2007

It’s been quite a week for selling shares. OSG filed to sell its entire stake in spin-off Double Hull Tankers, selling a substantial portion of that stake through Merrill Lynch and UBS nearly immediately after its registration became effective. Meanwhile Fredriksen’s public LNG and tanker companies were both busy selling off shareholdings, with Golar LNG selling the remainder of its stake in Korea Line for $95 million and Frontline selling its entire stake in Sea Production for $67 million. At the same time the holders in Bodouroglou dry bulk venture Paragon Shipping have filed to sell off their holdings.Whether it’s a flurry ahead of a summer lull, premonitions that the market has peaked, or pure coincidence it is too early to tell.

But not everybody is selling. Private equity firm Montagu has agreed to purchase leading Northern European feeder operator Unifeeder for an undisclosed amount under the advisory of Societe Generale and PwC Corporate Finance. Globus Maritime successfully priced its Jefferies led IPO on the London AIM at 300p per share to raise a very respectable $50 million – and shares have since traded up 10%! And Teekay and TORMare preparing to close on their acquisition of OMI Corp through jointly owned subsidiary Omaha, Inc. We cover some of these deals this week and look forward to visiting others next week in more detail.

This is only an excerpt of The Week in Review – 06/07/2007

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