Marine Link
Tuesday, January 16, 2018

Stock Offering News

FreeSeas Inc. Declares Close of Common Stock Offering

FreeSeas Inc. (Nasdaq:FREE, Nasdaq:FREEW, Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced the closing of the sale of 11,000,000 shares of common stock in a public offering at $8.25 per share. Total net proceeds from the stock offering after deducting underwriting discounts and commission, but before expenses, are expected to be approximately $84.4m. Credit Suisse and Cantor Fitzgerald & Co. served as the joint book running managers, and Oppenheimer & Co. and DVB Capital Markets served as the co-managers. FreeSeas has granted the underwriters an option to purchase an additional 1,650,000 shares of FreeSeas common stock at the public offering price to cover any over-allotments, exercisable within 30 days.

FreeSeas Announces Price of Stock Offering

FreeSeas Inc., a provider of seaborne transportation for drybulk cargoes, today announced the pricing of its follow-on offering of 11,000,000 shares of its common stock at a price of $8.25 per share. Credit Suisse and Cantor Fitzgerald & Co. are the joint book running managers and Oppenheimer & Co., and DVB Capital Markets are co-managers. FreeSeas has granted the underwriters an option to purchase an additional 1,650,000 shares of FreeSeas common stock at the public offering price to cover any over-allotments, exercisable within 30 days.

FreeSeas Inc. Announces Exercise and Closing of Over-Allotment Option

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that the underwriters of its recent public offering of 11,000,000 shares of common stock have fully exercised their over-allotment option to purchase an additional 1,650,000 shares of common stock at a price of $8.25 per share. The offering of the additional 1,650,000 shares of common stock recently closed. This additional purchase increased the aggregate number of shares sold in the offering to 12,650,000, resulting in total net proceeds from the stock offering after deducting underwriting discounts and commissions, but before expenses, of approximately $97m. Credit Suisse and Cantor Fitzgerald & Co.

Chiles IPO Shelved Indefinitely

Chiles Offshore Inc. postponed indefinitely its initial public stock offering because of market conditions, lead underwriters Credit Suisse First Boston said. The Houston-based company expected to price 8 million shares between $17-$19 per share. Chiles Offshore was the second company to postpone its IPO on Monday because of uncertainty in the market, joining Taiwan-based Digital United Holdings Ltd.

DryShips Completes $200mln Equity Investment

Pic: DryShips Inc

DryShips has announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016. Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding. Mr. The Company is a diversified owner of ocean going cargo vessels that operate worldwide.

Hornbeck Offshore CEO to Ring NYSE Closing Bell

Hornbeck Offshore Services, Inc. Chairman, President and CEO Todd M. Hornbeck, will ring The Closing Bell at the New York Stock Exchange on Friday, September 30, 2005 at 4:00 p.m. Eastern time. This event marks the pricing of the company's recent public stock offering and private placement of 6.125% senior notes that will raise approximately $290 million in aggregate gross proceeds for the Company. These combined proceeds will fund, in part, two new vessel construction programs announced on Monday, September 26, 2005. Mr. Hornbeck stated, "Hornbeck Offshore is a proud member of the New York Stock Exchange and believes it enhances our ability to raise growth capital at the lowest possible cost."

Stelmar Announces Delivery of Second Panamax Tanker

Stelmar Shipping Ltd. announced that it has taken delivery of a double-hull Panamax tanker, the Silvermar, from the Daewoo Shipbuilding and Marine Engineering Company Ltd. The tanker has entered into a previously announced five year time charter at $18,500 per day. The Silvermar is sister ship to the Rubymar, Jademar, Pearlmar, and Rosemar which were delivered in the first five months of 2002, and entered into twenty-four month time charters at an average rate of $18,000 per day. The Silvermar is the second Panamax tanker purchased from the proceeds raised in Stelmar's recent secondary stock offering. Sister ship, The Goldmar, was delivered on May 29, 2002. Peter R.

Bulkship Owners, Baltic Trading, Make Public Stock Offering

Baltic Trading say they intend to use the net proceeds from the offering for future vessel acquisitions or as working capital and for general corporate purposes. Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, and DVB Capital Markets LLC is acting as co-manager for the offering. Baltic Trading has filed a registration statement (including a prospectus and related preliminary prospectus supplement for the common stock offering) with the U.S. Securities and Exchange Commission for the offering to which this communication relates. Baltic Trading Limited is a drybulk company focused on the spot charter market. The companhy transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes.

American Superconductor Announces Plan for Common Stock Offering

the U.S. to the public. the next two weeks. the company has decided not to pursue. Yurek, chief executive of American Superconductor.

DryShips Completes Common Stock Offering

File Photo: DryShips Inc

DryShips Inc. has successfully completed the previously announced $200 million common stock offering, in which the Company raised net proceeds of $198 million, pursuant to the prospectus supplement filed on February 17, 2017. Following the completion of the offering, the Company has approximately 152,055,576 common shares outstanding. George Economou, Chairman and CEO commented: "We are very pleased to have successfully raised an additional $198 million of equity, which will increase our total available liquidity to about $455 million.

