mlkrborn
12 years ago
OceanFreight Inc. Reports Financial Results for the Third Quarter of 2011
8:00a ET November 2, 2011 (Market Wire)
OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, today announced its financial results for the three months ended September 30, 2011.
Financial Highlights
For the three months ended September 30, 2011, the Company reported a Net Loss of $19.2 million, or basic and diluted earnings equal to a loss of $3.23 per share. Included in these results are non-recurring costs associated with the proposed merger with a subsidiary of Dryships Inc. of $20.5 million.
Excluding this non-recurring costs, Net Income for the three months ended September 30, 2011 was $1.3 million, or basic and diluted earnings equal to $0.22 per share.
Third Quarter 2011 Results
For the three months ended September 30, 2011, the Company reported Voyage Revenues of $13.1 million, Operating Loss of $18.3 million and Net Loss of $19.2 million. During the same period, Net cash provided by operating activities was $4.8 million and Adjusted EBITDA was a loss of $7.9 million. Please see the reconciliation of Adjusted EBITDA to net cash provided by operating activities below.
The Company owns a fleet of eleven vessels, comprised of six drybulk vessels (four Capesize and two Panamaxes) and five under construction Very Large Ore Carriers (VLOC). The fleet has a combined deadweight tonnage of about 1.9 million tons. During the three months ended September 30, 2011, the Company operated an average of six drybulk vessels that earned an average time charter equivalent rate, or TCE, of $23,287 per day.
mlkrborn
13 years ago
DryShips Inc. Announces Exchange Offer of Common Shares by Ocean Rig UDW Inc.
Posted: AUG 29, 2011 - 00:05 ET
FOR: DRYSHIPS INC.
ATHENS, GREECE--(Marketwire - August 29, 2011) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the commencement of an offer by its majority-owned subsidiary, Ocean Rig UDW ("Ocean Rig"), to exchange up to 28,571,428 new shares of Ocean Rig common stock (the "Exchange Shares") that have been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") for an equivalent number of common shares of Ocean Rig previously sold in a private offering in December 2010 (the "Original Shares"). The exchange offer is being conducted upon the terms and subject to the conditions set forth in the prospectus dated August 26, 2011, and the related letter of transmittal. The Exchange Shares are identical to the Original Shares, except that the Exchange Shares have been registered under the Securities Act and, therefore, will not bear legends restricting their transfer.
The exchange offer will expire at 5:00 p.m., New York City time, 11:00 p.m., Oslo time, on September 27, 2011, unless extended by the Company. Tenders of the Original Shares must be properly made before the exchange offer expires and may be withdrawn at any time before the expiration of the exchange offer.
This release is does not constitute an offer to sell, or the solicitation of an offer to buy, securities. The exchange offer is being made only pursuant to a prospectus and the related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.
About DryShips
DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 4 of which remain to be delivered to Ocean Rig during 2011 and 2013. DryShips owns a fleet of 36 drybulk carriers (including newbuildings), comprising 8 Capesize, 26 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.
DryShips' common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."
Visit the Company's website at www.dryships.com.
Forward-Looking Statements
RonnieD
13 years ago
here's your chance.
OCNF is getting bought out
by DryShips. DRYS owner's nephew is ceo of OCNF.
Here is the announcement:
http://finance.yahoo.com/news/DryShips-Inc-OceanFreight-Inc-iw-539258316.html?x=0&.v=1
Now, in reaction OCNF went up to 18, rightfully so..
but with these market gyrations in the last two weeks, and Ocean Rig
shares coming down some, it's in the 12 dollar range ( OCNF ).
It has a low float. Ocean Rig is a subsidiary of DRYS of which
OCNF shares are getting .52326 per OCNF share of. It is going to IPO
on the Nasdaq in the 4th Quarter or sooner. Ocean Rig, which is a deep
water oil drilling co, (ships that drill oil), currently only
trades on the Oslo Exchange, where it has gone down like everything
else, but is still 88 Norwegian Krone, which is $16.07 USD per share.
The stock will IPO for 21-26. We get just over half of that AND
$11.25 in cash from DRYS. Ocean Rig already has contracts over a billion dollars.
These are cutting edge drill ships.
Scroll Down for Ocean Rig quote:
http://otc.nfmf.no/public/otc-list.html
ScovilleUnits
13 years ago
Original iHub OCNF didn’t disappear :o)
This OCNF iHub board has always been here.
Another second board OCNFD simply appeared in the meantime….Yesterday at 3PM, without a Moderator and/or without a post at the time of that board's original creation.
Perhaps my bad, perhaps I, or one of us here, should have requested iHub to add a “d” to the stock ticker OCNF on this message board for 20 trading days? Heck, at the time I figured wft Scov, just do a couple OCNF[d] charts in the meantime and we will all come full circle and be whole again early August.
Whatever...Nuff about that!
ScovilleUnits
13 years ago
Well I'll be darn! Greek Shippers merging?
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7727806
DRYSHIPS INC. AND OCEANFREIGHT INC. ANNOUNCE MERGER AGREEMENT
ATHENS, GREECE — July 26, 2011 — DryShips Inc. (NASDAQ: DRYS) and OceanFreight Inc. (NASDAQ: OCNF) announced today that the companies have entered into a definitive agreement for DryShips to acquire the outstanding shares of OceanFreight for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. The Ocean Rig shares that will be received by the OceanFreight shareholders will be from currently outstanding shares held by DryShips. Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger.
