Trafigura’s Big Bet on Shipping Pays Off With Frontline Deal

By Andy Hoffman (Bloomberg) -- Commodities trader Trafigura Group Pte Ltd.’s big bet on shipping paid off as it agreed on a tanker sale that will give it much-needed cash and a stake in one of the world’s largest oil-freight firms. Frontline Ltd., the Oslo-based oil tanker company backed by billionaire John Fredriksen, will buy 10 newly built Suezmax tankers from Trafigura. … [Read more...]

DryShips Agrees to Buyout Offer from Chairman and CEO

NASDAQ-listed shipowner DryShips has entered into a definitive agreement to sell all outstanding shares of the company to a holding company controlled by DryShips' Chairman and Chief Executive Officer, George Economou. Under the terms of the agreement, the holding company, SPII Holdings Inc., will acquire the outstanding shares that it does not already own for $5.25 per … [Read more...]

Boskalis, Kotug Complete Sale of Kotug Smit Towage to Boluda

Royal Boskalis Westminster has completed the sale of Dutch towing company Kotug Smit Towage to Spain-based Boluda Group. Boskalis was co-shareholder of Kotug Smit Towage with Kotug International. The initial sale was first announced back in March. Boskalis said it receive 93.6 million euros in cash for its 50 percent equity stake in the joint venture. Boluda reported … [Read more...]

Portland-Based Vigor Industrial Acquired by Private Equity

Portland, Oregon-based Vigor Industrials is being acquired by global investment firm The Carlyle Group and private equity firm Stellex Capital Management. As part of the agreement, Vigor Industrial LLC, an infrastructure, defense, and maritime services company, will be merged with Norfolk, Virginia-based MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry … [Read more...]

DP World Hires Banks for $1 Billion Bond

By Archana Narayanan and Alaa Shahine (Bloomberg) --DP World Plc is hiring banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator may kick off the sale as early as this week, said two of the people, asking not to be identified because the … [Read more...]