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NEW YORK, May 11, 2021 /PRNewswire/ Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies:
International Seaways, Inc. (NYSE: INSW) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with Diamond S Shipping Inc. Upon completion of the merger, International Seaways shareholders are expected to own approximately 55.75% of the combined company.
Cadence Bancorporation (NYSE: CADE) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale BancorpSouth Bank. Under the terms of the merger, Cadence shareholders will receive 0.70 shares of BancorpSouth stock for each share of Cadence they own. The agreement also allows for a one-time special cash dividend to Cadence shareholders of $1.25 per share.
Why this tanker shipping depression is different from past slumps
Shipping busts can be even more exciting than shipping booms. When spot rates crash, debt comes due, vessels are arrested, bankruptcies pile up and vultures swoop in.
But not all shipping collapses are so action-packed. Sometimes things never devolve into total crisis mode. Sometimes the market gets stuck in limbo like tankers are now.
Tanker rates have wallowed at or near historic lows throughout 2021, weighed by oil inventory destocking, COVID-struck demand and a stubborn aversion to scrapping older ships. The market is “the worst this business has seen for more than 30 years,” conceded Svein Harfjeld, co-CEO of DHT (NYSE: DHT) on his company’s quarterly call on Wednesday.
Home / Shipping News / International Shipping News / International Seaways Reports First Quarter Net Loss of $13.4 Million as the Company Prepares to Merge With Diamond S. Shipping
International Seaways Reports First Quarter Net Loss of $13.4 Million as the Company Prepares to Merge With Diamond S. Shipping
International Seaways, Inc., one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products yesterday reported results for the first quarter of 2021.
Highlights
Net loss for the three months ended March 31, 2021 was $13.4 million, or $0.48 per diluted share, compared to net income of $33.0 million, or $1.12 per diluted share, in the first quarter of 2020.
Hilton Grand Vacations Inc. (NYSE: HGV)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of
Hilton Grand Vacations Inc. ( Hilton ) (NYSE: HGV) in connection with the company s proposed acquisition of Diamond Resorts International, Inc. ( Diamond ) from funds managed by affiliates of Apollo Global Management, Inc. (the Apollo Funds ). Pursuant to the merger agreement, Hilton will issue 34.5 million shares of common stock valued at $1.4 billion to the Apollo Funds and other Diamond stockholders. If you own HGV shares and wish to discuss this investigation or your rights, please call us or visit our website: http://www.weisslawllp.com/hgv/