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Chairman's Commentary
NYMAR Editor Ranjeeta McGroarty speaks with Larry Rutkowski, Partner at New York based law firm, Seward & Kissel LLP (S&K). Catch up with Larry Rutkowski, Partner at Seward & Kissel LLP (S&K), in this interview with NYMAR. Dahlman Rose Indices Dahlman
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readers with its Dry Bulk Shipping and
Tanker Shipping Indices. Monthly News Teekay’s 3Q Earnings Beats Estimates
Zell lifts ACL holding
[read more] Diana Announces Time Charter
Aegean in expansion mode
Executives increase Genmar stake
Tsakos affiliates increase holdings
USCG announces final rule for Tank Vessel response plan
Global dry bulk industry expected to continue growth
U.S to lead task force against pirates
Seward & Kissel Winner of Middle-Market M&A Law Firm Award
Financial
Performance Charts Taste of NYC | Events & Entertainment Upcoming
events & entertainment in the Big Apple. |
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Despite the continued weakness in the markets we can draw some positive signs from the end of the year activity.
Most noticeable was the volume of trading in the public stocks. According to analysis by AMA Capital (and in full disclosure I am a partner of said firm) over $104 billion of shipping stocks were traded globally in the last quarter of the year. And of that total over 53% was traded in the U.S markets – and by U.S, means New York.
NASDAQ and NYSE remain the two leading stock exchanges in the world and NYMAR is proud of its association and relationship with both of these august bodies. Last year NYMAR opened NASDAQ in May – on the eve of Posidonia and we expect to maintain a similar profile in 2009.
The plunge in the BDI over the last six months of 2008 has brought the shipping markets on to the radar screens of many potential new investors and at NYMAR we have been receiving numerous enquiries from private equity firms and hedge funds that are looking to become familiar with the sector.
You may be reading this commentary and enjoying our newsletter and yet not be a member of NYMAR. We offer networking and branding opportunities and provide a forum and a framework for people to advance their business.
I have often said that the most important ship in the shipping business is the “Relation – ship” and NYMAR is one of the best ways to enhance that aspect of the business.
Think about joining us. You don’t have to be from New York for our membership spreads across cities and continents as we continue to be a global force in emphasizing the importance of the New York maritime cluster. Going forward we have an aggressive plan for 2009. We will be running at least two conferences; one at the New York Stock Exchange and a breakfast seminar in April with Baruch college.
The link to our membership is [http://www.nymar.org/become_member.html] and join.. you will enjoy the journey..
| NYMAR Editor Ranjeeta McGroarty speaks with Larry Rutkowski, Partner at New York based law firm, Seward & Kissel LLP (S&K). |
| Ranjeeta: | How long have you been with S&K and what attracted you to the maritime industry? |
|---|---|
| Larry: |
My attraction to the maritime industry has been longstanding but it wasn't’t like I went to law school hoping to get into the business. A lot has happened since the day I questioned my law school roommate’s decision to take the Admiralty course at Columbia (after all, he was from Kansas, at least I grew up on the New England coast). Shortly after commencing my legal career, I was asked to assist on a pair of vessel financing transactions. I found the transactions extremely interesting and the shipping industry absolutely fascinating. I enjoyed the entrepreneurial spirit that seemed to drive the industry, the close working relationships even the most junior attorney could develop with his or her clients and the fast pace of the business. Add to that the continuity of so many industry players and the longevity of so many relationships, it continues to be an enjoyable area to practice law. Even the lawyers remain civil to each other! |
| Ranjeeta: | Please briefly describe the most challenging moment of your career? |
| Larry: | Someone recently told me that their memory was great, just a bit short. I knew exactly what they meant. Looking back, I find it hard to pick out the most challenging moment of my career – there have been several – but the current challenges I face trying to help guide a small company through a piracy in Somalia (the M/V “Biscaglia”) certainly ranks among them. The feeling of helplessness that sometimes engulfs the whole team is not something one normally experiences in even the most difficult financing transaction. Indeed, with incidents like these, the illiquidity in the financial markets, the collapse in freight markets and the consequent decline in vessel values may make this year to be the most challenging one I or anyone else in the industry will ever experience. |
| Ranjeeta: | What has been the most exciting deal of your career in shipping? Please explain? |
| Larry: | The same caveat about memory probably applies here as well, but as I look across my desk at the tombstones on the credenza in my office I am reminded of the 1994 First International Petroleum/Shell transaction, perhaps the first modern bond offering in shipping. That transaction (which ultimately included my first trip to a new building delivery ceremony) was groundbreaking in many ways and I appreciated the opportunity afforded me to be a part of it. Of course, the Lasco – Clipper merger was also fascinating and the more recent Merrill Lynch led structured finance transaction for Chembulk prior to its sale to PT Berlian ranks up there. There have also been numerous bank finance transactions that have been both high profile and, perhaps, a bit too exciting sometimes. A typical lawyer’s response I suppose – you ask me to identify a deal and I hedge my reply. |
| Ranjeeta: | Explain S&K’s activities in the shipping industry. How do you see deal flow for 2009? |
