Market Casualty

On Wednesday, Oceanaut Inc., a SPAC sponsored by Excel Maritime Carriers Ltd, announced that, in light of current market conditions, it had cancelled its shareholder meeting at which the shareholders were to vote on the previously announced acquisition. Back in August, Oceanaut had agreed to acquire three Panamax and one Supramax vessel for $352 million. The company is in the process of discussing whether the terms of each of the MOAs, dated August 20th and amended September 5th will be extended or restructured. The September 5th amendment extended the deadline for shareholder approval from September 30th to October 31st and the MOAs’ canceling dates from December 1st to December 31st.

We suspect that the difficulties in the financial markets when combined with a declining bulk market will make this

This is only an excerpt of Market Casualty

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.