Stifel News

Swiss-based MSC, the world's biggest container shipping company, has offered to buy almost half of the main operator of Hamburg port in a deal that could be worth nearly 1.3 billion euros ($1.4 billion), setting the stage for a potential bidding war.Shares in HHLA, which runs Germany's biggest port, soared 49% to a 19-month high as shortly after Wednesday's announcement German logistics billionaire Klaus-Michael Kuehne said he was considering a counter offer."We are examining the submission of a public takeover bid, but would prefer an agreement with the city of Hamburg on privatization - be i

Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.A worker was in isolation on the Norwegian energy firm's Martin Linge oil and gas platform off Norway where production is due to start at the end of this year, the company said. It said it would cut activity at the field, but personnel would remain at installations, while workers would reduce meetings and sit further apart in canteens to prevent further contamination. It has 776 people working on the project spread across three installations, Martin Linge, the Maersk Intrepid drilling rig and the Floatel Endurance accommodation rig.

J.F. Lehman & Company (JFLCO), a middle-market private equity firm said that its investment affiliate JFL-NRC-SES Partners, LLC  signed an agreement to sell its membership interests in NRC Group Holdings, LLC (NRC Group), formed earlier this year with the combination of JFLCO companies National Response Corporation (NRC) and Sprint Energy Services (Sprint) , to Hennessy Capital Acquisition Corp. III (HCAC). After the transaction is completed, NRC Group will be a wholly-owned direct subsidiary of HCAC, who will change its name to NRC Group Holdings Corp. NRC Group Holdings Corp.

Royal Caribbean Cruises reported fourth-quarter results that beat Wall Street estimates, helped by higher on-board spending and lower cruise operating expenses in the crucial holiday season. Shares of the No.2 U.S. cruise operator rose as much as 5.92 percent to hit a record high of $134.75 on Wednesday. Shares of rivals Carnival Corp and Norwegian Cruise Line Holdings Ltd also rose after the company said it expects strong bookings in 2018. Royal Caribbean's onboard revenue, which makes up more than one-fourth of its total revenue, rose 5 percent to 584.1 million in the quarter.

US based LNG carrier GasLog Partners is expecting to raise up to USD 97 million by selling shares to finance future fleet expansion. The New York-listed spinoff of LNG shipper GasLog  has announced that it has priced its public offering of 4 million units of its 8.200% Series B Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units, liquidation preference US$25.00 per unit at a price to the public of US$25.00 per unit. The underwriters have a 30-day option to purchase up to 600,000 additional Series B Preference Units from the Partnership. The Partnership intends to file an application to list the Series B Preference Units on the New York Stock Exchange. The offering is expected to close on or about January 17, 2018.

Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…

The Baltic Exchange's main sea freight index, tracking rates for ships carrying industrial commodities, slumped to an all-time low on Wednesday as gloom over global demand and too many ships for hire continued to batter prospects. The overall index, which gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser, was down 8 points, or 1.99 percent, at 394 points - below 400 points for the first time - and the lowest level in records that date back to January 1985. "Dry bulk shipping is in the throws of a generational recession," said Ben Nolan of brokerage and investment bank Stifel. Financial markets have been in turmoil since the start of the year due to worries over the health of the world economy…

The index that tracks shipper and freight forwarder confidence in the activity of the U.S.-Europe and Asia-Europe shipping lanes hit its lowest level in December in the index's nearly four-year history, reports Reuters. It has hit by lower margins for European freight forwarders such as Denmark's DSV because of overcapacity in shipping. The "Stifel Logistics Confidence Index," published by U.S. investment firm Stifel Financial Corp. and U.K.-based consultancy Transport Intelligence showed particularly low confidence in the transport business along the Asia-Europe routes where spot freight rates were barely profitable for shipping companies for much of last year. The Index posted a score last month of 45.4, continuing what has been a months-long decline.

The Stifel Logistics Confidence Index for May indicated some improvements from April’s decline. In particular, the six-month outlook appears bright as airfreight gained 2.8 points to 63.4 and sea freight increased 2.1 points to 62.9. Overall, the total index increased 1.1 points to 57.4. Even though this is down 0.6 points from one year ago, it is still 6.7 points higher than May 2013. Airfreight continues to lead the optimism for both the six-month outlook as well as for the present. Sea freight however, remains troublesome for the present and while some ports have settled labor issues, other issues such as the rise of the mega-vessel and larger shipping alliances are straining port operations.

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar. Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast, fell 9.3 percent to a more than four-month low on Monday. Fuel prices have risen 14 percent and the dollar has gained 3.5 percent since the company's previous forecast, Royal Caribbean executives said on a post-earnings call. The company said it now expects fuel expenses of $834 million this year based on current prices, up from its previous forecast of $806 million.

Little month-to-month change as the November Stifel Logistics Confidence Index increased only 0.1 points to 59.0. Compared to November 2013, the overall index is up 1.9 points however, this is down from the October year-over-year increase of 3.8 points as noted in last month’s analysis. Is this an indication of an economic slowdown or is it simply due to the time of year? The present situation sub-index suggests it could be related to an economic slowdown. For airfreight, November 2013 data indicates strong gains were made. The airfreight present situation sub-index increased 2.8 points to 50.9 and all lanes except US to Europe noted good increases. In comparison, for November 2014, the airfreight present situation sub-index increased 0.7 points to 54.1.

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering. The size of the offering has been further increased from the previously announced size of $60 million in aggregate principal amount of notes to $65 million in aggregate principal amount of Notes. The notes will mature on September 15, 2019 and may be redeemed in whole or in part at any time or from time to time after September 15, 2016.