| Larry: | As you and your readers can imagine, assessing deal flow for 2009 is a difficult task at this time. My crystal ball is no better than anyone else’s. The year has begun with a number of complex debt restructurings and I expect to see more of that. We are also dealing with all the ramifications of the expanded use of Rule B as a litigation strategy, disruptions in the FFA market and, of course, the inevitability of foreclosures. As far as new deals go, I am pleased to report that I actually have a couple of signed term sheets on my desk but, unlike past times, the closing of a deal may not inexorably follow the signing of a term sheet. With my partners Gary Wolfe and Rob Lustrin being so active in our shipping capital markets practice, with a leading shipping tax expert like Derick Betts here at the firm, with Clay Cook, a former General Counsel to the Maritime Administration, in our D.C. office and with a seasoned bank finance specialist like Hadley Roe in our shipping team (all being supported by a versatile litigator like Bruce Paulsen, who has seen just about any issue that might present itself to a shipping company, and the rest of the Seward & Kissel team in M&A, bankruptcy and investment management), you can be certain that we will not be idle this year. |
| Ranjeeta: | What do you like most about your job? |
| Larry: | Ranjeeta, this is the easiest question you have asked so far. The answer is quite simply, the people. I enjoy working with my colleagues a great deal. The people I work with at my clients are fantastic and, as I alluded to before, the maritime bar has to be the most collegial one out there. There are the exceptions who prove the rule (and they know who they are), but this is an industry populated with intelligent, creative, friendly and caring people. |
| Ranjeeta: | These are challenging times for the ship finance industry. There must be quite a few restructurings going on. |
| Larry: | We are working on or have worked on a number of restructurings. Some are low profile and involve private companies, others involve public companies and have already been the subject of published reports but I can tell you that in the last few weeks and months I have personally been involved in no fewer than eight restructurings. |
| Ranjeeta: | What are the major challenges faced by banks how do you think shipowners will cope in 2009 with little or no bank debt? |
| Larry: | I am sure there are brighter minds than mine thinking about this subject (and who get paid more handsomely than I do for such advice – just ask NYMAR’s chairman). In my view, the situation today though has no precise parallels with past industry troubles. Prior down cycles in shipping have seen similar developments, that is, declining freight markets and falling vessel values as a consequence of oversupply of vessels and a faltering global economy but I do not think they have ever been precipitated by, coupled with or exacerbated by (in each case depending on with whom you are speaking), a complete financial meltdown and a complete absence of bank liquidity. I used to joke (sometimes to the consternation of the banks that oftentimes pay my bills) that ship lending followed a distinct cyclical pattern. Eighty percent loan to value at the top of the cycle, fifty percent at the bottom. Now, I never went to business school but this seems counterintuitive to me. The good news is, with some exception, loans haven’t been made with an LTV of 80%. Moreover, the better cash positions of many companies as a result of the use of the capital markets buttresses them against freight market declines. The bad news, most companies cannot even get 50% LTV now. Banks, even those with solid shipping portfolios are under direction from on high not to lend. What this will all mean in the end is difficult to tell but I’m seeing the glass as half empty, not half full. |
| Ranjeeta: | What advice would you give shipowners and banks following this credit crisis? |
| Larry: | Talk to each other. Companies anticipating troubles should talk to their banks now. It is better to be pro-active than reactive. The first company in the door will get the more complete hearing and likely the better deal. To banks, be straightforward with your borrowers. If you are constrained by other influences from offering a customer liquidity to meet a need, give them time to look elsewhere. Many people have said the ship lending industry is less “relationship oriented” than it once was. We will know whether or not that is true soon enough. |
| Ranjeeta: | Do you think some lenders will get out of shiplending? If so what do you think would be the main reasons? |
| Larry: | Some already have. Some will leave because they will no longer exist, some will leave because shipping was never part of their core lending strategy and others will leave because the various freight indices make the Dow look stable. After all, about the only thing that has collapsed faster than the market values of second hand vessels is Florida real estate. |
| Ranjeeta: | What changes do you see in the shipping industry? |
| Larry: | Speaking of real estate, I’ll paraphrase that old real estate mantra – “consolidation, consolidation, consolidation”. Fewer (but bigger) owners, fewer (but maybe not bigger) banks. |
| Ranjeeta: | How difficult will it be to raise bank debt in 2009 and what type of companies are likely to secure it? |
| Larry: | Short term? Almost impossible. Medium term? Very difficult. Who will be able to get it? Well, you’ve heard it before: existing customers, preferably big, with solid balance sheets. |
| Ranjeeta: | How long do you think the current market situation is likely to continue? |
| Larry: | Based on what my clients are telling me in their most despondent moments, the situation is likely to continue as is at least through the end of this year. |
| Ranjeeta: | You being a board member of NYMAR, what can NYMAR bring to the industry in these troubled times? |
| Larry: | NYMAR has, as it members and through its members, the best collection of industry expertise and the greatest access to capital you will find anywhere in the world. When, as an industry, we collectively find our way through the current crisis, the course we set will be set here, in New York, by NYMAR’s members. |
In a few short days, I will complete my 17th year as a partner in Seward & Kissel, having joined the firm on February 1, 1992. Of course, I have been representing clients in the maritime industry for longer than that, but admitting exactly how long I’ve been doing it might cause some people to view me more as an “ancient mariner” than an experienced attorney.Dahlman Rose & Co index data is calculated by Standard and Poor's and disseminated on a real-time basis by the Chicago Mercantile Exchange, representing publicly available indices that track the movements of U.S. listed Marine Transport companies.
