The Coming IPO Of Diamond S Shipping Group

A new year, a new shipping IPO by private equity investor Wilbur Ross.  Following on the steps of the very successful IPO of Navigator Holdings Ltd. (NVGS) last November, Diamond S Shipping Group, Inc. (DSG) filed yesterday a registration statement with the SEC for an initial public offering. Diamond S Shipping Group, Inc. currently owns a fleet of 33 medium range (MR) … [Read more...]

Scorpio Bulkers Signs Charter-In Agreements For Five Dry Bulk Vessels

Less than a month after its largest new-building order and a fully subscribed IPO, Scorpio Bulkers Inc. (SALT) has struck again, albeit more modestly.  This time it announced the leasing of five vessels (two Panamax, two Kamsarmax, and one Post-Panamax) on medium-term charters (of about one year or less), at an average rate of approximately $15,000 per day. Details of the … [Read more...]

OSG’s Tax Liability $199 Million Less Than Previously Thought

Beleaguered tanker company Overseas Shipholding Group Inc. (OSG), saw today its stock jumping 36%, amid very heavy trading. The stock closed at $6.05 per share, up $1.60 for the day. The company is under Chapter 11 bankruptcy protection, and its stock is trading in the pink sheets under the symbol OSGIQ, after having been delisted from the New York Stock Exchange. A major … [Read more...]

Diana Containerships Sells 18-Year Old Panamax for Demolition, and at a Loss [ANALYSIS]

Diana Containerships Inc. (DCIX) took everybody by surprise last Monday, when it announced the sale of its 18-year old Panamax containership “Spinel“ (Ex “APL Spinel”) for demolition.  The “Spinel” fetched $9.65 million before deduction for brokerage commissions.   The 1996-built vessel had been purchased from American President Lines (APL) … [Read more...]

Scorpio Bulkers Raises $305 Million in NYSE Debut

Earlier this week I had the opportunity to write on the coming IPO of Scorpio Bulkers Inc. (SALT).  As expected, Scorpio priced its IPO after the closing of business on Wednesday. The company was able to sell 31.3 million shares, more than double the originally offered size of 15.5 million, underlying strong demand from investors. The offering price of $9.75 per share remained … [Read more...]