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Battle between BP and New York-listed drilling giant squashed as parties agree to amend dayrate.
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Genco spin-off Baltic Trading has completed its initial public offering (IPO) after raising over $228.2m.
The underwriters, led by Morgan Stanley and Dahlman Rose, have a 30-day option to purchase an additional 2.45 million shares of common stock to cover any over-allotments.
As TradeWinds reported last week, Baltic Trading offered 16.3 million shares of common stock at $14.00 per share. (Click HERE to read the article in full)
Baltic Trading intends to use the proceeds from the IPO along with a $75m cash injection from Genco to purchase dry-bulk carriers, including the 53,100-dwt Inta, Borak, Sinova and Spice (all built 2009) for $35m a piece.
The NYSE-listed company also plans to buy two 177,000-dwt capesize newbuildings for about $72m each from an unidentified Greek shipowner. The vessels are currently on order at Shanghai Waigaoqiao Shipbuilding in China.
Shares in Baltic Trading were down 1.48% to $13.97 in mid-afternoon trading.
Battle between BP and New York-listed drilling giant squashed as parties agree to amend dayrate.
US shipyard victorious in heated battle for a bite of government newbuilding deal.
Ports handled 56.12m tonnes of cargo in the last five months, up more than 5%.
Taiwanese boxship player continues to forge ahead in 2010 after dire previous year.
Malaysian bulker and boxship owner in talks with banks after being unable to meet debt repayments.
Atlas ship refloats after hitting Horseback Shoal hard in St Lawrence, Canada.
Olympic Shipping rocks up at Norwegian yard with double order potentially worth over $120m.
Japanese owner reportedly extends LNG carrier depreciation period, boosting bottom line.
