2007

Early Independence Day

Last Friday, a mere two weeks since its last sale, OSG announced that it sold 3,001,500 shares or the last of the shares it owned in Double Hull Tankers in its third secondary offering. The sale of was made pursuant to DHT’s existing shelf registration and was underwritten by Merrill Lynch. OSG expects to book a gain of $9 million in the second quarter. Free of its parent OSG and with Tom Kjeldsberg as its new business development officer, it will be interesting to see how the company evolves. Let the games begin!

Strange Bedfellows

Top Tankers announced today that it had placed 2.1 million shares with a strategic investor. The shares were placed with companies affiliated with George Economou and raised proceeds of $14.3 million which the company will use for acquisitions, working capital and general corporate purposes. The shares were issued under Top’s effective shelf registration statement in connection with the company’s controlled equity offering program.

This is only an excerpt of The Week in Review – 06/28/2007

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