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Special Committee News

20 Apr 2023

Krewsky Named President of TAI Engineers

William Krewsky (Photo: TAI Engineers)

S&B announced updates to the management team of TAI Engineers, which include the promotion of Captain William Krewsky, PE (USCG Retired), to President and Krishna (Kris) Karri to Senior Vice President Operations and Chief Engineer. Krewsky succeeds Anil Raj, PE, TAI’s Founder and President, who will remain in an executive advisory role with TAI.Captain Krewsky, a 38-year marine-industry veteran, most recently served as Vice President of Government Programs for TAI. Prior to joining TAI…

05 Aug 2022

Atlas Receives $3.64 Billion Takeover Offer from Poseidon

© Björn Wylezich / Adobe Stock

Asset manager Atlas Corp said on Thursday it received a takeover offer from consortium group Poseidon Acquisition Corp in an all-cash deal for $3.64 billion.Poseidon, which comprises Atlas' board chairman David Sokol, affiliates of Canadian investment company Fairfax Financial Holdings Ltd, the Washington Family, and Japanese shipping company Ocean Network Express Pte Ltd, has made an offer to the asset manager for $14.45 cash per common share.The offer represents a 24.9% premium to Atlas' closing price of $11.57 on Thursday at the New York Stock Exchange, as per Refinitiv data.The board will

02 Jul 2020

Coast Guard Discontinues Differential GPS Broadcast

(USCG file photo by Kevin Young)

On June 30, 2020 the Coast Guard switched off the last Differential Global Positioning System (DGPS) signals after more than 25 years of service.With the improved accuracy and integrity of un-augmented GPS over the last several years, and with the introduction of the U.S. operated satellite-based augmentation system known as Wide Area Augmentation System (WAAS), the maritime community no longer has a mission requirement for DGPS. GPS now provides sufficient positional accuracy…

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

20 Aug 2019

SPII Holdings Acquires DryShips

The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents a premium of approximately 66% over the company's $3.16 closing stock price on June 12.The $5.25 per share price reflects an increase of approximately 31% over the purchase price of $4.00 per share proposed in the Initial Offer.The company’s board of directors…

09 Jul 2019

DryShips Appoints Advisors for Economou Offer

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair), Andreas Argyropoulos and George Demathas.The special committee is considering and evaluating the Proposal, and no decisions have been made with respect to the special committee’s response to the proposal.

18 Jun 2019

C&J Energy, Keane Merge in $1.8bln Deal

Oilfield services firms C&J Energy Services and Keane Group, said  that they will merge in an all-stock deal valued at about $1.8 billion.C&J Energy, which offers a suite of oil and gas production services, and Keane, which specializes in well completions would combine in what the companies described as a merger of equals. The deal would create a company with more than $4 billion in annual revenues.Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Keane Board, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing.

14 Jun 2019

SPII Holdings Bids for DryShips

Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13, 2019, DryShips operates a fleet of 32 vessels comprised of (i) 6 Panamax drybulk vessels; (ii) 9 Newcastlemax drybulk vessels…

20 May 2019

Brookfield Eyes TeeKay Offshore Partners

Canada-based Brookfield Business Partners has made an offer to purchase the publicly traded units of Teekay Offshore Partners (TOP), midstream services provider to the offshore oil production industry,  that it doesn't already own.The offer was for $1.05/unit–shares are trading at that level now–no premium in the offer.Teekay confirmed that it has received an unsolicited non-binding proposal from Brookfield.The offshore company said the proposed deal is subject to a number of contingencies, including the approval of its Conflicts Committee or separate Special Committee tasked with evaluating the offer.Teekay said that it's Conflicts Committee or a separate Special Committee appointed for these purposes…

03 May 2019

DryShips Acquires Newcastlemax Drybulker

Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by the board of the Company and a special committee of independent and disinterested directors and remains subject to satisfactory documentation, said a press release…

