Nordic American Offshore Initiates $100m IPO, Order for New PSVs

Platform supply vessel company Nordic American Offshore has announced plans to raise more than $100 million through its IPO that will help fund the purchase of at least two new platform supply vessels, which would bring the fledgling offshore suppliers’ fleet to a total of 10 vessels. Bermuda-based NAO announced Monday the commencement of its initial public offering of … [Read more...]

Financiers Hold the Throttle, and Key, to Shipping as Shipowners Lack Discipline

The 19th annual Hellenic-American and Norwegian-American Chambers of Commerce shipping conference was held yesterday at the Waldorf-Astoria hotel in New York City. The event was co-chaired by Brian Devine, a Partner at Blank Rome LLP, Clay Maitland, a Managing Partner at International Registries, Inc., and Ole Schroder, General and Environmental Manager, Torm USA. Jon … [Read more...]

Nordic American Tankers May Double Its Fleet

(Bloomberg) -- Nordic American Tankers Ltd., the third-largest owner of oil tankers hauling 1 million-barrel cargoes, said it may double its fleet within half a decade, betting rising Asian energy demand will snap a rout in rates. The Hamilton, Bermuda-based ship owner may expand its Suezmax fleet to 40 from 20 now, Chief Executive Officer Herbjorn Hansson said in a phone … [Read more...]