------------>
(thanks for posting J)
ScovilleUnits
13 years ago
I'll be darn..R/S 1-20. Thanks for the heads-up.
http://www.knobias.com/story.htm?eid=3.1.39d353d8d438aa167aeec86fc83f251cb83da021baebea14ffe4371843047cd8
OceanFreight Inc. Announces Reverse Stock Split to Be Effective July 6, 2011
Tuesday , July 05, 2011 08:30ET
ATHENS, GREECE -- (Marketwire) -- 07/05/11 -- OceanFreight Inc. (NASDAQ: OCNF) (the "Company") announced today that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company's Class A common stock. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the 2011 annual general meeting of shareholders held on June 15, 2011.
The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the NASDAQ Global Market, as of the open of trading on July 6, 2011. Beginning on that date, the Company's shares will trade for 20 trading days under the symbol "OCNFD" to indicate that the reverse stock split has occurred. Thereafter, the Company's symbol will revert to its original symbol "OCNF."
When the reverse stock split becomes effective, every 20 shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. This will reduce the number of outstanding shares of the Company's common stock from 118,923,797 to approximately 5,946,182.
No fractional shares will be issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company's common stock will receive a cash payment in lieu of such fractional share. Shareholders will receive instructions from the Company's exchange agent, American Stock Transfer & Trust Company, LLC, as to how to exchange existing share certificates for new certificates representing the post-reverse split shares.
Additional information about the reverse stock split can be found in the Company's proxy statement furnished to the Securities and Exchange Commission on May 17, 2011, a copy of which is available at www.sec.gov.
mlkrborn
13 years ago
Baltic Index and Better plays than PoS OCNF!
The Number Every Shipping Investor Must Watch
By Andrew Tonner | More Articles
April 27, 2011 | Comments (3)
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In Dante's Italian classic The Inferno, the sign marking the entrance to Hell reads, "Abandon all hope, ye who enter here." Unfortunately, this pretty aptly describes the outlook for investors hoping to make a buck from owning shipping stocks as well, as the Baltic Dry Index all too clearly reveals.
The Baltic what, now?
The Baltic Dry Index tracks the prices for several kinds of dry bulk shipping. It monitors those rates across 26 key shipping routes for dry bulk ships that carry commodities such as coal, iron ore, and grain.
Economists and investors monitor this figure to gauge the future direction of the shipping industry and the global economy. From an industry-specific standpoint, shippers become more profitable by charging higher prices for their services. As such, shipping investors carefully scrutinize this figure, using it as a proxy for future revenues. And since higher prices indicate greater demand to move goods from place to place, observers also use this price to glean insights into the strength of the global economy.
The latest numbers
So far this month, the Baltic Dry Index has fallen by 18%. Continuing the index's year-long downward march, this drop demonstrates increasing overcapacity for dry bulk ships coming into service. In fact, dry bulk capacity looks poised to grow by an additional 13% throughout 2011, a figure analysts cryptically regard as "difficult to absorb."
This continued supply growth should drive further decreases in shipping rates throughout the year. Since dry bulk shipping is essentially a commodity service, individual firms take prices dictated by the market. Given all this, expect to see shipping rates continue to fall.
Unfortunately, this industrywide pain should spread to individual stocks. This likely means several more quarters of suffering for investors in big dry bulk carriers like Diana Shipping (NYSE: DSX ) and DryShips (Nasdaq: DRYS ) , as well as smaller carriers such as OceanFreight (Nasdaq: OCNF ) , Paragon Shipping (NYSE: PRGN ) , and Eagle Bulk Shipping (Nasdaq: EGLE ) .
The better shipping play
Investors interested in the shipping area might prefer to shift their attention to a better (sea) faring portion of the industry: container shipping. Projected to actually grow by 8% this year, this subset faces none of the overcapacity issues of its dry bulk brethren. This provides container shippers like Danaos (NYSE: DAC ) and Seaspan (NYSE: SSW ) with far greater upside as potential investments.
The dry bulk arena should remain pretty cutthroat for the time being. The pain of overcapacity issues will likely only get worse before it gets better. On the other hand, the shipping industry is known for its immense cyclicality. If global demand continues to strengthen in the coming years, this glut could create a buying opportunity at some point. Just don't expect it to happen now.
Want to stay up to date on the future movements in the Baltic Dry Index? Click here to add any of the stocks mentioned in this article to My Watchlist to get the latest news and analysis on your favorite shipping stocks.
ScovilleUnits
13 years ago
OCNF Announces Receipt of Nasdaq Notice...(non-compliance)
Monday , January 31, 2011 09:00ET
ATHENS, GREECE -- (Marketwire) -- 01/31/11 -- OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, announced today that it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated January 25, 2011 indicating that because the closing bid price of the Company's common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.
This notification has no effect on the listing of the Company's common stock at this time.
The Company intends to monitor the closing bid price of its common stock between now and July 25, 2011 and is considering its options in order to regain compliance with the Nasdaq minimum bid price requirement.
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