Teekay’s 3Q Earnings Beats Estimates
Teekay Corporation (NYSE: TK) recently announced that it expects its adjusted fully-diluted earnings per share for the three months ended September 30, 2008 to exceed the current consensus estimate of $1.01 per share. The company also announced that it should publish its complete third quarter results in January 2009, upon finalization of the regular quarterly review by the company’s independent auditor, Ernst & Young LLP. Teekay said that the delay is due to a later than normal start of its third quarter earnings review process.
“I am pleased to report that the third quarter was another strong quarter for Teekay,” commented Bjorn Moller, Teekay’s President and Chief Executive Officer. “We benefited both from strong spot tanker rates and the performance of our stable fixed-rated businesses. Additionally, we are confident in the ability of each of our daughter companies to generate substantial cash flows, as demonstrated by the best-ever quarterly dividend of $1.07 per share at Teekay Tankers, the recent four percent distribution increase at Teekay LNG and the recent 12.5 percent distribution increase at Teekay Offshore.”
The company’s estimated earnings for the third quarter of 2008 reflect the strong spot tanker freight rates prevalent during the quarter realizing an average Suezmax spot rate of approximately $67,000 per day and an average Aframax spot rate of approximately $46,000 per day.
However, analysts lowered the company’s estimates for 4Q and 2009. “While 2009 holds promise for Teekay, our outlook is dampened by the decline in global demand for oil now forecast by the IEA, further production cuts from OPEC, and the forecast that tanker fleet growth should exceed demand growth,” stated Lazard analysts.
Teekay Corporation transports more than 10 percent of the world’s seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), is further growing its operations in the offshore oil production, storage and transportation sector through its publicly-listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly-listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK). It has a fleet of more than 180 vessels with offices in 17 countries.
Real estate baron, Sam Zell, has significantly increased his stake in American Commercial Lines (ACL) now owning in excess of 25% of the company. Reports indicate that affiliates controlled by Mr Zell owns about 12.9 million shares in the shipyard and barge owner.
Jeffersonville, Indiana based ACL has about 50.7million outstanding shares listed at the Nasdaq with Mr Zell owning 25.5% of those shares. A recent securities filing of Zell’s ACL stake indicate he paid about $840,000 to exercise warrants for nearly 560,000 shares at a meager $1.5 per share. The shares were worth $5.27 in the last trading prior to the purchase by the wealthy investor, making him even wealthier. Estimated to be worth about $6bn, Mr Zell is known for this purchase of Tribune Media Company, which has filed for Chapter 11.
ACL operates more than 2,700 barges and 130 tow boats, and owns the Jeffboat shipyard. In April 2008, the company acquired the remaining 70% of the environmental and civil engineering services firm, Summit Contracting, LLC. For the nine months ended 30 September 2008, ACL’s revenues rose 21% to $906.9m. Net income from continuing operations rose 16% to $24m.
Given the current credit crisis, bank renegotiation is a ‘big feat’ for Nasdaq listed Eagle Bulk Shipping said Lazard analysts. Eagle announced a number of measures recently to tackle the ailing dry bulk sector including cutting capex by 33% through 2012, eliminating the dividend and renegotiating with its banks. Eagle renegotiated its credit facility from $1.6bn to $1.35bn, lowered its value maintenance clause (VMC) to 100% from 130% and lowered its net worth covenant to $75m from $300m, to be evaluated annually. Eagle Bulk benefits from increased liquidity as the reduction in the credit facility is less than the reduction in the capital commitments achieved by the agreement with the shipyard. The margin was increased to 175 bps over LIBOR and the revolver does not reduce until July 2012. “In our estimation, this gets Eagle out from under bank pressure for 2009 and is consistent with our view that banks are in no position to foreclose on the dry bulk fleet globally, but prefer to negotiate,” said Lazard.
Eagle also announced that it had converted eight firm Supramax ship orders into options and delayed the delivery of another, saving the company $363m in gross capex through 2012. Nonetheless, based on weak spot rates, Lazard analysts lowered Eagle estimates. “Eagle has 63% contract cover for 2009, but we have lowered our assumed freight rates for its ships not currently on charter and added the higher margin over LIBOR from the debt renegotiation. This lowers our 2009 EPS estimate to $1.80 from $2.06,” said Lazard.
