World News
NAT Offshore Spinoff IPO Worth $87M
Nordic America Offshore Ltd (NAO), a spinoff of Nordic American Tankers Limited [NYSE:NAT] (NAT), says it has priced its initial public offering (IPO) of 5.9 million shares at $16 per share.
The offering is expected to raise net proceeds of about $87.0 million, with another $13.3 million possible if underwriters exercise their option to buy additional shares.
The company will use the money to buy two newbuilding platform supply vessels (PSVs) and for other acquisitions and general corporate purposes.
NAO may also build up to three additional PSVs to be built at a Norwegian yard.
The IPO is expected to close on June 17, and the company will trade on the New York Stock Exchange under the symbol NAO.
NAT said last month that the first quarter of 2014 produced "the best results we have seen in several years."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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