DryShips Commenses USD 100mln Rights Offering

File Photo: DryShips Inc

DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million. The deadline for participating in the Rights Offering is 5:00 p.m.…

US Oil Output Seen on the Rise

Large U.S. shale oil companies, flush with cash raised through stock offerings, are gobbling up properties in the Permian Basin straddling Texas and New Mexico, a trend that could boost U.S. oil output in the second half of 2017. Hess Corp and Devon Energy Corp are among oil and gas companies that tapped the equity market in the first eight months of the year, raising a total $20.40 billion. That is the most since at least 1996, barring 2014 when the energy companies raised $20.46 billion in the first eight months of the year. The industry raised $19.78 billion through stock offerings in all of 2015, according to Reuters data, but almost all of this was used to pay off debt.

FreeSeas Inc. Takes Delivery of the Handysize Free Goddess

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that it has taken delivery of the 1995-built, 22,051 dwt Handysize M/V Free Goddess on October 30, 2007. The vessel then began a time charter at $13,000 per day, which is expected to last approximately one month. The vessel will thereafter begin a two-year time charter at $19,250 per day. Mr. Ion Varouxakis, Chairman, President and Chief Executive Officer of FreeSeas, stated, "With the delivery of the Free Goddess, and the increase of the size of our fleet to five vessels, we have completed the first phase of our fleet renewal and expansion plan.

Stealth Gas Offer Stock in Order to Buy LNG/LPG Ships

StealthGas Inc., has increased the size of its stock offering, & will sell 10-million shares at $10 each using the proceeds towards purchase of 5 ships. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000. An entity controlled by the family of the Company’s President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels…

GasLog Partners Eyes USD 97mln through IPO

Image: GasLog Partners LP.

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.

Northrop Grumman to Acquire Litton Industries for $80 Per Share Cash

Northrop Grumman Corp. and Litton Industries have jointly announced that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Northrop Grumman's and Litton's boards of directors have unanimously approved the transaction. Following the close of the transaction, it is Northrop Grumman's intention to raise additional capital through a stock offering. earnings per share in 2001. Northrop Grumman said it expects the acquisition to be double-digit accretive to both economic and GAAP earnings per share in 2002 and beyond.

Newport News Backs $2.1 Billion Takeover From General Dynamics

Newport News Shipbuilding Inc. said Wednesday its board voted to back the $2.1 billion takeover offer from defense contractor General Dynamics Corp. over a rival bid from Northrop Grumman Corp. Newport News, maker of nuclear-powered warships, said its board voted unanimously to recommend General Dynamics' all-cash offer of $67.50 per share after determining it did not have enough information on the views of federal regulators and defense officials to take a position on the Northrop bid. Newport, based in Newport News, Va., also noted its board believes the General Dynamics' deal gives stockholders the opportunity to receive better and more certain value than they would receive under Northrop's cash and stock offer. "We will seek to determine the position of the U.S.

Norwegian to Buy Prestige Cruises in $3b Deal

Photo: Prestige Cruises

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion deal to expand its high-end luxury cruise offerings. Shares of Norwegian Cruise, the world's third-largest cruise operator, were up 13 percent at $37.57 in early trading. Prestige, which in January registered with U.S. regulators for an initial public offering, owns upper-premium cruise operator Oceania Cruises and luxury cruise operator Regent Seven Seas Cruises. The company operates eight ships, with about 6,500 berths.

Cosco Offers Unconditional Buying of Cogent Shares

Photo: Cogent Holdings

The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently. Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent. "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which…

Dear Bill ...

Following is the full text of the letter submitted to William P. Fricks, Chairman and CEO of Newport News Shipbuilding, from Kent Kresa Chairman, President and CEO, Northrop Grumman Corporation, regarding the proposed takeover of Newport News Shipbuilding. Mr. William P. Newport News Shipbuilding Inc. We were disappointed by your April 25th announcement that Newport News had agreed to be acquired by General Dynamics for cash without exploring alternatives with Northrop Grumman. Moreover, we believe your proposed transaction with General Dynamics raises serious antitrust issues. As the Department of Defense previously noted, over 75%…

GulfMark Reports First Quarter Results and New Contract

GulfMark Offshore Inc.announced record net income for the first quarter of 2002 of $5.4 million, or $0.62 per share (diluted), on revenues of $29.8 million. This compares to net income of $2.6 million, or $0.31 per share (diluted), on revenues of $21.9 million in the first quarter of 2001. Bruce Streeter, president and COO of the Company, said, "We are very pleased with the results of the first quarter. Despite the usual seasonal slowdown and the lay-up of one of our smallest PSVs in the North Sea (the Highland Legend), the first quarter not only outperformed the first quarter of 2001 by more than 100%, it outperformed our previous first quarter record set in 1998 by approximately 55%.

Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0.7193 shares for each share of Newport News common stock validly tendered by the expiration of the offer (subject to the proration procedures and limitations described in the offer) provided the offering period expires at 12:00 midnight New York City time on Nov. 29, 2001.

Britannia Bulk Holdings Announces Public Offering

Britannia Bulk Holdings announced that its initial public offering of 8,333,333 shares of common stock was priced at $15.00 per share to the public. To the extent the underwriters sell more than the 8,333,333 shares of common stock, the underwriters have the option to purchase up to an additional 1,250,000 shares from the Company. All stock sold in the offering will be issued by the Company. Assuming no exercise of the underwriters’ option to purchase additional shares of common stock, the net proceeds to the company will be approximately $112.8 million. Completion of the offering is expected to occur on June 23, 2008, subject to satisfaction of customary closing conditions.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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