Risks include default of charterers’ obligations, asset price collapse/bank foreclosures, global recession being deeper than expected, and technical issues. Lazard analysts reiterated a ‘BUY’ rating and $12 price target, based on a 6-7x P/E, well below historical valuations that were supported by substantial dividends.
New York Stock Exchange listed Diana Shipping Inc. (NYSE: DSX), specializing in dry bulk cargoes, just announced that it has entered into an agreement with Cargill International S.A., Geneva, to charter one of its Panamax dry bulk carriers, the 2005 built 73,691dwt m/v Clio, at a gross rate of $11,000 per day for a period of minimum ten (10) to a maximum thirteen (13) months, starting on February 26, 2009.
This employment is anticipated to generate approximately $3.3m of gross revenues for the minimum scheduled period of the charter. The charterer had the option to redeliver the vessel on January 27, 2009. Diana and the charterer have agreed to extend the existing charter so that from January 27 to February 26, 2009, at a gross charter rate of $6,000 per day.
Until January 27, 2009, the gross charter rate will remain at the current rate of $27,000 per day. The company operates 19 vessels with two due to be delivered in possibly in the second quarter of 2010.
New York listed, Aegean Marine Petroleum (NYSE: ANW) has announced that Horizon Tangiers Terminal S.A. (HTTSA), a special purpose consortium, has appointed Aegean the exclusive bunkering company for the new port in Tangiers, Morocco. The agreement upon completion will further expand Aegean’s global presence. E. Nikolas Tavlarios, Aegean President, commented, “We are excited to have been appointed by HTTSA to serve as the exclusive, long-term bunkering company in the port of Tangiers upon conclusion of a competitive selection process. By once again entering a new strategic market, Aegean will further strengthen its leading position as an independent supplier of marine fuel on a global basis.”
The port of Tangiers serves as an attractive gateway to the vast Mediterranean and North African regions and is well positioned for future growth. “As Tangiers continues to expand into a major transportation hub serving important shipping routes, we expect to enhance our ability to meet the burgeoning demand for our bunkering services and significantly increase sales volumes,” Mr Tavlarios added.
Aegean said that its appointment by HTTSA is an important part of the consortium’s effort to expand the modern port in this growing region. Currently, the port serves approximately 7,000 vessels on an annual basis and is expected to increase to more than 10,000 vessels annually in 2010. Aegean will provide retail bunkering services to ships in port on an exclusive basis for a period of 25 to 35 years. Besides, Aegean will also have the right to expand its operation beyond the port perimeter, which is strategically located along the Strait of Gibraltar connecting the Atlantic Ocean to the Mediterranean Sea.
The company expects to commence operations in the first quarter 2009 upon receiving the necessary trading, bunkering, and environmental licenses required by the local authorities.
Executives increase Genmar stake
Senior executives of General Maritime appear to have been grabbing the company’s stocks. On December 23 numerous executives bought stakes including director John Tavlarios buying 80,400 shares and increasing his stake to 508,504 shares, which at the current share price of $10.20 is worth over $5.18m. Also executive VP, Treasurer and Secretary John Georgiopoulos bought 26,800 shares and therefore now owns 207,288 shares directly.
Other buyers include General Maritime CFO, Jeffrey Pribor buying 53,600 shares increasing his holding to 163,193 shares directly. While on the same day manager of a subsidiary Milton Gonzales bought 16,080 shares now owning 55,469 shares and director George Konomos bought 4,355 shares directly and also owns 1,179 shares indirectly. Manager, Peter Bell bought 26,800 shares bringing his total to 80,658 shares.
These executives appear to have got a bargain given the company’s strong standing. In the long term, when the company’s shares revive, these folks should walk with heavy pockets. General Maritime current owns and operates 31 vessels including VLCCs, Aframax, Suezmax, Panamax and Handymax’s.
Tsakos affiliates increase holdings
The Tsakos family appears to be taking advantage of the fall in share prices since fall last year, as in a recent SEC filing it has confirmed increasing its stake on the NYSE listed tanker owner, Tsakos Energy Navigation (TEN). Tsakos controlled affiliates, Kelley Enterprises (13.1 %), Marsland Holdings (7.9%)and Redmont Trading (6.4%) now own about 27.4% or 10.3 million shares of the company.
Between September 15, 2008 and December 23, 2008, Kelley acquired 283,874 common shares for a purchase price of $6,384,882. Between October 13, 2008 and November 21, 2008, Marsland acquired 181,810 shares for approximately $4,177,275. Between October 15, 2008 and November 13, 2008, Redmont acquired 107,500 shares for a purchase price of approximately $2,454,532. Each of these purchases were effected in open market purchases executed through the New York Stock Exchange. The filing also stated that Kelley, Marsland and Redmont is holding its common shares solely for investment purposes and each has no plans or proposals with respect to any material change in the company’s business or corporate structure.