18 Oct 2018

MEG Energy Rejects Husky's Bid

MEG Energy announced its Board of Directors has unanimously determined that Husky Energy's unsolicited bid to acquire MEG significantly undervalues the common shares of MEG and is NOT in the best interests of MEG or the holders of Common Shares.On October 2, 2018, Husky made a formal offer to acquire all of the issued and outstanding Common Shares, at the election of the MEG Shareholder, for (i) $11.00 in cash or (ii) 0.485 of a common share of Husky for each Common Share, subject to a maximum aggregate cash consideration of $1 billion and a maximum aggregate number of Husky Shares of approximately 107 million.The Husky Offer must remain open until at least January 16…

15 Jun 2018

Navios Maritime Partners Sells Hyundai Hongkong

Navios Maritime Partners, an international owner and operator of container and dry bulk vessels, announced that it has agreed to sell the Hyundai Hongkong, a 2006-built, 6,800 TEU containership for a total net sale price of $36.0 million to the group company Navios Maritime Containers. The vessel is chartered out at a weighted average net daily charter rate of $28,523 until December 2023. Navios Containers is expected to finance the acquisition with additional borrowings of approximately $15.0 million under a new loan from a commercial bank (on terms consistent with existing credit facilities). The vessel is expected to be delivered to Navios Containers in the third quarter of 2018.

07 May 2018

Navios Maritime Containers Acquires Three Containerships

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it agreed to acquire three containerships for a total purchase price of $117.25 million. Navios Containers agreed to acquire two 8,204 TEU containerships, the YM Utmost and the YM Unity, for $67.0 million from Navios Maritime Partners. The two vessels are chartered out at a net daily charter rate of $34,266 until August 2018 and October 2018, respectively. The acquisition of the YM Utmost and the YM Unity was unanimously approved by the Special Committee of the independent members of the Board of Directors of Navios Containers. Navios Containers agreed to acquire one 10,000 TEU containership for $50.25 million from a third party.

26 Mar 2018

Navios Maritime Acquisition Corporation Sells VLCC for $44.5 Mln

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic. Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes. As a result of this transaction, the Nave Galactic will be substituted by the Nave Equinox and the Nave Pyxis MR2 product tankers as collateral under the 8 1/8% Secured Bond due 2021.

15 Mar 2018

Emissions Regulations: 'It's Not Easy Being Green'

(Photo: Robert Kunkel)

Nor is it getting any easier to understand when, how and why to comply. Whether your marine operation is a major corporation or a family “mom and pop” company, the type of fuel you now burn or for that matter what emanates from your stack each day after the burn has now become a major source of confusion. As Kermit the Frog once said, we will now know what its like to be green. Some believe the discussion is a new subject. It is not. Those of us that work the oceans, rivers and sounds for a living always had a concern of how much fuel we burn and what the quality of that fuel was.

21 Feb 2018

Aegean to Acquire H.E.C. Europe

Aegean Marine Petroleum Network Inc. announced today that it has entered into a definitive agreement to acquire all of the outstanding share capital of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, from the shareholders of H.E.C., for aggregate consideration of approximately $367 million, including the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt, the assignment of certain accounts receivables, cash (determined in accordance with the definitive agreement) and shares of Aegean common stock…

26 Nov 2017

TOP Ships Acquires MR Tanker

TOP Ships has acquired all of the outstanding shares of PCH77 Shipping Company Limited, a Marshall Islands company that owns a new building contract for M/T Eco California from an entity affiliated with the Company’s Chairman and Chief Executive Officer, Evangelos Pistiolis. Eco California is a high specification 50,000 dwt Medium Range (MR) product/chemical tanker under construction at Hyundai Mipo Dockyard Co., Ltd. in Korea. The Republic of The Marshall Islands incorporated Company paid $3.6 million for the outstanding shares and the vessel is scheduled for delivery during January 2019. Upon its delivery, the vessel will be employed under a time charter with an oil major for a firm duration of two years with a charterer’s option to extend for one additional year.

