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B + H Ocean Carriers Ltd.(fka BHODQ)

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B + H Ocean Carriers Ltd.(fka BHODQ)

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B + H Ocean Carriers Ltd.(fka BHODQ) RSS Feed

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http://www.bhocean.com/


B+H Ocean Carriers Ltd. is engaged in the business of acquiring, investing in, owning, operating and selling product tankers, ore/bulk/oil (OBO) combination
carriers, an accommodation field development vessel (AFDV) and bulk carriers. The Company's wholly owned subsidiaries include Cliaship Holdings Ltd.
(Cliaship), OBO Holdings Ltd. (OBO Holdings), Product Transport Corporation Ltd. (Protrans), Boss Tankers, Ltd. (Boss), Seasak Holdings Ltd. (Seasak) and
Straits Offshore Ltd. (Straits). As of December 31, 2009, the Company owned and operated one panamax product tanker, five OBO combination carriers and
onebulk carrier. As of December 31, 2009, the Company owned a 50% interest in the disponent owner of a combination carrier through its interest in Nordan
OBO 2 Inc (Nordan).



B+H OCEAN CARRIERS LTD. ANNOUNCES FILING AND INTENTION TO RESTRUCTURE

NEW YORK, NEW YORK, May 30, 2012..... B+H Ocean Carriers Ltd. (OTC: BHODD.PK)  (the
"Company") reported that today it had filed, along with several of its subsidiaries and related entities, for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for
the Southern District  of  New York.  The Company said that it intends to restructure its balance sheet and
emerge as a recapitalized shipowning business, continuing to specialize in the transportation of refined
petroleum products and dry bulk commodities.
 
The Company stated that going forward, its operations will continue as in the past, with no interruption of
service.  It  also  said  that  it has  had  ongoing  discussions  with  several  of  its  lenders  regarding  further
cooperation and support during the reorganization.  There continue to be challenges in the current market
for freight  rates  and  vessel  values  which, combined  with  the  state  of  global  ship  finance,  has  made  it
exceedingly difficult to accomplish the recapitalization outside of a court-supervised reorganization.   
 
 
About the Company
 
B+H  Ocean  Carriers  Ltd.  is  an  international  shipowning  and  operating  company  that  owns,  through
subsidiaries, a fleet of  four  product-suitable Panamax combination carriers capable of transporting both
wet and dry bulk cargoes, along with a 50% interest in an additional combination carrier.  
 
 
Safe Harbor Statement  
 
Certain  statements  contained  in  this  press  release,  including,  without  limitation,  statements  containing  the  words
"believes," "anticipates," "expects," "intends," and words of similar import, constitute "forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in
its rules, regulations and releases, regarding the Company's financial and business prospects. Such forward-looking
statements  involve  known  and  unknown  risks,  uncertainties  and  other  factors  that  may  cause  the  actual  results,
performance or achievements of the Company, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such factors include, but
are not limited to, those set forth in the Company's Annual Report and filings with the Securities and Exchange
Commission. Given these uncertainties, undue reliance should not be placed on such forward-looking statements.
The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions
to any of the forward-looking statements contained or incorporation by reference herein to reflect future events or
developments.
 
 
For further information, access the Company's website at www.bhocean.com
 
Company contact:  John LeFrere
  Tel:  +1 917 225 2800
  Email: investorrelations@bhcousa.com

http://www.bhocean.com/files/BH_OCean_05302012_Press_Release.pdf


__________________________________________________________________________________________________________________________________


The Company was established in April 1988 to own and operate tankers and dry bulkcarriers.

The Company currently owns and operates six combination carriers and one bulk carrier. The Company intends to build
an FDV (Field Development Vessel) for delivery 2013, which will work as an Accommodation / Work Unit in offshore oilfields.

The Company is a provider of international liquid and dry bulk seaborne transportation services, carrying petroleum
products, crude oil, vegetable oils and dry bulk cargoes. In 2013 the Company will also provide support services for work in offshore oilfields.

The company's shares are publicly traded in New York (AMEX - BHO).

Click here to learn more about the history of B+H Ocean Carriers.

 
............................................................................................................................................................................................................................................



 
Vessel Type DWT Year Built
 
Bonnie Smithwick OBO 83155 1993
 
Rip Hudner OBO 83155 1994
 
Roger M Jones OBO 74868 1992
 
Sakonnet OBO 83155 1993
 
Seapowet OBO 72389 1992
 
Searose G OBO 83155 1994
 
Safecom 3 Offshore Accommodation Work Barge   2013
 
 

............................................................................................................................................................................................................................................


Download the brochure »

  • Accommodation
  • Storage
  • ROV operation
  • Diving operation
  • Pipe and cable handling
  • Transportation
  • Installation/Construction

B+H Shipping Group's  first offshore accommodation construction barge offers a wide range of capabilities for offshore
and port development projects. This Accommodation Field Development Vessel (AFDV) is equipped with six dynamic
positioning thrusters and is classed DP2.  For operational flexibility, the unit is also fitted out with an 8-point mooring system.

SAFECOM 2 has a large number of comfortable hotel style accommodations, multiple offices, conference and meeting rooms,
as well as a large deck space for storage and supplies - 1,200m2 with 12.5 ton/m2 deck strength.  The AFDV is
equipped with a 70T SWL pedestal crane with an optional 300T SWL crane and a telescopic gangway for personnel transfer.

B+H's  AFDV is designed to work adjacent to fixed and floating offshore structures in benign to intermediate waters.  This
Accommodation Field Development Vessel (AFDV) is outfitted to high standards with 400 beds in single, double, and four
man cabins. The  AFDV station keeping characteristics (DP2 with six powerful azimuth thrusters) makes it suitable to
accommodate and transfer personnel in a variety of environments.  SAFECOM 2 is or can be fitted out for the following support functions :

  • Crane Operations  up to 300t
  • Hook-up and Installation support
  • Mooring and SubSea installations
  • Offshore Construction
  • Maintenance Support & Storage
  • Commissioning / Decommissioning support
  • ROV & Diving Operations

SAFECOM 2 is purposely built for safe passage to take place to any offshore platform. The propulsion / positioning units
will include six 1000 Kw thrusters; three forward and three aft both with a triangular set-up, with a total installed power
of 6000Kw.  This DP configuration is compliant with ABS regulations for DP2 vessels.  The azimuth thrusters are fully
retractable for ease of working in shallow draft on the unit's 8-point mooring system.  DP2 creates
the versatility SAFECOM 2 needs to work in unlimited water depths and any seabed condition.


 

............................................................................................................................................................................................................................................



 
 

 

BHODD Security Details
Share Structure
Market Value1 $1,388,855 a/o Jan 14, 2013
Shares Outstanding 5,555,420 a/o Nov 29, 2011
Float Not Available
Authorized Shares Not Available
Par Value Not Available
Shareholders
Shareholders of Record 222 a/o Jan 13, 2012
Security Notes
  • New Issue=8-88 4,000,000 shs at $15 by Merrill Lynch Capital Markets et al.
  • Capital Change=shs decreased by 1 for 101 split, 1-101 R/S immediately followed by 101- F/S. Cashing out holders of less than 101 shares of BHO common stock at $4.00 per share** New symbol is for post-split shares.. Pay date=11/28/2011.
 
Short Selling Data
Short Interest 0 (-100%)
May 15, 2012
Significant Failures to Deliver No
Transfer Agent(s)
American Stock Transfer & Trust Company



 

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