Athens based TEN owns 24 products tankers, 20 crude tankers, and an LNG carrier, and also has five aframax crude tankers on order.
John D. McCown has resigned from his position as chief executive officer of container operator, Trailer Bridge, but will continue as a director of the company. The Jacksonville, Florida based company said President and Chief Operating Officer Ralph W. Heim will step in as interim CEO, while the board is in the process of finding a suitable candidate to fill the position. “Going forward, I will be actively involved as a board member and as a large shareholder. My interests continue to be fully aligned with maximizing shareholder value and I will do everything I can to achieve that goal,” Mr McCown said in a statement.
McCown’s employment agreement has been revised so that the company pays his severance in equal installments over a 24-month period (instead of 50 percent in a lump sum within 30 days after separation from service). Besides, last December, the company purchased 100,000 common shares of the company from McCown at $4.00 per share. Mr McCown, 52, has served as CEO since 1995 and worked with containerization pioneer Malcom McLean, the founder of Trailer Bridge, in various capacities since 1980 and was co-executor of his estate from 2001 to 2004.
Mr Heim, 62, has served as president of the company since November 1995 and COO since January 1992. Prior to joining Trailer Bridge in 1991, Mr Heim worked at Crowley Maritime Corp. for five years in numerous capacities mainly related to its Puerto Rico service. Trailer Bridge, an integrated shipping and trucking company transports cargo between Jacksonville, Puerto Rico and the Dominican Republic.
USCG announces final rule for Tank Vessel response plan
The U.S Coast Guard’s Marine Safety, Security and Stewardship Directorate recently announced the publication of a final rule designed to increase pollution response preparedness aboard tank vessels carrying oil on U.S waters.
This final rule affects all U.S and foreign tank vessels carrying oil on U.S waters. Tank vessels operating on U.S waters are required to have a vessel response plan. According to the rule, the changes clarify the salvage and marine firefighting services that must be identified in a response plan; establish criteria for vetting salvage and marine firefighting service providers; and set new response-time planning standards for each of the required salvage and marine firefighting services.
The changes incorporate by reference National Fire Protection Association Standards or Guides, require information in the response plan be consistent with applicable Area Contingency Plans and the National Oil and Hazardous Substances Pollution Contingency Plan; and also require the addition of a drills and exercises section to vessel response plans.
These changes ensure that appropriate salvage and marine firefighting resources are identified in response plans and are available for responding to incidents up to and including the plan’s worst-case discharge scenario. USCG statement also says that this final rule follows consideration of public comments on its potential impact.
Global dry bulk industry expected to continue growth
Despite economic recession, the fundamentals of the dry bulk industry remain attractive with demand for dry bulk commodities continuing to be positive, according to a report by Research and Markets. The global dry bulk industry is expected to continue its growth momentum, albeit at a slower rate in the next few years. The primary driver for the dry bulk industry will be sustained demand in East Asia led by strong demand for commodities in China and increasingly India, the report stated.
“China’s infrastructure building programs as per its 11th Five Year Plan will continue to drive demand for steel and that in turn will stimulate demand for iron ore and coal. Driven by infrastructure spending by the government, over time, China has become the epicenter of dry bulk demand,” the report added.
Besides, the high growth of Indian economy and scarcity of its natural resources, India is likely to continue its demand for dry bulk commodities. “The demand for two commodities - coal and iron ore will drive the dry bulk industry in the near future as the demand for steel is growing, especially in the Asian countries, iron ore is expected to see the highest growth among the dry bulk commodities,” the report said. Further, coal is also likely to be much-in-demand commodity with new power plants being installed in the Asian countries.
The report analyzes the global seaborne dry bulk industry with a focus on major commodities like iron ore, coal and grain. It also assesses the factors that are influencing the demand and supply of dry bulk vessels.
U.S to lead task force against pirates
The United States is to lead a new naval task force to fight pirates off the Horn of Africa. The U.S is contributing three navy vessels and two helicopters and the fleet is expected to be operational soon. Currently more than a dozen warships patrol the coast of Somalia including vessels from the US, Britain, Russia, China and India. Under the new plan, more than 20 nations are expected to unite in the Combined Task Force 151 (CTF-151) headed by US Rear Admiral Terence McKnight.
Vice Admiral Bill Gortney, the American commander of the existing Combined Maritime Forces in Bahrain, said, “The establishment of the new force will allow other nations to support our goal of deterring, disrupting and bringing to justice the maritime criminals involved in piracy events.” At least 15 ships with more than 200 crew are still being held in towns dotted along the central Somali coastline, according to maritime officials.
Last year, pirates made about $117m (pounds 80m) from ransoms, having just released a VLCC, Sirius Star carrying crude oil worth $88m in November, destined for the US after securing a ransom payment of about $370,000.
Seward & Kissel Winner of Middle-Market M&A Law Firm Award
Seward & Kissel (S&K) has been named the winner of M&A Advisor’s 2008 Middle-Market M&A Law Firm of the Year award. Winners were revealed on December 15th at the 7th Annual M&A Advisor Awards Gala held at The Hudson Theatre in Times Square, New York. Seward & Kissel Business Transactions Group partners Jim Abbott and Craig Sklar accepted the award trophy on behalf of the firm from the event's co-hosts, Brian Sullivan and Jenna Lee, of Fox Business Channel.
The Middle-Market M&A Awards honor deal-teams, deal-makers and firms whose activities set the standard for the industry, with winners selected by an independent body of M&A industry experts. For the 2008 Awards, 220 finalists were selected from almost 400 nominations, with one winner in each of 37 categories.
Seward & Kissel was again recognized as a leader in the market for Private Investment in Public Equity (PIPE) transactions. S&K was ranked by Placement Tracker as the 3rd most active legal counsel to investors in the 2008 PIPE market based upon dollar volume (and 4th most active based on number of transactions). Collectively, over $8bn of capital was invested in PIPE transactions in which S&K clients participated.
Shipping
Company Performance Chart (NYSE)
(source: NYSE)
| Symbol | Company Name | Price 12/12 USD | Price 01/12 USD | % Chg | Current Mkt Cap ($mm) | Exchange |
| BOL-FR | Bollore (Financiere de L'Odet) | $108.31 | $90.50 | -16% | $2,985 | EN Paris |
| VPK-NL | Koninklijke Vopak NV | $33.79 | $28.57 | -15% | $2,382 | EN Amsterdam |
| FRO-US | Frontline Ltd. | $29.05 | $30.35 | 4% | $2,363 | NYSE |
| KEX-US | Kirby Corporation | $25.21 | $27.08 | 7% | $1,447 | NYSE |
| TK-US | Teekay Corporation | $16.39 | $18.77 | 15% | $1,366 | NYSE |
| NAT-US | Nordic American Tanker | $33.20 | $32.21 | -3% | $1,206 | NYSE |
| OSG-US | Overseas Shipholding Group Inc. | $39.61 | $41.83 | 6% | $1,185 | NYSE |
| DSX-US | Diana Shipping, Inc. | $11.10 | $12.94 | 17% | $972 | NYSE |
| AXB-US | Alexander & Baldwin, Inc.* | $25.57 | $22.75 | -11% | $941 | NYSE |
| SMIT-NL | Smit Internationale NV | $44.43 | $38.33 | -14% | $912 | EN Amsterdam |
| SFL-US | Ship Finance International Limited | $11.64 | $11.92 | 2% | $867 | NYSE |
| CMB-BE | Compagnie Maritime Belge | $18.96 | $17.33 | -9% | $810 | EN Brussels |
| EURN-BE | Euronav NV | $12.68 | $11.70 | -8% | $808 | EN Brussels |
| TNP-US | Tsakos Energy Navigation Ltd. | $20.07 | $21.14 | 5% | $796 | NYSE |
| ANW-US | Aegean Marine Petroleum Network, Inc. | $12.90 | $17.24 | 34% | $733 | NYSE |
| SSW-US | Seaspan Corporation | $9.49 | $9.03 | -5% | $599 | NYSE |
| GMR-US | General Maritime Corp. | $10.47 | $10.25 | -2% | $589 | NYSE |
| SAGA-FR | Saga S.A. | $93.60 | $69.86 | -25% | $551 | EN Paris |
| TGP-US | Teekay Lng Partners L.P. | $12.42 | $17.73 | 43% | $519 | NYSE |
| GNK-US | Genco Shipping & Trading Limited | $11.00 | $16.40 | 49% | $517 | NYSE |
| DAC-US | Danaos Corporation | $5.07 | $8.58 | 69% | $468 | NYSE |
| SB-US | Safe Bulkers, Inc.* | $5.26 | $8.56 | 63% | $467 | NYSE |
| EXM-BE | Exmar NV | $10.90 | $9.44 | -13% | $450 | EN Brussels |
| NM-US | Navios Maritime Holdings Inc.(Marshall Islands) | $2.71 | $3.75 | 38% | $378 | NYSE |
| EXM-US | Excel Maritime Carriers | $6.39 | $8.11 | 27% | $363 | NYSE |
| NNA-US | Navios Maritime Acquisition Corporation* | $8.29 | $8.77 | 6% | $277 | NYSE |
| TOO-US | Teekay Offshore Partners L.P. | $10.18 | $13.72 | 35% | $275 | NYSE |
| DHT-US | Double Hull Tankers, Inc. | $5.65 | $6.09 | 8% | $232 | NYSE |
