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Thursday, April 25, 2019

Securities And Exchange Commission News

Photo: GoodBulk Ltd.

GoodBulk Files for a $100 Mln IPO

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for…

Photo: Euroseas Ltd.

Euroseas Spins Off Its Drybulk Fleet

Greece-based owner of containerships and bulk carriers Euroseas has spun off its drybulk fleet into a separate company. The Company announced that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off the Company's drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market. "We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors,: he added.

 Rating reflects positively on Port's operating history, flexible capital program and conservative debt structure Photo courtesy Canaveral Port Authority

Fitch :‘A’ Bond Rating, Stable Outlook for Port Canaveral

Fitch Ratings affirmed today the 'A' rating on approximately $64.3 million of Canaveral Port Authority (CPA) port revenue bonds. The Rating Outlook is Stable. Today's announcement by the credit rating agency underscores Port Canaveral's market position as a leading cruise-focused port in the U.S. With approximately five million revenue passengers expected in Fiscal Year 2018, the Port is the world's second busiest cruise port and Florida's third largest by operating revenue. “Canaveral…

© leeyiutung / Adobe Stock

All Aboard for Hedge Funds as Trade Tide Lifts Shipping

Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are transported by sea and global shipping sectors, including dry bulk, are on course for a recovery this year after a near-decade long crisis, ratings agency S&P said in a report last week. The IMF has forecast GDP growth at 3.9 percent for 2018 and 2019 versus 3.7 percent last year, which analysts say is boosting sentiment for shipping.

Photo courtesy of Diana Containerships

Diana Containerships Announces Reverse Stock Split

Diana Containerships has announced that its Board of Directors (the “Board”) has determined to effect a reverse stock split of the company’s common shares, par value $0.01 per share, at a ratio of one-for-six. The company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the company’s Annual Meeting of Shareholders held on June 29, 2017. The reverse stock split will take effect…

Shipowner OSG, Former CFO, Charged over Tax Evasion

The U.S. Securities and Exchange Commission said it charged on Monday shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles Itkin with failing to recognize some $512 million in tax liabilities.   OSG, which filed for bankruptcy protection in 2012 after the discovery of the tax liabilities, has agreed to pay a $5 million penalty subject to bankruptcy court approval, and Itkin agreed to pay a $75,000 penalty, the SEC said in a statement.     (Reporting by Eric Walsh; Editing by Eric Beech)

File photo: Diana Containerships

US Post-election Shipping Rally Raises Interest, Questions

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…

Hunter Maritime Acquisition Launches IPO

Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one Class A common share of the company. The company will grant the underwriters a 45-day option to purchase up to 2,250,000 additional units. The units are expected to be listed on the NASDAQ Capital Market (“NASDAQ”) and trade under the ticker symbol “HUNTU”.

Oil & Gas Photo Petro China oil

JPMorgan sees Sharp Rise in Precarious O&G Loans

JPMorgan Chase & Co disclosed on Friday that its "criticized" loans to the oil and gas industry more than doubled in the first three months of the year. Criticized oil and gas loans, which are defined by regulators as doubtful, substandard or deserving of special mention, rose to $9.7 billion at the end of March from $4.5 billion at the end of December, according to a quarterly filing the company made with the U.S. Securities and Exchange Commission. Of the criticized loans, $8 billion were still performing, according to the filing.

New High-Yield Bond ETF will Exclude Energy Companies

BlackRock Inc is planning to unveil a new U.S.-listed exchange-traded fund that will invest in all areas of the junk-bond market except the tattered energy sector, the asset manager said in a regulatory filing this week. The first-of-its kind fund, iShares iBoxx $ High Yield ex-Energy Corporate Bond ETF, will come after a sharp decline in oil prices that has routed higher-yield bonds. The ETF will track a Markit-brand index containing lower-rated corporate debt except those bonds issued by oil and gas producers, as well as suppliers of equipment and services to that industry.

Sutherland Continues Expansion in the Northeast

Sutherland Asbill & Brennan LLP has announced that Paul C. Freeman has joined the firm’s Energy, Environmental and Commodities Practice Group as counsel in the New York office. Prior to joining Sutherland, Freeman maintained a diverse practice as the principal of Freeman Law Group, LLC. His previous experience included serving as counsel at Dewey & LeBoeuf and working in the U.S. Environmental Protection Agency’s Office of General Counsel in Washington DC. Freeman brings more than 17 years of diverse experience advising clients in the energy…

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…

Image: General Maritime Corporation (now Gener8 Maritime)

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m. The company was created in February 2015 via the merger of General Maritime and Navig8 Crude. New York-based company booked $391 million in pro forma historical sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT. Gener8 Maritime initially filed confidentially (as General Maritime prior to the merger) on November 12, 2014. Citi and UBS are the joint bookrunners on the deal.

