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Tuesday, June 25, 2019

New York Stock Exchange News

Denis Petropoulos (Photo: Baltic Exchange)

Petropoulos New Baltic Exchange Chair

Denis Petropoulos has been elected Chairman of the Baltic Exchange Council with effect from June 1, 2019. He replaces Duncan Dunn who has held the position since January 2018. Denis Petropoulos was a founding partner of Braemar Tankers Ltd and remains a significant shareholder at Braemar Shipping Services PLC. He most recently headed up Braemar's Singapore office for seven years, before returning to the UK.He has been a Baltic Exchange Member since 1999 and has held positions…

Pic: Navios

Navios Acquisition Completes Navios Midstream Merger

Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer…

Board of Directors. Photo: Diana Shipping Inc.

Diana Shipping Appoints Directors and Executive Officers

Diana Shipping announced that, effective August 1, 2018, the Company increased the size of its Board of Directors from nine to eleven members.The global shipping company specializing in the ownership of dry bulk vessels appointed Christos Glavanis to serve as a Class I Director and appointed Mr. Andreas Michalopoulos, the Company’s Chief Financial Officer and Treasurer, to serve as a Class III director, in each case effective August 1, 2018.The Board has determined that Glavanis is an “independent director” as such term is defined under the Securities Exchange Act of 1934…

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.

	Joe Hughes, Chairman and CEO of the American Club’s managers, Shipowners Claims Bureau, Inc. (Photo:  American Club)

The American Club Celebrates Its Centenary

The American P&I Club was founded in New York nearly a century ago. To celebrate its first 100 years, a book entitled The American Club: A Centennial History has just been published. The book tells the story of the Club across ten decades of maritime and marine insurance history both within the United States and across the world. Its author is Richard Blodgett, a former Wall Street Journal reporter whose previous credits include histories of the New York Stock Exchange, Kohler and Co. and JPMorgan Chase & Co. The American Club was founded in February, 1917.

Photo: VTTI

Buckeye to Acquire 50% of VTTI Marine Terminal

Buckeye Partners LP, which operates pipelines and other transportation and storage assets for liquid petroleum products, said it bought a 50 percent stake in the marine terminal company  VTTI BV for $1.15 billion. VTTI is a unit of Vitol Group. The deal is expected to close in early January 2017. VTTI will be 50% indirectly owned by Buckeye and 50% indirectly owned by Vitol. It is intended that the joint shareholding of Buckeye and Vitol will add greater strategic value to VTTI and will further strengthen VTTI's position as a leading independent provider of energy storage solutions.

Photo: Danaos Corporation

Ince to Advise Danaos on HMM Restructuring

Ince & Co’s London and Piraeus corporate, finance and shipping teams have advised long-standing client Danaos Corporation on Korean container line Hyundai Merchant Marine Co. (HMM), Ltd.’s US$2.1 billion restructuring. New York Stock Exchange listed Danaos Corporation is a leading international owner of container ships, chartering vessels to many of the world's largest liner companies. The restructuring completed on 23rd July 2016 when HMM issued 151,292,727 new shares to creditors as part of a debt for equity swap.

Overseas Shipholding Group leading provider of global energy transportation services, delivering crude oil, petroleum products and liquefied natural gas throughout the world.Courtesy OSG

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT. The Company’s common stock, which will continue to trade under the ticker symbol OSG, is expected to commence trading on the NYSE effective Tuesday, June 28, 2016. Prior to that date, the Company’s common stock will remain on the NYSE MKT, but trading on the NYSE MKT will cease concurrent with the listing of its common stock on the NYSE.

Safe Bulkers Logo

Safe Bulkers Regains Compliance with NYSE

Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s minimum share price standard for continued listing of its common stock. On January 15, 2016, the Company announced that it had received notification from the NYSE that the trading price of the Company’s common stock, listed on the NYSE as “SB”…

Photo: Safe Bulkers Inc.

Safe Bulkers Reports Q1 Loss

The Athens, Greece-based  Safe Bulkers Inc. (SB) on Thursday reported a loss of $17.8 million in its first quarter. The shipping company posted revenue of $24.7 million in the period. It has a loss of 25 cents per share. Losses, adjusted for non-recurring costs, came to 21 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share. As of May 27, 2016, the Company’s operational fleet, following two newbuild deliveries and two vessel sales…

The fifth largest steel producer in the world, South Korea’s POSCO, announced it will build a wire rod processing center at the Port of Indiana-Jeffersonville. Left to right Woon Hyun Yeo, Sales Director, POSCO; Kyu Tae Kim, Finance Director, POSCO; Kenny Hwang (sitting), President, POSCO-AAPC; Rob Waiz, Economic and Re-development Director, City of Jeffersonville; Mike Moore, Mayor, City of Jeffersonville; Scott Stewart, Port Director, Port of Indiana-Jeffersonville; Wendy Dant Chesser, CEO, On

POSCO Production at Indiana Ports to start in 2017

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville. POSCO is a multinational company headquartered in Pohang, South Korea, and the fifth-largest steel producer in the world. The new $19 million facility is expected to begin operations in 2017 and create up to 60 high-wage jobs by 2018. POSCO is South Korea's fourth largest company, behind Samsung Electronics, SK Holdings and Hyundai Motors, and is ranked No. 162 in Fortune's Global 500.