| KSP-US | K-Sea Transportation Partners L.P. | $14.26 | $16.36 | 15% | $223 | NYSE |
| ISH-US | Intl Shipholding Corp. | $22.28 | $24.77 | 11% | $178 | NYSE |
| ATB-US | Arlington Tankers Ltd. | $10.55 | $11.21 | 6% | $174 | NYSE |
| TNK-US | Teekay Tankers Ltd | $10.41 | $11.92 | 15% | $149 | NYSE |
| GSL-US | Global Ship Lease, Inc | $3.16 | $3.17 | 0% | $108 | NYSE |
| NMM-US | Navios Maritime Partners L.P. | $6.03 | $7.82 | 30% | $107 | NYSE |
| OSP-US | OSG America L.P. | $4.79 | $7.10 | 48% | $107 | NYSE |
| HRZ-US | Horizon Lines, Inc. | $3.92 | $3.37 | -14% | $101 | NYSE |
| ORE-PT | Sociedade Comercial Orey Antunes Sa | $3.33 | $2.75 | -17% | $50 | EN Lisbon |
| *
2008 new listings Delisted - VIKG-FR, Viking S.A. |
||||||
Shipping
Company Performance Chart (NASDAQ OMX)
(source: NASDAQ OMX)
| Symbol | Company Name | Price USD 12/12/2008 | Price USD 1/12/2009 | % Chg | Current Mkt Cap ($mm) | Exchange |
| MAERSK.B-DK | A.P. Moller-Maersk A/S | $5,132.53 | $5,374.56 | 4.7% | $22,118 | Copenhagen |
| DNORD-DK | D/S Norden A/S | $27.10 | $36.01 | 32.9% | $1,526 | Copenhagen |
| DRYS-US | DryShips Inc. | $9.37 | $15.28 | 63.1% | $962 | NASDAQ |
| TORM-DK | Dampskibsselskabet Torm A/S | $10.77 | $11.64 | 8.1% | $806 | Copenhagen |
| DFDS-DK | DFDS A/S | $69.09 | $69.87 | 1.1% | $537 | Copenhagen |
| GLNG-US | Golar LNG Ltd. | $6.58 | $6.85 | 4.1% | $461 | NASDAQ |
| BRO.B-SE | Brostroem AB | $6.92 | $7.02 | 1.4% | $446 | Stockholm |
| FLG1S-FI | Finnlines Oyj | $7.63 | $8.68 | 13.7% | $353 | Helsinki |
| TAL1T-EE | Tallink Grupp AS | $0.49 | $0.52 | 5.3% | $349 | Tallinn |
| EGLE-US | Eagle Bulk Shipping Inc. | $6.75 | $6.90 | 2.2% | $324 | NASDAQ |
| TBSI-US | TBS International Ltd. Cl A | $7.69 | $10.81 | 40.6% | $323 | NASDAQ |
| MMLP-US | Martin Midstream Partners L.P. | $14.50 | $19.11 | 31.8% | $278 | NASDAQ |
| ACLI-US | American Commercial Lines Inc. | $4.52 | $5.27 | 16.6% | $267 | NASDAQ |
| LSC1R-LV | Latvijas Kugnieciba | $1.24 | $1.25 | 0.4% | $250 | Riga |
| VLCCF-US | Knightsbridge Tankers Ltd. | $15.43 | $14.03 | -9.1% | $240 | NASDAQ |
| CPLP-US | Capital Product Partners L.P. | $7.49 | $10.19 | 36.0% | $232 | NASDAQ |
| MOLS-DK | Mols-Linien A/S | $12.83 | $11.82 | -7.9% | $165 | Copenhagen |
| SBLK-US | Star Bulk Carriers Corp. | $2.74 | $2.84 | 3.6% | $160 | NASDAQ |
| ESEA-US | Euroseas Ltd. | $5.00 | $5.09 | 1.8% | $155 | NASDAQ |
| PRGN-US | Paragon Shipping Inc. (Cl A) | $4.52 | $5.48 | 21.2% | $149 | NASDAQ |
| SHIP-US | Seanergy Maritime Corp. | $6.00 | $5.00 | -16.7% | $143 | NASDAQ |
| ULTR-US | Ultrapetrol (Bahamas) Ltd. | $3.69 | $3.42 | -7.3% | $112 | NASDAQ |
| ONAV-US | Omega Navigation Enterprises Inc. (Cl A) | $5.99 | $7.17 | 19.7% | $109 | NASDAQ |
| GASS-US | StealthGas Inc. | $3.30 | $4.68 | 41.8% | $104 | NASDAQ |
| RABT.B-SE | Rederi AB Transatlantic | $3.23 | $3.68 | 13.8% | $103 | Stockholm |
| CCOR.B-SE | Concordia Maritime AB | $1.60 | $1.78 | 11.2% | $85 | Stockholm |
| OCNF-US | OceanFreight Inc. | $4.44 | $4.43 | -0.2% | $73 | NASDAQ |
| TOPS-US | TOP Ships Inc. | $1.70 | $2.24 | 31.8% | $68 | NASDAQ |
| NORDIC-DK | Nordic Tankers A/S | $7.45 | $7.88 | 5.8% | $56 | Copenhagen |
| RLOG-US | Rand Logistics Inc. | $3.70 | $3.92 | 5.9% | $51 | NASDAQ |
| TRBR-US | Trailer Bridge Inc. | $4.66 | $3.74 | -19.7% | $45 | NASDAQ |
| RAMS-US | Aries Maritime Transport Ltd. | $0.65 | $1.18 | 81.5% | $34 | NASDAQ |
| LLK1L-LT | Limarko Laivininkystes Kompanija ORS | $0.31 | $0.26 | -17.4% | $31 | Vilinus |
| FREE-US | FreeSeas Inc. | $1.65 | $1.46 | -11.5% | $31 | NASDAQ |
