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Saturday, August 17, 2019

Special Committee News

Global Ship Lease Merges with Poseidon Containers

Global Ship Lease, Inc., Poseidon Containers Holdings LLC and K&T Marine LLC has announced that they have entered into a definitive merger agreement for a stock-for-stock transaction representing a total transaction value of over $780 million on an asset value basis to create a leading containership charter owner focused on mid-sized and smaller vessels. The combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, an average fleet age weighted by TEU of 10.7 years…

Photo: Navios Maritime Containers Inc.

Navios Maritime Containers Acquires Three Containerships

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced  that it agreed to acquire three containerships for a total purchase price of $117.25 million. Navios Containers agreed to acquire two 8,204 TEU containerships, the YM Utmost and the YM Unity, for $67.0 million from Navios Maritime Partners. The two vessels are chartered out at a net daily charter rate of $34,266 until August 2018 and October 2018, respectively. The acquisition of the YM…

A Navios Ship. Photo: Navios Maritime Midstream Partners L.P.

Navios Maritime Acquisition Corporation Sells VLCC for $44.5 Mln

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has agreed to sell the Nave Galactic, a 2009-built VLCC of 297,168 dwt to Navios Maritime Midstream Partners for $44.5 million. Navios Acquisition also agreed to extend the charter rate backstop of the Shinyo Kannika to the Nave Galactic. Navios Acquisition intends to use the proceeds from the sale of the vessel for repayment of indebtedness, reinvestment in vessels and general working capital purposes.

Aegean to Acquire H.E.C. Europe

Aegean Marine Petroleum Network Inc. announced today that it has entered into a definitive agreement to acquire all of the outstanding share capital of H.E.C. Europe Limited (H.E.C.), the parent company of Hellenic Environmental Center S.A. and a group of companies that together provide global port reception facilities services, from the shareholders of H.E.C., for aggregate consideration of approximately $367 million, including the assumption of certain indebtedness, which consideration is payable in the form of a combination of debt…

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.

Photo: Tanker Investments Ltd.

Tanker Investments Merges with Teekay Tankers

Teekay Tankers has agreed to acquire all the remaining issued and outstanding shares of Tanker Investments (TIL), in a share-for-share merger at an exchange ratio of 3.30 Teekay Tankers Class A common shares for each TIL common share. Teekay Tankers currently owns 3.4 million common shares, or 11.3 percent, of TIL. TIL's fleet consists of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 Product tankers with an average age of 7.3 years. Following the merger, Teekay Tankers' fleet will consist of 62 conventional tankers…

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”). The current Chief Financial Officer, Chris Whiteside, has been appointed as acting Chief Executive Officer. Captain Claus Hyldager is now serving a period of garden leave and will assist with an orderly handover. A special committee of the ISS Board will oversee the search for a permanent CEO with the assistance of a leading executive search firm. The ISS Board thanked Captain Claus Hyldager for his invaluable contributions to ISS over the past twenty years…

Manohar Parrikar, Indian defence minister. Photo: Ministry of Defence.

Germany Lobbies for India's Submarine Project

Germany is hopeful in bagging multi-billion-dollar Indian submarine project for building six conventional submarines, says a PTI report. German Ambassador to India Michael Steiner said the P-75(I) project was under discussion and that the matter also came up during German Defence Minister Ursula von der Leyen's visit here last month. He said that the talk did not specify the modalities of the deal on whether this should be Business-to-Business or Government-to -Government. According…

Petrobras Sets up Special Committee

The Board of Directors of Petrobras approved at a meeting held today, the creation of a special committee to act as interlocutor ("Reporting line") of independent internal investigations conducted by the Trench, Rossi e Watanabe and Gibson, Dunn & Crutcher offices . This Committee shall act independently and will report directly to the Board. The powers and responsibilities of the Special Committee shall include (i) approve the research plan; (Ii) receive and analyze the information submitted by the offices of lawyers…

Ocean Rig UDW

Ocean Rig's $120m Loan Agreement with DryShips

Ocean Rig UDW Inc. On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of Directors which received a fairness opinion from Global Hunter Securities, a division of Seaport Global Securities LLC, and the loan agreement was executed by both companies. This loan is for a period of 18 months, is unsecured and bears interest at LIBOR plus an average of approximately 10% for the first year and 12% for the following six months.

Photo by DryShips

Dryships Achieves Refinance of 5% Convertible Notes

DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. *  On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility. We expect to draw down under this facility during the week commencing Monday, November 24, 2014.

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…

Congressman Ed Whitfield (left) U.S. Senator Bob Casey

Casey, Whitfield Granted WCI Leadership Service Awards

U.S. Senator Bob Casey (D-Pa.) and Congressman Ed Whitfield (R-Ky.) will receive the 13th Annual Waterways Council, Inc. Leadership Service Awards on Wednesday evening, February 12, 2014 at the St. Regis Hotel in Washington, D.C. Senator Casey has served the Commonwealth of Pennsylvania in the Senate since 2007. He is a member of the Senate Finance Committee and Chairman of the Subcommittee on Fiscal Responsibility and Economic Growth. He also serves on the Senate Committees on Health…

SLSDC Board sworn in by DOT Secretart LaHood

The U.S. Senate confirmed William J. Mielke and Arthur H. Sulzer as members of the Saint Lawrence Seaway Development Corporation Advisory Board on January 1. William J. Mielke is Chairman of the Board, President and CEO of Ruekert/Mielke, a consulting engineering company located in Pewaukee, Wisconsin. He has been a Director of Bank Mutual Corporation since 2000 and its subsidiary, Bank Mutual, since 1988. Mielke is also a Fellow of the American Consulting Engineers Council and has served as a diplomat of the American Academy of Environmental Engineers.

DryShips to Acquire OceanFreight

DryShips Inc. and OceanFreight Inc. have entered into a definitive agreement. The former will acquire the outstanding shares of the latter for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc. The Ocean Rig shares that will be received by the OceanFreight shareholders will be from currently outstanding shares held by DryShips. Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger.