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Stearns News

20 Sep 2022

Minten Named Executive VP of Marine Travelift

Kurt Minten (Photo: Marine Travelift)

The Marine Travelift/Shuttlelift/ExacTech, Inc. family of companies announced Kurt Minten has been promoted to Executive Vice President of Marine Travelift. As the longest tenured employee in Marine Travelift history, Minten has many years of experience in all aspects of the business and has held positions in both engineering and sales leading up to this promotion.Minten’s experience with Marine Travelift began even before he was an employee of the company. Early in the company’s history…

27 Jul 2022

Kelleher to Succeed Tivnan as Ardmore Shipping CFO

Tanker owner/operator Ardmore Shipping Corporation on Wednesday announced the planned departure of its current chief financial officer Paul Tivnan and appointment of new CFO Bart Kelleher, effective September 28, 2022.Anthony Gurnee, Ardmore's chief executive officer, said, Kelleher and Tivnan will overlap and work together from September 1 to "achieve an orderly and well-planned transition".Kelleher brings to the role more than 25 years of progressive experience in the maritime, finance, energy and industrials sectors, having most recently served as chief executive officer of Chembulk Tankers. He previously served as both Chief Strategy Officer and Chief Financial Officer of the firm, and prior to that, was the chief operating officer of Principal Maritime Management.

22 Jan 2020

Chembulk Tankers Announces Leadership Changes

Bart B. Kelleher has taken over as CEO of Chembulk Tankers (Photo: Chembulk Tankers)

Chembulk Tankers announced on Wednseday that Bart B. Kelleher has taken over as Chief Executive Officer for David Ellis, who has resigned for personal reasons. Ellis will be available to the company through January 31, 2020.Kelleher has held senior executive roles within Chembulk since joining the company in early 2016, initially as Chief Strategy Officer and then Chief Financial Officer in early 2019. Prior to joining Chembulk, Kelleher was the Chief Operating Officer for Principal Maritime Management and held roles in investment banking…

27 Apr 2009

Etheredge Head of Marine Banking Group

Dahlman Rose & Company, LLC, announced the appointment of Elliott Etheredge as Managing Director and head of the firm's Marine Transportation Investment Banking group. Etheredge is one of several recent executive hires by Dahlman Rose, as the firm continues to strengthen its investment banking, sales and trading, and research capabilities. "Dahlman Rose has made a commitment to our clients to be there for them in good times and tough times. With this challenging credit environment, we believe equity capital and creative solutions for financing needs are at the forefront," said Simon Rose, Chief Executive Officer at Dahlman Rose. Etheredge began his career in transportation more than 15 years ago heading logistics operations in Mexico for Intertrans Corporation and Sears, Roebuck.

27 Mar 2002

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.

18 Mar 2001

Wall Street Worries About Cruise Fleet Pricing

The big cruise lines have been steadily filling their rapidly expanding fleets with passengers looking to escape an especially harsh North American winter, but as they get ready to release quarterly results, Wall Street is worried that ticket prices may not be high enough. Analysts are expecting profit declines for the winter quarter from the top three cruise lines, starting with industry leader Carnival Corp., which plans to release its fiscal first-quarter results on Wednesday (March 21, 2001). Cruise stocks, including those of Royal Caribbean, the world's No. 2 operator, and Britain's P&O Princess Cruises, which ranks third, have in recent weeks given up much of their bounce back gains after a sustained decline last year.

21 Sep 2004

Trico Marine Services Receives Notice of Default and Guarantee Demand

Trico Marine Services, Inc. announced the issuance of a notice of default and guarantee demand by Bear Stearns Corporate Lending Inc. ("Bear Stearns"). Bear Stearns is an administrative agent under the $55 million term loan (the "Term Loan") issued by a group of bank lenders to Trico's two primary domestic subsidiaries in February 2004. The Company is a guarantor of its subsidiaries' obligations under certain provisions of the Term Loan. Bear Stearns' notice of default and guarantee demand was issued on the basis of an earlier default arising from the Company's non-payment of interest due on its $250 million 8.875% Senior Notes due 2012 in June 2004.

18 Nov 2004

Stearns Acquires SOS and Sospenders

Stearns Inc., a manufacturer of Personal Flotation Devices (PFD’s) acquired SOS and Sospenders, a market leader in inflatable PFD’s for a variety of water sports uses. According to Paul Ebnet, President of Stearns, “Sospenders products offer an excellent opportunity for Stearns to expand our presence in the fast-growing inflatable PFD market and provide us with additional opportunities for our current and new customers alike. With the increasing focus on comfort by water sports enthusiasts, Sospenders is a great fit for Stearns. Both Stearns and Sospenders have a long history of producing innovative products with the safety and comfort of boaters in mind.”

11 Mar 2005

Diana Shipping joins IPO Shipping Fleet

Diana Shipping on Tuesday filed to sell 12.375 million shares at $15-$17 each in a bid to raise up to $210 million in its initial public offering. It's the latest in a series of shipping companies to float shares in the U.S. market. Based in the Marshall Islands and Athens, Greece, Diana Shipping is going public via underwriter Bear Stearns. The operator of dry ships that transport iron ore, grain and coal plans to trade on the New York Stock Exchange under the symbol DSX. On Feb. 3, DryShips (DRYS, Trade) shares rose 12 percent over their $18 offering price in their debut in Wall Street's most recent shipping IPO. The stock is trading near $23. IPOs from Arlington Tankers (DRYS, Trade), Top Tankers (TOPT, Trade) and Hornbeck Offshore (HOS, Trade) have also kicked off in the past year.

