Euronav: USD 350m Capital Increase to Support Maersk VLCC Acquisition
On 5 January 2014, Euronav announced the acquisition of fifteen (15) Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of USD 980 million. Euronav follows that announcement by advising its intent to raise USD 50,000,000 by way of a capital increase under the authorized capital and that 5,473,571 new shares will be issued upon full payment of the subscription price, which is expected to be at or around 10 January 2014. The subscription…
New Dry Bulk Shipowning Firm Raises Funds
Nautical Bulk Holdings Limited, a newly formed Bermuda-based dry bulk shipping company, has raised in excess of $100 million of equity capital to fund the construction of eight ultramax, eco-friendly vessels under construction by Jiangsu Hantong Ship Heavy Industry, a leading Chinese shipyard. WL Ross & Co. / Fearnley Advisors AS, Solus Alternative Asset Management LP and the CONTI Group are providing the equity capital to launch the company. Nautical has entered into shipbuilding contracts for the construction of eight 64,000 DWT bulk carrier vessels, and has secured multiple fixed options for additional newbuildings. The first 8 ships will be delivered in 2015, with the first delivery date scheduled for January.