferred shares”) at a price of $50.00 per share. On the mandatory conversion date, May 1, 2016, each Series A preferred share, unless previously converted, will automatically convert into common shares. The Series A preferred shares will have a 5.75% dividend rate and a liquidation preference of $50.00 per share. The Company has granted the underwriters in the initial public offering of common shares a 30-day option to purchase up to an additional 2,898,550 common shares.

Seacor Smit Files $200M Shelf Offering

Seacor Smit Inc., the provider of offshore marine services to the oil and gas industry, filed on Monday with the Securities and Exchange Commission to periodically sell up to $200 million in common and preferred stock, debt securities and warrants. The Houston-based company plans to use the net proceeds for general corporate purposes, it said in the shelf registration filing. Under a shelf registration, a company may sell securities from time to time in one or more separate offerings in amounts, at prices and on terms to be determined at the time of sale.

Euronav NV IPO in the US

EURONAV NV

Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares. The Company’s ordinary shares offered in the…

Crowley Newco Corp. Extends Tender Offer

Crowley Newco Corporation announced that, in connection with its tender offer to purchase all outstanding shares of common stock of Crowley Maritime Corporation that it does not beneficially own at a price of $2,990 per share in cash, it has extended the expiration date for its tender offer and waived one of the conditions to the tender offer. The offer was set to expire at 5:00 p.m., New York City time, on Monday, April 30, 2007. The offer will now expire at 5:00 p.m., New York City time, on Monday, May 7, 2007, unless extended. As of 5:00 p.m., New York City time on April 26, 2007, approximately 30,350 shares of Crowley common stock had been tendered to the Purchaser at the price of $2,990 per share.

Global Completes Securities Filing

Global Industries Ltd. filed to sell from time to time up to $500 million in debt securities, common and preferred stock, depositary shares and warrants. Net proceeds will be used for general corporate purposes, which may include debt repayment, capital expenditures, future acquisitions and additions to working capital, the company, based in Lafayette, La., said in a shelf registration filing with the Securities and Exchange Commission.

Double Hull Tankers Announces Offering

Double Hull Tankers Inc. (DHT.N) filed with U.S. regulators to periodically sell up to $200m in common and preferred stock and debt securities, according to a Reuters report. The tanker ship operator said in a registration statement with the U.S. Securities and Exchange Commission that it will use the proceeds from the offering for general corporate purposes. The purposes may include vessel acquisitions, business acquisitions or other strategic alliances, reduction of outstanding borrowings, capital expenditures and working capital, the filing said. [Source: Reuters]

USMR Files Registration Statement For Initial Public Offering

United States Marine Repair, Inc. (USMR) announced that it filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. The shares will be offered by an underwriting group led by Lehman Brothers Inc., Credit Suisse First Boston Corporation, Bear, Stearns & Co. Inc. and Credit Lyonnais Securities (USA) Inc.

TORM Seeks Removal from SEC Register

Photo: TORM

Today, TORM A/S filed Form 15F with the U.S. Securities and Exchange Commission (SEC) with the intention of voluntarily terminating the registration of its securities and its reporting obligations under Section 13(a)/Section 15(d) of the U.S. Securities Exchange Act of 1934, as amended. Upon filing the Form 15F, TORM’s reporting obligations with the SEC, including its obligation to file reports on Form 20-F and furnish reports on Form 6-K, were immediately suspended. The termination…

Scorpio Tankers Public Stock Offiering

Monaco-based Scorpio Tankers Inc.intends to offer and sell 20,000,000 shares of its common stock in an underwritten public offering. The net proceeds of this offering are expected to be used for product tanker vessel and LPG carrier acquisitions, working capital and other general corporate purposes. UBS Securities LLC is acting as sole book-running manager in the offering, RS Platou Markets AS is acting as Joint Lead Manager and Global Hunter Securities, LLC is acting as Co-Manager. The Company also intends to grant the underwriters a 30-day option to purchase additional shares of common stock representing 15% of the offered shares. A prospectus supplement related to the offering will be filed with the U.S.

Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

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