05 Aug 2005

Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co. Inc., Goldman, Sachs & Co., Lehman Brothers Inc., Natexis Bleichroeder Inc., Simmons & Company International and Howard Weil Incorporated are co-managers of the offering. Dresser-Rand Group Inc. has granted the underwriters an option to purchase up to an additional 4,050,000 shares at the public offering price to cover over-allotments, if any.

05 Sep 2007

MC Shipping Shareholders Approve Merger

MC Shipping Inc. announced that, at a special meeting of shareholders held today, its shareholders approved the merger agreement pursuant to which Mast Acquisition Ltd., a newly-formed affiliate of Bear Stearns Merchant Banking ("BSMB"), will acquire the outstanding shares of MC Shipping for a price of $14.25 per share in cash. Approximately 97.5% of MC Shipping's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 75.12% of the total number of common shares entitled to vote at the special meeting. In accordance with the terms of the merger agreement, MC Shipping expects to complete the merger within five business days, subject to satisfaction of the conditions to closing set forth in the merger agreement.

30 Jul 2007

Bear Stearns Unit to Buy MC Shipping

MC Shipping Inc. said it agreed to be bought by a Bear Stearns private-equity affiliate. The offer price is a premium of nearly 20 percent over MC Shipping's closing stock price on Friday. Based on the 9.5 million shares outstanding MC Shipping reported as of April 27, the deal is worth $135.5 million. Including assumed debt and other items, MC Shipping said the total transaction value is about $284 million. The company said it will hold a special shareholder meeting Sept. 5 to vote on the deal. If shareholders approve the deal, the merger would close immediately afterward. Source: AP

04 May 2007

Excel Maritime to Present at Global Transportation Conference in New York

Excel Maritime Carriers Ltd an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced that Christopher Georgakis, the company's President and Chief Executive Officer, will be presenting at the Bear Stearns 2007 Global Transportation Conference to be held at the Bear Stearns World Headquarters in New York City on May 9.

07 May 2007

Omega Navigation to Present at Conference

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers, announced that Matthew W. McCleery, a member of its Board of Directors, will be presenting at the Bear Stearns 2007 Global Transportation Conference to be held at the Bear Stearns World Headquarters in New York City on Wednesday, May 9, 2007, at 2:00 P.M. EDT.

08 Dec 2006

U.S. Offshore Driller Consolidation Expected in 2007

According to Reuters, tight demand, attractive valuations and a Norwegian company that has said it is ready to get bigger have sparked widespread expectation for consolidation in the U.S. offshore drilling sector in 2007. Possible scenarios include a leveraged buyout by a private equity firm, large-scale recapitalizations or the acquisition of a U.S. driller by an overseas company, U.S. analysts said. And a lot of industry attention is focused on Norwegian driller SeaDrill Ltd., which said in no uncertain terms in November that it was looking to grow. SeaDrill is controlled by Norwegian shipping magnate John Fredriksen, who analysts credit with the know-how and experience to make an acquisition work, citing his leadership in building tanker company Frontline Ltd.

27 Feb 2006

Nordic American Tanker Shipping Announces Expansion

Nordic American Tanker Shipping Ltd. has agreed to acquire a double hull Suezmax vessel of 157,332 dwt built in Korea in 1998, for a price of $69 million. The vessel is expected to be delivered from the seller to the Company in early April 2006. This acquisition will increase the NAT fleet to 9 vessels with an aggregate capacity of 1,383,491 dwt. The vessel is expected to be employed in the spot market, thus increasing the number of the Company's ships in the spot market from seven to eight Suezmax tankers. The Company's remaining Suezmax is employed on a long term contract. In conjunction with this acquisition, the Company also announced today that it is commencing a public offering of 3,750,000 common shares pursuant to the Company's effective shelf registration statement.

14 Dec 2005

General Dynamics Acquires Anteon

Anteon International Corporation, an information technology, systems integration and engineering services company, has entered into a definitive agreement for Anteon to be acquired by General Dynamics for $55.50 in cash for each outstanding Anteon share. The total value of the transaction, including General Dynamic's assumption of Anteon's debt, is expected to be approximately $2.2 billion at closing. Anteon expects the transaction to close by the end of the second quarter in 2006. The transaction has been approved by the boards of directors of each company and is subject to approval by Anteon shareholders, customary regulatory reviews and other closing conditions contained in the transaction agreement.

07 Dec 2005

Diana Shipping Completes Follow-On Offering

Diana Shipping Inc. announced the completion of its follow-on offering of 5,000,000 shares of common stock priced at $13.50 per share. Bear, Stearns & Co., Inc. and Wachovia Capital Markets, LLC are the joint global coordinators and joint book-running managers for the offering. In connection with the offering, the underwriters have been granted a 30-day option to purchase up to 750,000 additional shares of the Company's common stock to cover any over-allotments.

09 Jun 2006

Diana Shipping Inc. to Acquire New Vessel

Diana Shipping Inc. announces the completion of its follow-on offering of 7,000,000 shares of common stock priced at $9.50 per share. Bear, Stearns & Co. Inc. and Wachovia Capital Markets, LLC are the joint global coordinators and joint book-running managers for the offering. In connection with the offering, the underwriters have been granted a 30- day option to purchase up to 1,050,000 additional shares of the Company's common stock to cover any over-allotments.

07 May 2003

CP Ships CEO to Speak at Conferences

CP Ships Limited's CEO Ray Miles is scheduled to speak at two investor conferences this month. On May 12, Miles will address Scotia Capital's Industrials Conference in Toronto, and on May 13, he will speak at Bear Stearns' Global Transportation and Logistics Conference in New York at 2:20 pm.