Merrill Lynch downgraded its intermediate-term rating on Mersey Docks & Harbour Plc to "accumulate" from "buy," while keeping a long-term "acumulate" rating on the stock. "We believe MDK's attractive valuation by itself is not compelling enough to support a dramatic re-rating," Merrill analysts said in a research note. They cut their 12-month price objective on the stock to 620 pence from 665p. – (Reuters)
According to a June 14 report from Bloomberg, heightened U.S. scrutiny of offshore drilling after the BP spill, the worst in the nation’s history, may spur oil companies to replace aging rigs with new platforms made in South Korea and Singapore. Rig-makers Samsung Heavy Industries Co. and Keppel Corp. stand to benefit from drillers buying $300m-plus semi-submersible rigs. About 57% of current units are more than 20 years old, according to Merrill Lynch, the Bloomberg report said.
Maritrans Inc. today announced the sale of securities by insiders in a block trade. Maritrans' Chairman, Stephen A. Van Dyck, and Secretary, Janice M. Van Dyck, sold a combined 81,000 shares of Maritrans Inc. common stock to Merrill Lynch at a price per share of $14.00. Stephen A. Van Dyck, Chairman of Maritrans, commented, "A substantial portion of both Janice's and my personal net worth is invested in Maritrans stock
From the Navy News Service 1800 - U.S. Marine Corps Band gives its first concert in 1883 - Installation of the first electric lighting on a U.S. Navy Ship completed on USS Trenton. 1920 - Radio station built by U.S. Navy and French government transmits first wireless message heard around the world. At the time it was the most powerful radio station in the world. 1951 - First contract for nuclear-powered submarine awarded.
Waxler Transportation Co. has taken delivery of the final towboat in a series of five 99 by 35-ft, 3200 hp pushboats. The latest sister, the M/V Helen Merrill, made her maiden voyage for Secors inland transport subsidiary in mid-January 2010. Each of the vessels has a pair of Cummins KTA50 M2 diesels individually rated for 1600 HP linked to Haley HRV Series gears providing main engine power. Electrical requirements are met by a pair of 99 kW Cummins Onan generator sets.
IPO investment firm Renaissance Capital said that Diamond S Shipping Group, a provider of seaborne transportation of refined petroleum and is backed by WL Ross, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. The Greenwich, Connecticut-based company, which was founded in 2013 and booked $178 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol DSG
The Export-Import Bank of the United States (Ex-Im Bank) and the Maritime Administration (MARAD) signed a memorandum of understanding to establish a program to provide Ex-Im Bank-guaranteed working capital loans for shipping, logistics and other companies involved in ocean freight transportation. The agreement also updates certain shipping requirements for Ex-Im Bank transactions. Under the agreement, Ex-Im Bank can provide working capital loans to export service providers
Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading
August 20 1952 - In interservice air operation at Chang Pyong-ni, Korea, U.S. Navy, Marine and Air Force aircraft destroy 80 percent of assigned area. 1959 - USS Thetis Bay (LPH-6) completes 6-day humanitarian operation after floods in Taiwan. 1969 - Navy Seabees and sailors from Helicopter Training Squadron Eight (HT-8) evacuated 820 people from Pass Christian, MS after Hurricane Camille. August 21 1800 - U.S. Marine Corps Band gave its first concert in Washington, D.C.
PACC Offshore Services Holdings (POSH) could raise at least S$388.27 million ($311 million) after pricing its initial public offering near the bottom of the pricing range indicated earlier, two sources with knowledge of the matter said. Underwriters have recommended POSH to price the deal at S$1.15 a share against an indicative price range of S$1.13 to S$1.24 a share, the sources said. The company is selling 337.625 million shares excluding the greenshoe option.
The world’s largest single-deck bulk/log carrier, Olive Bay, arrived Thursday at The Northwest Seaport Alliance’s West Hylebos log terminal in Tacoma. The terminal, operated by Seattle-based Merrill & Ring Forest Products
Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales
What a difference a year makes. Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets.
A coalition of maritime business and industry organizations sent a letter to key Members of Congress on Friday, March 24 urging funding for the Great Lakes Restoration Initiative (GLRI) to further support efforts undertaken by the State of Illinois to slow
The Coast Guard Foundation announced that it will honor Thomas Allegretti and the American Waterways Operators (AWO), a motor lifeboat crew from Pensacola, Florida, and an aircrew from Air Station Houston, Texas at its Annual Salute to the 8th Coast Guard District on Friday
South Korean bulker operator Pan Ocean re-sumitted its rehabilitation plan to the South Korean court that will see discount rate of cash repayment and decision of reduction of capital. The shipowner will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a
The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian oil to global markets makes it an easier measure for politicians to support, Bank of America Merrill Lynch analysts said on Thursday
A recovery in LatAm debt spreads opened a window for Colombia's Ecopetrol on Tuesday when it printed a US$1.5bn 11-year bond - the state-owned oil company's first debt issue in nine months. Optimism over Greek debt talks spurred risk buying on Tuesday
US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn. Lower-quality names, especially in exploration and production, are already struggling to stay afloat
Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO
Marine transportation service company American Commercial Lines (ACL) announced it has acquired commercial inland barge company AEP River Operations from American Electric Power (AEP). AEP River Operations is based in Chesterfield, Mo., with operations in Paducah, Ky
When U.S. investment bank Goldman Sachs said last year that oil could fall as low as $20 per barrel, it assigned a fairly low probability to that scenario. Fast-forward five months and in some parts of the world the forecast has already proved correct
The number of oil rigs in the United fell for a ninth straight week to the lowest level since December 2009, data showed on Friday, as energy firms continued to cut spending amid the collapse in crude prices. Drillers cut 26 rigs in the week ended Feb
Off the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships that normally carry hundreds of thousands of tons of coal or iron ore lie idle near one of the world's busiest sea routes. These empty vessels paint a grim picture for the dry bulk shipping
Anchorage-based Crowley Fuels yesterday completed an asset acquisition of the aviation fuels business of Ace Fuels, LLC, a fixed base operator (FBO) headquartered at Merrill Field in downtown Anchorage offering Jet A and AV 100LL fuels. The acquisition includes the company’s six