Star Bulk Carriers Corp said it would buy Oceanbulk Shipping LLC and Oceanbulk Carriers LLC in an all-stock deal to create the largest U.S.-listed dry bulk shipper. Star Bulk is issuing 54.104 million new shares to buy the Oceanbulk companies, valuing the deal at about $653 million based on Star Bulk's Friday close of $12.07. The deal comes as the global dry bulk shipping industry is poised to recover from a severe downturn, helped by steadying demand for iron ore and coal from China and India and the scrapping of older vessels.

Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3. The present situation indicates a current market in contraction due to the index figure below the 50-level.

Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695,000 additional common shares, and they say they plan to use all of the net proceeds of this offering to fund newbuilding vessel capital expenditures. Scorpio Bulkers has contracted and agreed to purchase 28 Ultramax…

The bulk ship owners announce its initial public offering of 15,500,000 common shares, granting the underwriters a 30-day option to purchase up to 2,325,000 additional common shares. Scorpio say that the net proceeds of this public offering are expected to be used to fund newbuilding vessel capital expenditures, including capital expenditures related to the Company's initial fleet, and for general corporate purposes, including working capital. They add that on December 2, 2013…

The Stifel Logistics Confidence Index increased for the fourth consecutive month in February 2013, according to the latest survey undertaken by Transport Intelligence. The index combining both the current and expected situation rose 3.3 points to 52.1 from 48.8 in January. Both sea and air forwarders indicated an improvement in the present environment compared with January. The index for air freight increased 3.4 points to 43.1 in February, while the increase in sea freight was slightly less marked, up 1.7 points to 48.3. The approach of the Chinese New Year was apparent, as the Asia to Europe lane for both air and sea saw a greater improvement than other routes.

Stifel Nicolaus Logistics Confidence Index suggests the current market remains weak, however the outlook is increasingly positive. The Stifel Nicolaus Logistics Confidence Index increased for the third consecutive month in January 2013, according to the latest industry study undertaken by Transport Intelligence. The overall index, an average of the current and expected situation, increased 0.8 points to 48.8 from 48.0 in the last month of 2012. Increased sentiment among sea forwarders drove the overall increase. In terms of the current logistics situation, the sea freight index increased 1.8 points to 46.6 in the first month of 2013. Meanwhile, air freight continued to lag, down 0.8 points to 39.7. At below the 50.0 mark, both indices indicate weaker volumes relative to the time of year.

Following five consecutive monthly increases, the overall Stifel Logistics Confidence Index fell 1 index point to 51.5 in April. Despite the decline, the index remained above the significant 50 mark, denoting expansion, for the third consecutive month. However, a look at the present situation reveals that both air and sea freight volumes are below those expected relative to the time of year. Although the index for sea freight remained virtually flat at 47.4 in April (down 0.1 points from March), it still indicates a decline in volumes. Meanwhile, the index for current air freight volumes fell 1.2 points to 42.0 for the month, indicating an even greater decline relative to the volumes expected for the time of year.

The Stifel Logistics Confidence Index continued its downward trend in May as it fell for the second consecutive month. Compiled by Transport Intelligence, the overall index, which combines the current situation with future expectations, was down 0.8 points from April to 50.7 in May and was 1.3 points lower compared with the same month in 2012. Yet, even with deteriorating confidence, the Logistics Confidence Index registered above the 50 threshold, indicating growth, for the fourth consecutive month. Lucy Palmer, Economist at Ti, observed, "Air forwarders have continued to express less optimism compared with sea forwarders since the index began in March 2012…

J.F. Lehman & Company, a middle-market private equity firm focused on the defense, aerospace and maritime sectors, announced that it has acquired US Joiner LLC and Turnbull LLC (together, "US Joiner") in partnership with company management. US Joiner is the leading independent domestic provider of turnkey marine joiner and furniture solutions for U.S. Government and commercial customers. Headquartered in Crozet, Va., the company employs approximately 500 employees across the United States. "We are excited to be partnering with the US Joiner and Turnbull management teams and are pleased to welcome the companies to the J.F. Lehman & Company portfolio," said Alex Harman, a Partner with J.F. Lehman & Company.

Transocean Ltd. has named R. Thaddeus Vayda Vice President, Investor Relations, effective July 20, 2011. Based in Houston, he will report to Transocean Ltd. President and Chief Executive Officer Steven L. Newman. Vayda rejoins Transocean, where he served in various roles from 1995 to 2000 in Marketing, Engineering and Operations and as Director, Corporate Planning and Financial Analysis. From 2000 to 2011, Vayda worked in senior sell-side energy equity research analyst and industry expert roles, covering the energy and oilfield services and equipment industry, most recently for Stifel, Nicolaus & Company, First Albany Capital and RBC Capital Markets. Prior to 1995, Vayda served as Senior Analyst in the Fleet Planning Group of Northwest Airlines, Inc.

“The Alliance will profile shippers and their alliance partners who have successfully and dynamically collaborated to drive supply chain excellence,” said Sarah Harding, group publisher, World Trade 100. To evaluate the entries, a panel of judges will examine the role of each of the partners and the contributions their individual and collective efforts have made to solving a supply chain problem or driving change and continuous improvement in a supply chain. “Judges Perry A. Trunick, World Trade 100; John Rader, Red Rock Consulting; Mike Brown, Brainzooming; David Ross, Stifel Nicolaus; Michael Mikitka, Warehousing Education & Research Council; Kevin Huntsman, Mastio; and John Manners-Bell, Transport Intelligence will evaluate submissions in each category on metrics and results.