13 Sep 2017

Shipbreaking NGOs Attack FPSO North Sea Producer

16 August of last year the FPSO North Sea Producer was beached in Chittagong, Bangladesh. The ship was allowed to leave the UK based on the false promise that it would be further operationally used in the Tin Can port in Nigeria. One year on, the battle to hold the owners and cash buyers accountable for the illegal export of the FPSO is not over. The North Sea Producer (ex Dagmar Maersk) was deployed in the McCulloch field in the North Sea, transporting and extracting oil from the UK continental shelf for 17 years, and was owned by the North Sea Production Company, a single-ship joint venture between the Danish A.P. Moeller Maersk and the Brazilian Odebrecht. Once the field closed, the FPSO North Sea Producer was laid up in Teesport for a year while the owners were looking for buyers.

17 Jul 2017

The Strong and Silent Type

Derecktor Shipyard General Manager Micah Tucker and Project Manager Joe Goodspeed shaping the Keel for the first Harbor Harvest Hybrid.

Mapping and shaping the growth of marine hybrid means many things to different stakeholders. The journey leads us all to the same place. If you follow the advancements in automotive design, the term or tag “hybrid” has come to define the alternative energy movement on our roads and highways. HEV autos have moved past Ford and GM in Detroit and into the hands of contemporary entrepreneurs and inventors the likes of Tesla’s Evan Musk or Dr. Victor Wouk. BMW, Ferrari, Bentley and…

01 Jun 2017

Tanker Investments Merges with Teekay Tankers

Teekay Tankers has agreed to acquire all the remaining issued and outstanding shares of Tanker Investments (TIL), in a share-for-share merger at an exchange ratio of 3.30 Teekay Tankers Class A common shares for each TIL common share. Teekay Tankers currently owns 3.4 million common shares, or 11.3 percent, of TIL. TIL's fleet consists of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 Product tankers with an average age of 7.3 years. Following the merger, Teekay Tankers' fleet will consist of 62 conventional tankers, including 3 in-chartered conventional tankers (30 Suezmax tankers, 22 Aframax tankers, 9 LR2 Product tankers and one 50 percent-owned VLCC).

14 Mar 2017

ABS, Industry Experts Tackle MODU Safety Issues

ABS, the leading provider of classification and technical services to the offshore industry, collaborated with industry experts during its annual Special Committee Meeting held recently to discuss the ABS Rules for Building and Classing Mobile Offshore Drilling Units (MODUs), with the goal of assuring that Rule requirements align with industry needs. “Our leadership position in the offshore sector is based on the ability to provide exceptional guidance and services,” says ABS Executive Vice President of Global Offshore Ken Richardson. More than 50 participants, including delegates from major owners, designers, shipyards and technical representatives from ABS, provided input at the Special Committee Meeting that will be used to refine ABS Rules.

05 Oct 2016

US Offshore Wind Comes to Life

(Photo: Robert Kunkel)

Marine News contributor Robert Kunkel asks: Are we ready to support the farms? On August 19, 2016, we watched as the fifth tower and associated nacelle was raised on the Deepwater Offshore Wind Farm approximately 3 miles offshore of Block Island, Rhode Island. This is the first Offshore Wind farm erected in the United States and, without a doubt, a huge step forward for this controversial project and alternative energy supply. The Block Island Wind Farm has a total generating capacity of 30 megawatts and is projected to produce approximately 125,000 megawatt hours annually.

04 Oct 2016

Hajioannou Takes on Safe Bulkers Newbuilds

Safe Bulkers, Inc. announced today that the Company has agreed to novate an existing newbuild contract for Hull No. S835, a Japanese Panamax class vessel, and sell, upon delivery, Hull No. 1551, a Japanese Kamsarmax class vessel, in each case, to entities owned by Mr. Polys Hajioannou, the Chairman of the Board and the Chief Executive Officer of the Company. Each vessel is scheduled to be delivered in the first quarter of 2017. The two transactions were evaluated and approved by a Special Committee of the Company’s Board of Directors, which committee was wholly comprised of independent members of the Board and advised by independent counsel.