Photo: Torm

Torm: Now is Not the Right Time for US Listing

Volatile markets currently prevent Danish shipping firm Torm from going through with a planned stock market listing in the United States, but the company still aims to do so later this year, it said on Thursday. "Right now, it doesn't seem like the most obvious time to go through with this (a U.S. listing). The window for capital markets opens and closes and just now, I note that it is closed," Chief Executive Jacob Meldgaard told Reuters at the sidelines of an industry conference in Oslo. "We still have a plan to do this in 2016, but we have no problem with postponing it," he added.

Steven Newman (Photo: Transocean)

Transocean CEO's Exit Unlikely to Swing Fortunes

Transocean Ltd's decision to replace its chief executive will do little to help the company cope with an aging fleet and lower demand for its rigs due to a steep fall in oil prices, analysts said. Shares of the company, which also slashed its dividend by 80 percent to 60 cents per share, fell as much as 4 percent to $18.22 on the New York Stock Exchange. Transocean said on Sunday Chairman Ian Strachan would serve as interim CEO until a replacement was found for departing CEO Steven Newman. The company has lagged its rivals because it failed to invest quickly to build ultra-modern drillships.

Gerry Buchanan (Photo courtesy of the Liberian Registry)

LISCR Appoints New Managing Director for Hong Kong

The Liberian Registry has appointed shipping executive Gerry Buchanan as managing director of its dedicated Hong Kong office, the registry announced today. As the recently retired president of Genco Shipping & Trading, Buchanan has experience in the management and operation of a wide array of ships. After careers with Denholm Ship Management and Canada Steamship Lines, Gerry was appointed as the managing director of Wallem Ship Management in Hong Kong. In 2005 he was appointed president of Genco Shipping & Trading…

Photo: NAO

Hansson Sees Positive Outlook for NAO

Nordic American Offshore Ltd. (NAO) executive chairman, Herbjørn Hansson, has increased his ownership in the company, purchasing an additional 50,000 NAO shares with his son, Alexander, yesterday at about $7.83 per share. In a letter to NAO shareholders, Hansson shared thoughts on the progress the company has made since first being listed on the New York Stock Exchange (NYSE) in June 2014, entering the Platform Supply Vessel (PSV) market against high, stable oil prices and record investment levels in the offshore segment.

Royal Caribbean Cuts Profit Forecast

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.

Photo credit: Scorpio Tankers Inc

Scorpio Tankers to Launch 15mln Public Share Offering

Scorpio Tankers has announced a public offering of 15 million common shares, with an underwriter’s option to purchase up to an additional 2.25 million units. New York Stock Exchange-listed Scorpio says it plans to use the proceeds to fund part of the acquisition costs of additional modern product tankers, which may include three LR2 product tankers it has options to purchase from an unaffiliated third party. Any net proceeds of the Offering not used for vessel acquisitions are expected to be used for general corporate purposes.

Photo courtesy of Transocean Partners

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,500,000 common units representing limited liability company interests at $22.00 per unit. All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. Transocean Partners Holdings Limited has also granted the underwriters of the offering a 30-day option to purchase up to an additional 2,625,000 common units.

Image: New York Stock Exchange

Poseidon to Go Public

Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering. It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to be offered or the price range. Greece-based Poseidon said it plans to apply to list its shares on the New York Stock Exchange under the symbol PCON. Poseidon's initial fleet of 18 container ships includes five Handymax vessels, two Panamax vessels and 11 Post-Panamax vessels.

Photo: Scorpio Bulkers

Scorpio Bulkers Upsizes Public Offering

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.

DHT Closes Common Stock for Samco Acquisition

DHT Holdings, Inc. announced  the closing of its registered direct offering of 23,076,924 shares of its common stock at a price of $6.50 per share. DHT received net proceeds of approximately $145,500,000 after the payment of placement agent fees. DHT intends to use the net proceeds, together with the net proceeds of certain other financing, to fund its acquisition of Samco Shipholding Pte. Ltd., a private company limited by shares incorporated under the laws of the Republic of Singapore…

Poseidon Containers Launches IPO

Poseidon Containers Holdings Corp. announced today the commencement of its initial public offering (IPO) of 15,380,000 common shares. The company said it will grant the underwriters a 30-day option to purchase up to 2,307,000 additional common shares. The estimated price range for the offering is $14 to $16 per common share. The company expects to use the net proceeds of the offering to fund a portion of the contracted purchase price of four containerships that it has agreed to…

Israel Corp CFO Steps up to CEO Suite

Avisar Paz, the chief financial officer of Israel Corp, will take over as the conglomerate's chief executive once its reorganisation is complete, the company said on Monday. Israel Corp is planning to spin off some of its less profitable assets into a new listed company in a bid to boost the value of its core businesses and attract a broader range of investors. Last month, CEO Nir Gilad said he would step down after eight years in the post following the restructuring, for which a timetable has not been made public.

Photo: Ardmore Shipping Corporation

Ardmore Shipping Announces Secondary Public Offering by GA Holdings

Ardmore Shipping Corporation announced that GA Holdings LLC intends to offer for sale in an underwritten public offering 4,000,000 shares of the Company's common stock. The Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock. The shares to be sold by the Selling Shareholder, excluding shares subject to the option, represent approximately 49% of the shares held by the Selling Shareholder. The Company is not selling any shares and will not receive any proceeds from the proposed offering.

EURONAV NV

Euronav NV IPO in the US

Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12.25 for gross base proceeds of USD 199,185,000. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,439,000 ordinary shares. The Company’s ordinary shares offered in the…

Courtesy Scorpio Bulkers

Scorpio's Reverse Stock Split

Scorpio Bulkers Inc. informed yesterday that its board of directors has determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares. The Company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015. The reverse stock split will take effect…