Rolls-Royce Chief Sets Ambitious Targets
Rolls-Royce (RR.L) said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain’s best known engineering firm.The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures, it told shareholders on Friday the foundations…
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…
Danish shipping fuel supplier OW Bunker confirms IPO plan
Private equity co Altor plans to partly sell holding; OW Bunker FY net up almost 50 pct at $63.4 mln. Revenue up more than 20 pct at $16.99 billion. Danish ship fuel supplier OW Bunker plans an initial public offering (IPO) of shares in Copenhagen, it said on Wednesday, confirming what sources familiar with the matter had told Reuters on Monday. The company, which has a share of around 7 percent of the global shipping fuel market, said it planned to sell new stock as well as some of the shares owned by its major shareholder, private equity group Altor.
Denmark's OW Bunker to announce IPO this week
Danish ship fuel supplier OW Bunker aims to publish plans for a stock market listing this week, three sources familiar with the matter told Reuters on Monday. "The plan is to be listed before Easter," one source said, adding that Morgan Stanley, Carnegie, Nordea and ABG would lead the IPO. Two other sources said an intention to float letter will be published later this week. Private equity group Altor has owned OW Bunker since buying its parent Wrist Group in July 2007. No indication was given on the price Altor paid…
Latest on Proposed Scania Buyout
The Independent Committee of the Scania Board of Directors has begun its work to consider Volkswagen's buyout offer and confirms it has noted that Volkswagen does not foresee any significant changes with regards to Scania and that Scania’s headquarters and its development centers will remain where they are today. Deutsche Bank and Morgan Stanley have been retained as financial advisors to the Committee. Mannheimer Swartling has been retained as legal advisor and JKL as communication advisor.
Greek Shipowners Costamare Public Stock Offering
Owners of container ships for chartering, Costamare Inc., plans to offer 7,000,000 shares of its common stock. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have indicated their intention to purchase up to 700,000 shares in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,050,000 additional shares of its common stock. The Company plans to use the net proceeds of the offering for capital expenditures…