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Sunday, December 17, 2017

Company For The Transaction News

Pic: Eagle Bulk Shipping Inc.

Eagle Bulk Completes $265 Mln Refinancing

Eagle Bulk Shipping, through its wholly-owned subsidiaries Eagle Bulk Shipco and Eagle Shipping LLC, has entered into a series of refinancing transactions, including the repayment in full of Eagle Shipping’s outstanding first and second lien credit facilities, each dated as of March 30, 2016. As a result of these transactions, the company has extended the maturities of the outstanding debt of its subsidiaries through 2022 and achieved additional financial flexibility with respect to its free cash flow.

Image: CSSC Huangpu Wenchong

AOD Orders 2 Jack-up Rigs at CSSC Huangpu Wenchong

CSSC Huangpu Wenchong Shipbuilding Company has won an order to build a pair of jack-up drilling rigs for Alliance Offshore Drilling (AOD), subsidiary of Hong Kong-listed TSC Group. The two Zentech-designed R-550D rigs are scheduled to be delivered by 2017 and June 2018, respectively. Financial details of the deal were not disclosed. TSC Group established a joint venture with CSSC Huangpu Wenchong Shipyard in June to develop in the offshore EPC market. "The transaction arising from the Contracts will be conducted in the ordinary and usual course of business of the Company.

Photo: Hapag-Lloyd

Hapag-Lloyd Bullish on Mexico

After evaluating performance in 2017, the German shipping line serving sectors such as pharmaceuticals, the automotive industry and the technology sector in Mexico expects maritime shipping volumes to experience double-digit growth in 2018 and foresees a continuous increase in cargo volumes. On holding its annual meeting with Latin American leaders in Mexico, the shipping line Hapag-Lloyd pointed to significant growth in infrastructure and operational capacities in the country on reporting its year-end closing for 2017.

Photo: Thoresen Thai Agencies Plc.

Thoresen Sells Bulk Carrier

Thoresen Thai Agencies sells M.V. Thor Horizon, a general cargo vessel with a rated capacity of 47 111 DWT and built in 2002 for  just over US$5.38 million. "The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary of the Company," said a press release. After the sale of M.V. Thor Horizon, the Thoresen fleet will consist of 21 vessels with an average size of 53,491 DWT and an average age of 12.0 years.

Middle Market Mergers and Acquisitions: A Primer

Over the past few years, we have provided regular analysis of the maritime and offshore industry mergers and acquisitions (M&A) markets. But what goes into those decisions and transactions? This quarter, an overview of the basics of mergers and acquisitions – the players, the process and the terminology – will simplify the language of M&A. In simple terms, there are really two types of buyers in the M&A world: Financial Buyers and Strategic Buyers. A ‘strategic’ is generally a larger company with operations that are similar to those of the ‘target’ company…

Photo: TOP Ships

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.

Euroseas to Sell $29 Million in Shares

Euroseas Ltd. has announced  that it entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC (TCP) and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the company, for expected net proceeds of approximately $29 million. The company intends to use the proceeds for the acquisition of vessels and general corporate purposes. The transaction is expected to close by January 29, 2014. RMK Maritime acted as an advisor to the company in the transaction.

Pyxis Tankers: $4.8 Mln Private Placement

Pyxis Tankers Inc. said it has entered into a definitive securities purchase agreement with a group of investors, which will result in gross proceeds to Pyxis Tankers of $4.8 million, before deducting placement offering expenses. The company will issue 2,400,000 shares of common stock at a price of $2.00 per share. This private placement is expected to close on or before December 8, 2017, subject to customary closing conditions.

Photo: Nordic American Tankers

Ocean Yield Invests in 3 NAT Suezmaxes Newbuilds

Ocean Yield ASA has agreed to acquire three suezmax crude tankers with 10-year bareboat charters to Nordic American Tankers Limited (NAT). The net purchase price is USD 43.2 million per vessel after seller's credit. The net purchase price constitutes 77.5% of the gross purchase price, which is equal to the yard contract price. The vessels are scheduled for delivery by the yard, Samsung Heavy Industries, South Korea, in June, August and October 2018. NAT will have options to acquire the vessels after year 5 and 7 in addition to an obligation to repurchase the vessels at the end of year 10.

