• 2018 July 10 12:24

    BW LPG increases all-stock proposal for combination with Dorian in transaction valued at $1.1 billion

    BW LPG Limited (“BW LPG”) has increased its all-stock proposal to combine with Dorian LPG Ltd. (“Dorian”) (NYSE: LPG), under which Dorian shareholders would receive 2.12 BW LPG shares for each Dorian share, the Company said in a media release.

    BW LPG also announced its intention to nominate independent, highly qualified individuals to stand for election to Dorian’s Board of Directors at Dorian’s 2018 Annual Meeting of Shareholders.

    The revised proposal, which has been unanimously approved by the BW LPG Board of Directors, represents a value of $8.67 per share of Dorian common stock based on BW LPG’s closing share price of NOK 32.86 on July 6, 2018. The total equity value of the transaction is approximately $479 million and the total enterprise value is approximately $1.1 billion, including the assumption of net debt. The revised proposal represents a premium of 25% to the closing Dorian share price on May 25, 2018, the last trading day prior to the announcement of BW LPG’s initial proposal, of $6.96 per share and a premium of 19% to the long-term historical exchange ratio of Dorian and BW LPG since Dorian’s IPO.

    Since announcing its initial proposal on May 29, 2018, BW LPG has had conversations with many shareholders of both companies, and the sentiment to BW LPG’s merger proposal has been overwhelmingly positive with many shareholders expressing surprise at Dorian’s refusal to engage. The combination of BW LPG and Dorian would create a leading owner and operator of modern VLGCs, and shareholders realize the significant benefits it would bring to stakeholders of both companies, including a combined fleet with better geographical coverage that will enable customers to receive improved utilization, scheduling and positioning. Dorian and its shareholders would benefit from significant synergies, increased market capitalization, and a stronger credit profile. In addition, the increased scale of the combined company would translate into additional earnings and cash flow accretion for Dorian shareholders. These benefits would better position the combined company for all potential future trading environments. The proposal is supported by BW Group, which owns 14.2% of Dorian and approximately 45% of BW LPG.

    Although the Company remains open to engaging in dialogue with Dorian, BW LPG intends to nominate independent, highly qualified directors to stand for election to Dorian’s Board at its upcoming Annual Meeting.  

    BW LPG Chief Executive Officer, Martin Ackermann, said, “By increasing our offer at this time, we are reaffirming BW LPG’s belief that this transaction will deliver significant value to both companies’ stakeholders and that the time to act is now. It is evident from our discussions with Dorian shareholders that there is strong support for the companies to engage immediately regarding our proposed combination and capitalize on this compelling opportunity.”




2018 July 21

13:18 High-tech automotive quality control measures installed at the Port of Southapmton
11:12 Van Oord to install innovative suction bucket foundations at Deutsche Bucht Offshore Wind Farm

2018 July 20

18:28 Fincantieri Marinette Marine: The US Gov't awards contract within the MMSC Programme for Saudi Arabia
18:12 Management of Palmali to pay backdated wages to crews of four vessels staying off Rostov-on-Don port
18:10 CMA CGM: new FAK rates from Asia to Pakistan - India - Sri Lanka
17:58 Crowley takes delivery of first LNG-powered ConRo ship serving Puerto Rico
16:38 Equinor UK extends Safe Boreas contract by 1 month at Marinerd
16:07 MOL hosts tour of cutting-edge car carrier on Marine Day for 360 students and families
15:21 Historical crab quota distribution principle is not effective enough – Rosrybolovstvo
15:02 Wärtsilä's BWMS successfully tested for global compliance
14:27 BP ETAP hub celebrates 20 years of production
14:02 High-tech automotive quality control measures installed at the Port of Southampton
13:29 Seadrill receives ABS MPD™ notation enabling safer deepwater drilling
13:00 Severnaya Verf lays down a longline factory vessel Gandvik-1 for fishing fleet of Karelia
12:17 Icebreaking LNG carrier "Vladimir Rusanov" first call ceremony at PetroChina LNG Jiangsu Terminal
12:16 GD NASSCO shipyard gets DDG 76 drydocking contract
11:48 HELCOM shares its insights on marine litter and management of sea areas
11:23 Wärtsilä's half year financial report January-June 2018
11:02 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
10:39 Gazprom to revive implementation of Vladivostok LNG and Shtokmanovsky projects
10:16 MPC Container Ships to acquire 1,740teu boxship
09:55 Brent Crude futures price up 0.28% to $72.78, Light Sweet Crude – up 0.1% to $68.33
09:18 Baltic Dry Index down to 1,657 points

2018 July 19

18:23 MPA and Port of Rotterdam Authority to continue cooperation in information exchange and R&D
18:14 DP World signs agreement to boost international trade
17:55 NIBULON launched second T3500 Project tug
17:32 IMO supports spill preparedness in the Northwest Pacific
17:10 ABB turbochargers support optimal performance and fuel efficiency for one of the world’s largest container ships
16:48 Escort vessel Yaroslav Mudriy of RF Navy’s Baltic Fleet leaves port of Cyprus
16:21 Ocean Alliance - CMA CGM to reshuffle its CIMEX 6 service
15:59 Blagoveshchensk shipyard launched hydrographic vessel Aleksandr Rogotsky built for RF Navy’s Pacific Fleet
15:26 Austal USA opens new San Diego operations office
15:04 MABUX says high volatility remains in global bunker market
14:45 Port of Klaipeda (Lithuania) handled 22.2 million tonnes of cargo in 6M'18, up 7.6% Y-o-Y
14:27 FSB Border Service explains its position as regards vessels owned by foreign entities and used by Russian fishermen
14:09 New CMA CGM's FAK rates from Asia to North Europe
14:02 The PORT OF KIEL invests in cargo handling and environmental technology
13:43 Season of icebreaker assistance in water area of port Sabetta is over from July 20
13:28 Coast Guard offloads approximately 8.5 tons of cocaine
13:04 CMA CGM: FAK rates from Asia to the Mediterranean
12:55 NOVATEK shipped first LNG cargos to China
12:36 ILCA, Port of Amsterdam to host Chem Together meeting, Sept. 11
12:10 Fuel oil prices are flat at the Far East ports of Russia (graph)
11:42 State Duma approves Russian ships’ multiple crossings of State Border through notification procedure
11:19 CMA CGM to apply FAK rates for Asia-North Africa trades
10:54 Canada’s Davie Shipbuilding delivered first LNG-powered ferry to be built in North America
10:35 NYK establishes logistics JV for finished cars using automobile freight trains in India
10:03 New Port of Hamburg “Connection Compass 2018/19” has arrived
09:46 Brent Crude futures price down 0.18% to $72.77, Light Sweet Crude – down 0.12% to $67.67
09:14 Baltic Dry Index up to 1,688 points

2018 July 18

18:31 Naval Group posts H1 2018 performance results
18:00 BC Ferries announces sponsorship of the Nicholas Sonntag Marine Education Centre
17:36 DP World announces closing of Continental Warehousing Corporation (India) transaction
17:12 Marine Technics to participate in International Far East Maritime Show-2018
16:44 Oleg Bukin elected as Chairman of Tuapse Commercial Seaport BoD
16:23 Transocean and Chevron Australia ink 11-well contract
15:45 Stena Bulk positions itself in crude oil
15:19 Transocean announces 13-well contract for Transocean 712
14:57 AGCS issued Safety & Shipping Review 2018
14:43 Scandlines Helsingborg-Helsingör kicks off the holiday traffic season without delay