| LJL1L-LT | Lietuvos Juru Laivininkyste | $0.08 | $0.13 | 56.9% | $26 | Vilinus |
| HFEIM-IS | Eimskipafelag Islands hf. | $0.01 | $0.01 | 11.7% | $21 | Reykjavik |
| ORION-DK | D/S Orion | $4.40 | $4.10 | -6.7% | $10 | Copenhagen |
| SINO-US | Sino-Global Shipping America Ltd. | $3.99 | $3.37 | -15.5% | $10 | NASDAQ |
| SRAB.B-SE | SRAB Shipping AB | $0.22 | $0.27 | 22.3% | $9 | Stockholm |
| ICM-SE | ICM Kungsholms AB | $2.37 | $2.48 | 4.8% | $7 | Stockholm |
| STRM.B-SE | Stormfageln AB | $0.18 | $0.20 | 9.9% | $4 | Stockholm |
Transportation
Index Charts
(source: NASDAQ Market Intelligence Desk)
Taste of NYC | Upcoming Events and Entertainment
- www.nycvisit.com
- www.zagats.com
- http://www.ny.com/nightlife/
- http://www.ny.com/museums/
- http://www.allny.com/antiques/auctioneers.htm
- http://www.nytix.com
- http://www.majorleagueevents.com
- http://goingcoastal.wordpress.com
- Seafarers & International House - Setting the Course Annual Awards Banquet | Our honorees this year are John Reinhart (President and CEO, Maersk Lines Limited) and George Quick (VP-Pilot Services, Masters Mates & Pilots). The banquet will be held the Three West Club on Thursday, April 16, 2009 (www.sihnyc.org/)
- Bryant Park - The Pond at Bryant Park | The Pond (The ice skating rink features free admission in addition to rental skates, skating shows, special events, and activities) through Jan 25, 2009 (www.bryantpark.org)
- Guggenheim Museum - Thannhauser Collection | Kandinsky and Expressionist Painting before World War I, Ongoing; The Third Mind | American Artists Contemplate Asia, 1860 to 1989, Jan 30–April 19, 2009 (www.guggenheim.org)
- MOMA - Pipilotti Rist: Pour Your Body Out (7354 Cubic Meters) through Feb 2, 2009; Focus | Jasper Johns, through Feb 16, 2009 (www.moma.org)
- Metropolitan Museum - Beyond Babylon | Art, Trade, and Diplomacy in the Second Millennium B.C., through March 15, 2009; Art and Love in Renaissance Italy, through Feb16, 2009 (www.metmuseum.org)
- Christies - New York, Rockefeller Center - Viewing and Auction | Maritime Decorative Arts [Lot 1, Sale 2129] Jan 15; American Furniture and Decorative Arts [Sale 2133], Jan 23; Important Old Master Paintings and Sculpture & Old Master and 19th Century Drawings [Sale 2135, 2134], Jan 28, Jan 29 (www.christies.com)
- NYMAR Restaurant of the Month - BLT Fish | At Chef Laurent Tourondel’s BLT Fish, savor all things seafood. The restaurant offers an array of line-caught fish from around the world like Chilean Wild Turbot and Florida Red Snapper paired with exquisite sauces. (www.bltfish.com)
- YeraSon Orquesta Charanga at Havana Central Times Square - Live Cuban Music and Dancing, Jan 22 from 8-11PM. No Cover!
New York State Travel & Tourism
To speak with a travel counselor, call during regular business hours (Eastern Standard Time) at 800/CALL-NYS (U.S., territories, possessions and Canada) or 518/474-4116 (all other areas). http://www.iloveny.com/home.aspx
New
York City Travel & Tourism (NY City & Company)
212-484-1222
NYC 311 - City of New York directory assistance covering events, attractions and other citywide information
- Dial 311 in Manhattan (NYC), Staten Island, Bronx, Queens and Long Island.
- Dial 212-639-9675 outside of Manhattan (NYC), Staten Island, Bronx, Queens and Long Island. This is a toll call.
| Editor: Ranjeeta
McGroarty Designer: Gayle Erickson Web Master: Christine Olick |
New
York Maritime Inc./NYMAR P. O. Box 218, 132 East 43rd Street New York, New York 10017 Tel: +718 841-74NY (69) Email: info@nymar.org |
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