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's senior secured debt and increased credit availability. -- Extends the maturity of the senior secured debt facility through September 2019. "We are pleased to consummate the refinancing of our senior secured debt facility," commented Joseph McHugh, Chief Financial Officer of Rand. McHugh also said that since December 31…

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…

Petrobras' Condensed Report for 3Q, 2014

iii) Knowledge by Petrobras, the December 3, 2014, the statements given in the context of the collaboration agreement awarded Mr. Julio Gerin de Almeida Camargo (Toyo Group) and Mr. iv) Citation Petrobras, the December 9, 2014, relating to collective action (class action) filed by Mr. Peter Kaltman court in the US (United States District Court, Southern District of New York). We believe that other actions possibly be consolidated with the action of Mr. v) Filing by the Federal Public Ministry…

Hedge Funds' Big Bets on Energy Companies Pummeled

Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter, according to a regulatory filing made with the Securities and Exchange Commission. Diamondback's stock price fell 16 percent over the quarter.

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…

Noble Execs Cut Deal with SEC Ahead of Bribery Trial

Two executives from offshore drilling contractor Noble Corp have agreed to settle civil claims they participated in a bribery scheme to obtain permits for oil rigs in Nigeria, days before the case was set to go to trial. Jury selection had been scheduled for next Monday in the U.S. Securities and Exchange Commission's case against Mark Jackson, Noble's former chief executive officer, and James Ruehlen, director of the oil and gas services company's Nigerian subsidiary. The two men were sued under the Foreign Corrupt Practices Act (FCPA), which bans U.S.

Descartes Announces Public Offering

Descartes Systems Group today announced the commencement of a marketed, underwritten public offering of 9,500,000 Common Shares. The underwriters will also have the option, at any time not later than the 30th day after the filing of the final prospectus supplement, to purchase up to 1,425,000 additional Common Shares on the same terms and conditions, to cover their over-allocation position, if any. Completion of the offering is subject to market conditions and approval by the Toronto Stock Exchange.

Transocean Announces Deal With Icahn Group

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) entered into an agreement with Carl Icahn and certain investment funds managed by Mr. Icahn. The re-election of Samuel Merksamer and election of Vincent Intrieri to its Board of Directors. Mr. Merksamer is employed by Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., and was elected to the Company's Board of Directors at its 2013 annual general meeting. Mr. A reduction of the maximum number of directors on its Board of Directors to eleven (11) from fourteen (14).

Adam Zolnowski Appointed as DCT CFO

DCT Gdansk will appoint Adam Zolnowski, who until recently was responsible for strategy and corporate affairs, as Chief Financial Officer with the beginning of April. Prior to his career in DCT, Adam was a Director at Pricewaterhouse Coopers, where areas of his responsibility included foreign investment. Adam was a member of Polish Securities and Exchange Commission, President of Polish Information and Foreign Investment Agency as well as  Director General of the Polish Competition Authority. He is an author of several publications in the field of economy, foreign investment and competition.

Opportunity to Invest in Box Ship

Greece-based Box Ships Inc. intends to offer $25,000,000 of its common shares in an underwritten public offering. The net proceeds of the offering are expected to be used by the Company for general corporate purposes, which may include the repayment of debt and the acquisition of vessels. The Company intends to grant the underwriters a 30-day option to purchase an additional $3,750,000 of its common shares to cover over-allotments, if any. This offering is being made only by means of a prospectus supplement and accompanying base prospectus.

DryShips Inc. Announces Public Offering of Ocean Rig Shares

DryShips Inc. (NASDAQ: DRYS), or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, has announced it is offering 5,000,000 common shares of Ocean Rig that it owns in an underwritten public offering pursuant to Ocean Rig's effective shelf registration statement on Form F-3ASR filed with the Securities and Exchange Commission.

Nautilus Marine Extends Acquisition Tender Period

Greece's Nautilus Marine Acquisition Corp. (Nautilus) extends tender period referring to the acquisition of Assetplus Ltd. The tender offer, as amended, has been extended until 5:00 p.m., New York City time, on February 13, 2013, unless further extended or earlier terminated. The tender offer was previously scheduled to expire at 5:00 p.m. New York City time, on January 31, 2013. The completion of the tender offer is a condition to Nautilus' previously announced acquisition of Assetplus Limited.

Nautilus Marine Extends Acquisition Tender Offer

Nautilus Marine Acquisition Corp. extends its tender offer for Assetplus Ltd. until end of January 2013. The completion of the tender offer is a condition to Nautilus' previously announced acquisition of Assetplus Limited. The extension is being made to comply with the rules and procedure requirements of the Securities Exchange Commission. Except for such extension, all of the terms and conditions set forth in the tender offer materials filed with the U.S. Securities and Exchange Commission on December 7, 2012, as amended, remain unchanged.