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Cavalier Shipping insights on the current shipping finance market and recent events in the shipping space.
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ADNOC Group Acquires Navig8 Group
Navig8 has achieved one of the largest cash sales of a tanker business (eclipsing even Songa Shipholding's sale to Camillo Eitzen for $1.3 billion in 2006) while ADNOC gains a best-in-class commercial management company with a proven leadership team.
Jones Act M&A Activity: Saltchuk Takes Over Overseas Shipholding Group
Saltchuk's takeover of Overseas Shipholding Group, announced last week, continues the recent wave of M&A activity in the Jones Act tanker sector—the top three Jones Act tanker owners have changed less than 12 months.
Saltchuk Bids on Overseas Shipholding Group
Saltchuk, owner of 22% of Overseas Shipholding Group's shares, made an unsolicited bid on January 29 to acquire the remaining 78% of OSG shares at $6.25 per share.