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Merrill Lynch Slashes Rates On Trio of Oil Giants

Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market. In a research note, Merrill cut its near-term rating on all three to "neutral" from "buy." Merrill pointed out that the offshore drilling stocks have fallen "significantly" from their highs, but added "these stocks will most likely not rise until rig demand increases and pricing stabilizes." Merrill said that it previously believed drilling demand would improve by the late part of 2001, but it now looks as though that will not occur until early 2002. Shares of Global Marine were down $0.33 cents at $15.30. ENSCO was down $0.27 cents at $18.63, while Rowan was down $0.06 at $16.95 on the New York Stock Exchange.


Mersey Docks & Harbor Downgraded

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)


Double Hull Tankers Files for IPO

Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock. Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG


Container Shippers Seek Rate Hikes

A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year.


Cruise Powerhouse Carnival Corp. Commences Intermediate Ratings

Merrill Lynch said on Monday it had started coverage of Carnival Corp., the world's largest cruise line operator, with "intermediate" and "long term accumulate" ratings. Merrill said in a research note Carnival had a leading and growing market share in the expanding cruise industry, and both the company's and industry's prospects are reinforced by high consumer satisfaction levels and strong value ratings. It added that it had a 12-18 month price objective of $32 for Carnival - whose


Yangzijiang to Benefit From Ship Orders: Merrill Lynch

Bank of America-Merrill Lynch said that it sees Yangzijiang Shipbuilding Ltd. benefiting from potential orders after a revival of interest from container shipping firms in larger vessels. The broker’s outlook came after reports that Taiwan's Evergreen, the world's sixth-largest container shipping firm, ordered 10 vessels with a capacity of 13,800 twenty-foot containers (TEU) each. "Evergreen Marine decided to lease ten 13


Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments


Merrill Lynch "Reduces" P&O's Rating

Merrill Lynch said on Monday it had cut its rating on British shipping and logistics group The Peninsular & Oriental Steam Navigation Company (P&O) to "reduce" from "neutral" in the intermediate term. Analysts at the investment bank also cut their long-term rating on the stock to "accumulate" from "buy", citing a worsening outlook for the company's container business. They expected second-quarter results for P&O Nedlloyd (P&O's joint venture with Dutch Koninklijke Nedlloyd Groep)


One More in Series for Waxler

The Helen Merrill southbound on her maiden voyage on the Ohio River at Metropolis Ill. a few miles below Paducah, Ky. with the I-24 highway bridge. (Photos courtesy Jeff L. Yates courtesy of Cummins Marine)

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.


LNG Demand Rises, Nuclear Power Shunned

According to a report from The Telegrapch, nuclear power has become a hard sell in many parts of the world since the disaster at the Fukushima nuclear plant in Japan and natural gas continues to benefit. Bank of America Merrill Lynch said it saw demand rising so fast for natural gas that it expects the market to start tightening in the second half of next year.  Source: The Telegraph  


Hoegh LNG Partners Prices IPO

  Höegh LNG Partners LP  a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd., announced today the pricing of its initial public offering of 9,600,000 common units representing limited partner interests in the Partnership at $20.00 per unit


Today in U.S. Naval History: August 21

USS Trenton making Sail, probably while in New York Harbor in the mid-1880s. The original print is a letterpress reproduction of a photograph by E.H. Hart, 1162 Broadway, New York City, published circa the 1880s by the Photo-Gravure Company, New York. U.S. Naval Historical Center Photograph.

Today in U.S. Naval History - August 21 1800 - U.S. Marine Corps Band gave its first concert in Washington, D.C. 1883 - Installation of the first electric lighting on a US Navy Ship completed on USS Trenton. 1920 - Radio station built by U.S


Transocean's Chairman Designate 2015 Named

Merrill A. Pete Miller, Jr.: Photo frame from video

Transocean Ltd. informs that at its recent Extraordinary General Meeting Merrill A. "Pete" Miller, Jr. was nominated as a director and the Board intends to designate him as vice-chairman, with the expectation that he will succeed present chairman Ian C. Strachan in due course.


Ensco Prices $1.25-Billion Senior Notes Offering

Bank Notes: File image

UK based provider of offshore drilling services, Ensco plc, says that it has priced an underwritten offering of $1.25 billion principal amount of senior unsecured notes consisting of two series as follows: •    $625 million principal amount of 4


Today in U.S. Naval History: August 21

USS Truxtun (Official U.S. Navy Photo)

Today in U.S. Naval History - August 21 1800 - U.S. Marine Corps Band gave its first concert in Washington, D.C. 1883 - Installation of the first electric lighting on a U.S. Navy Ship completed on USS Trenton. 1920 - Radio station built by U.S


NAMEPA Host Shipping Industry Awards Dinner

IMO Sec-Gen Sekimizu & SUNY Students: Photo courtesy of NAMEPA

Shipping luminaries gathered recently in New York to discuss issues and recognize achievements at the 2013 North American World Maritime Day and NAMEPA (North American Marine Environment Protection Association) Marine Environment Protection Awards Dinner.


Diamond S Shipping Files for $100M IPO

Photo: Diamond S Shipping Group

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.


POSH attracts Hwang, Fortress as IPO investors

PACC Offshore Services Holdings (POSH), part of the empire of Malaysia's richest man Robert Kuok, has roped in Hwang Investment Management Berhad and Fortress Capital Asset Management as cornerstone investors for its Singapore listing, which sources close to the matter said could raise about $400


Offshore firm's IPO may give Singapore market shot in the arm

This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a


POSH may raise $311 Mln in Singapore IPO

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.


POSH raises $311m in Singapore IPO

Image: POSH file photo

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388


Atlas Resource Partners, L.P. Announces Pricing Of Public Offering Of Common Units

Logo

  Atlas Resource Partners, L.P. (NYSE: ARP) announced today that it has priced a public offering of 13,500,000 common units representing limited partner interests at an offering price of $19.90 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 2,025


Oil Traders Hearing Contango Music Again; Not Loud Yet

Traders in the Brent oil market have started to use a word that was almost forgotten in the last four years - "contango" in industry jargon, which could also be described as "music to the ears of sellers". The market has not seen a prolonged contango time structure - with


Höegh LNG Partners Launch IPO

  Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,600,000 common units representing limited partner interests in


Transocean Prices Initial Public Offering

Photo courtesy of Transocean Partners

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.






 
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