Photo: Jawaharlal Nehru Port Trust (JNPT)

JNPT Records Growth of 5.76% in Container Handling

Jawaharlal Nehru Port Trust (JNPT), handled 3.9 lakh TEUs in the month of November 2017, while recording a growth of 5.76% in container handling for the period Apr-Nov2017 as compared to same period last year. Of the four terminals at JNPT, JNPCT handled 1.18 lakh TEUs, APM Terminal’s total stood at 1.66 lakh TEUs, DP World (comprising NSICT and NSIGT) together handled 1.06 lakh TEUs in the month of November 2017. The Direct Port Delivery initiative under ‘Ease of Doing Business’ has been steadily going up and in the month of November…

Photo: Star Bulk

Star Bulk to Acquire 34 Drybulk Vessels

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels…

Pic: Cosco Shipping Energy Transportation Co Ltd

Cosco Firms Sign Insurance​ Agreement

Cosco Shipping Energy Transportation has entered into insurance services framework agreement with Cosco Shipping Insurance​ pursuant to which the latter will provide vessel-related insurance services to the Group. Cosco Shipping  Insurance is a wholly-owned subsidiary of Cosco Shipping , the Company’s indirect controlling shareholder. Accordingly, Cosco Shipping Insurance is a connected person of the Company, and the Insurance Services Framework Agreement and the transactions thereunder constitute continuing connected transactions of the Company.

Polarcus Alima. (Photo: Polarcus)

Polarcus Insiders Scoop up Shares

-    Peter Rigg, Chairman of the Board, has on 07 October 2014 acquired 150,000 shares at a price of NOK 1.40 per share. Following the transaction he owns 434,880 shares. -    Hege Sjo, board member, has on 07 October 2014 acquired 111,429 shares at a price of NOK 1.40 per share. Following the transaction she owns 461,309 shares. -    Tore Karlsson, board member, has on 07 October 2014, through his wholly owned company Kepelia Enterprises Company Limited, acquired 100,000 shares at a price of NOK 1.40 per share. Following the transaction he owns 605,814 shares.

TOP Ships' Handymax product tanker, Britto. (Photo: TOP Ships)

TOP Ships to Sell Its Current Fleet to Acquire New Vessels

TOP Ships Inc. an international maritime shipping company that provides transportation services for petroleum products and dry bulk commodities, announced that it has entered into three stock purchase agreements with an affiliate of the AMCI Poseidon investment fund by which the company has agreed to sell the six shipowning subsidiaries which own the company's six vessels (Five Handymax product tankers and one dry bulk carrier), for an aggregate cash consideration of approximately…

Image: Gigilinis Shipping Group

WFW Advises Italian Shipowners on Partnership with Gigilinis

International law firm Watson Farley & Williams (WFW) advised three leading Italian shipowners -Rimorchiatori Mediterranei, Gesmar and Fratelli Neri – on their partnership agreement with Thessaloniki-based Greek maritime operator Gigilinis Shipping Group. The deal closed on 29 November. The deal represents a strategic milestone in Italian ship owners’ expansion into the Greek and broader Eastern Mediterranean markets, most notably into the key port of Thessaloniki. Rimorchiatori Mediterranei is the leading player in the harbour towage sector in Italy…

Photo: Embraport

DP World Increases Stake in Brazilian Port to 100%

DP World has completed the acquisition of an additional 66.67% stake in Empresa Brasileira de Terminais Portuários (Embraport) in Brazil from Odebrecht Transport (OTP). This transaction increases DP World’s shareholding to 100% and the terminal will be rebranded to DP World Santos. DP World Santos is the largest Brazilian private multi-modal port terminal and operates in the Port of Santos, which is the busiest container port in Latin America handling 3.4m TEU in 2016 and has strategic access to sea, road and rail, and 90% of the cargo is destined for Brazil’s most populous city, São Paulo.

Two giants merge

Halliburton & Baker Hughes Merger

Halliburton Company and Baker Hughes Incorporated  today announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction.

