News

Strong start for Norwegian on Nasdaq

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 January 2013 21 January 2013

Shares in Norwegian Cruise Line Holding, parent company of Norwegian Cruise Line and NCL America, soared on the first day of trading in them on Nasdaq in New York on Friday.

The shares closed 30.47% up on the day at $24.79. They had been floated at $19.00 each. The company's shares are traded under the symbol NCLH.

Norwegian was listed in Oslo prior to the acquisition of the compan y by the Star Cruises grouip in 1999-2000. However, they had underperformed peers like Carnival and Royal Caribbean due to the then weak performance of the company.

In the first nine months of 2012, Norwegian made a net profit of $146.8 million, more than the $126.9 million it made in the entire calendar year 2011.

The US markets are closed on Monday.

Finnish consortium plans to buy stake in STX Finland, invites government to join

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 January 2013 21 January 2013

A number of suppliers and contractors in the shipbuilding industry want to buy a minority stake in STX Finland, the ailing shipbuilder in South Korea’s STX Business Group, and they have asked the Finnish government to join in, media reports say.

“A number of major companies are involved in this, also from outside Finland Proper,” Juha Hietarinta, Managing Director of electrical installation firm Laivasahkotyo was quoted by the Finnish national broadcaster YLE as saying. Finland Proper is the province in which the city of Turku is located. STX Finland has a shipyard there and another one in Rauma.

Hietarinta said that the consortium expects that the Finnish government too acquire a holding in STX Finland, which before Christmas lost an order for a third Oasis class cruise liner.

Economic affairs minister Jan Vapaavuori said on Saturday that the government’s participation in acquiring a stake in STX Finlabnd is an option. However, he pointed out that the yard had lost the third Oasis order to STX France already before the government rejected STX Finland’s request for a €50 million subordinated loan. The government did agree to grant the company a smaller amount under different terms.

Financing of the two ships TUI Cruises has on order at STX Finland remains unsolved and Hietarinta said the question is about a few days or weeks at most to solve the matter. The consortium of companies that plans to acquire a stake in the shipbuilder wants not only to secure this order, but to restore confidence in the builder so that it could win new orders.

Norwegian prices IPO at $19 per share, above indicated range

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 18 January 2013 18 January 2013

Norwegian Cruise Line Holdings Ltd says it has priced its initial public offering (IPO) of 23,529,412 of its ordinary shares at $19.00 per share., the company said in a statement. Earlier, it had indicated that the offering would be priced in the range of $16.00 to $18.00 per share.

“In addition, the Company has granted underwriters a 30-day option to purchase up to 3,529,412 additional ordinary shares at the initial public offering price,” Norwegian said. The shares are expected to begin trading on the NASDAQ Global Select Market on January 18, 2013 under the symbol "NCLH".

UBS Investment Bank and Barclays are acting as bookrunners and the representatives of the underwriters for the offering. Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan are also acting as bookrunners for the offering. DNB Markets, HSBC, SunTrust Robinson Humphrey, Wells Fargo Securities and Lebenthal Capital Markets are acting as co-managers for the offering.