Photo: TORM

TORM Updates Fleet Status

Denmark-based shipping company TORM sold three vessels: TORM Anne (1999-built MR vessel), TORM Madison and TORM Trinity (both 2000-built Handysize vessels) during the first six months of 2017. Furthermore, TORM completed sale and leaseback transactions for three vessels: TORM Helene, TORM Mary and TORM Vita. The three sale and leaseback transactions are treated as financial leases but have no purchase obligation attached. Following the balance sheet date, TORM has completed two transactions to purchase a total of six MR resale vessels for a total consideration of USD 185m.

Golden Shui. File Photo: Golden Ocean Group Ltd

GOGL Adds Dry Bulk Vessel

Golden Ocean Group (GOGL) says that it has taken delivery of one dry bulk vessel, Q Deb. "GOGL announced that it has entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction where the Company will issue in aggregate 17.8 million consideration shares," said a stock exchange filing of the company. The Company is pleased to announce that it has taken delivery of one vessel, Q Deb (to be renamed Golden Deb), it added. Golden Ocean has issued 1,300,000 consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the vessel.

Image: Golden Ocean Group Ltd

GOGL Takes Two More Vessels from Quintana

Golden Ocean Group (GOGL)  said it has taken delivery of additional two vessels, Q Myrtalia and Q Shea, from Quintana Shipping  in exchange for 1.95 million consideration shares. The Company is pleased to announce that it has taken delivery of the first two vessels, Q Sue and Q Kaki (to be renamed Golden Sue and Golden Kaki). Golden Ocean has issued 1.6 million consideration shares to Quintana Shipping Ltd. and associated companies in exchange for the two vessels. Following this transaction…

Image: EXMAR LNG

FLEX Acquires LNG Assets from EXMAR

Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd. Belgian liquefied natural gas (LNG) carrier owner and operator Exmar and Geveran will pool their LNG assets and infrastructure under Flex LNG, in exchange for new shares in Flex LNG. Following the transaction, Exmar have a stake of 64.6 percent in Flex LNG, while Gerevan sits at 30.7 percent of the shares. The trade is however conditional upon the approval of both governments and third parties.

Halliburton Seeks to Replace Baker Hughes Board

Baker Hughes Incorporated today announced receipt of notice from Halliburton Company that it intends to nominate candidates to replace the entire board of directors of Baker Hughes at its Apr. 2015 annual meeting. The nominations followed discussions between the parties regarding a potential business combination transaction, and Halliburton's refusal to improve its first and only value proposal. Baker Hughes considers the notice to be an attempt by Halliburton to pressure the Baker Hughes board into accepting a transaction with Halliburton on Halliburton's terms.

Capital Product Partners Merger with Crude Carriers

CAPITAL PRODUCT PARTNERS L.P. ATHENS, GREECE, May 5, 2011 -Capital Product Partners L.P. (the "Partnership") (NASDAQ: CPLP), an international owner of modern double-hull tankers, today announces two important transactions, an increase in the investment of our Sponsor, Capital Maritime and Trading Corp. (“Capital Maritime”) in the Partnership and releases its financial results for the first quarter ended March 31, 2011. The Partnership is pleased to announce that on May 5, 2011 it entered into a definitive agreement to merge with Crude Carriers Corp. in a unit for share transaction.

Vale VLOC: Photo credit Wikipedia CCL

Vale Very Large Ore Carriers Sold, Chartered Back

Brazil's mining giant Vale sells 10 VLOCs for US$600-million to Turkey’s Polaris Shipping. The Brazilian company said that the transaction would improve cash flow while still maintaining its maritime ore shipping capacity. The ships will be chartered back to Vale. “In addition to unlocking capital, the transaction preserves Vale's capacity of maritime transportation of iron ore, since the vessels will be available but without the ownership and operational risks,” Vale said in a statement.

Aker Solutions Sells Offshore Ship to Ocean Yield

AMC Connector AS, a Aker Solutions & Emas Offshore joint venture, has agreed to sell subsea construction & cable-lay vessel 'Lewek Connector'. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS.

Photo: Otto Marine Limited

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.2 million with a large oil and gas company. The two contracts are in respect of two 16,000 brake horsepower (bhp) large anchor handling tugs supply vessels. None of the Directors or controlling shareholders of the Company has any direct or indirect interest on the above transaction other than through their respective shareholding interests, direct or indirect in the Company, Go Offshore or Go Marine.