Scorpio Tankers flags sister stock for resale

Scorpio Tankers is filing millions of shares for resale that its sister Scorpio Bulkers swooped up last fall. In October, Scorpio Bulkers and Scorpio Services Holding (SSH) together acquired 5.95 million Scorpio Tankers shares as part of an 18.2 million-unit public offering that raised $319.6m for the tanker player. Five months later, Scorpio Tankers is registering 7.74 million units — including the nearly six million taken in October — for…

March 23, 2019
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Scorpio Tankers registers stock from sister play

Scorpio Tankers is filing millions of shares for the possibility of an eventual resale that its sister Scorpio Bulkers swooped up last fall. In October, Scorpio Bulkers and Scorpio Services Holding (SSH) together acquired 5.95 million Scorpio Tankers shares as part of an 18.2 million-unit public offering that raised $319.6m for the tanker player. Five months later, Scorpio Tankers is registering 7.74 million units — including the nearly six million…

March 23, 2019
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‘Consistent’ Pangaea turns in solid quarter

Rhode Island-based Pangaea Logistics Solutions is being hailed as “a model of consistency” after turning in a near-breakeven fourth quarter that exceeded some analyst expectations. Noble Capital Markets analyst Poe Fratt also called Pangaea “unique and different” in maintaining a buy rating on the Ed Coll-led owner of dry bulk vessels. Pangaea lost $600,000, or a penny per share, for the quarter before a one-time adjustment that gave it earnings…

March 23, 2019
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Dynagas returns to loss on less revenue

Dynagas LNG Partners has revisited the red side of the ledger while falling short of Wall Street expectations. The New York-listed owner posted a fourth-quarter loss of $0.92m versus a $5.63m profit a year ago. Adjusted net income was $1.29m against $7.56m, translating into a $0.04 adjusted loss per share that missed analysts’ take by $0.11 and was below a year-ago $0.16 earnings per share. Revenue came in at $31m…

March 22, 2019
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Fred. Olsen Renewables refinances $526m in debt

Fred A. Olsen Renewables has given itself a little more breathing room with regards to paying back its debt. The Nick Emery-led wind energy provider has entered a £400m ($526m) loan through majority-owned subsidiary Fred. Olsen Wind. The money is being borrowed from MUFG Bank, National Australia Bank, Siemens Bank and Sumitomo Mitsui Bank Corp over 13 years with margins at 1.4% now, 1.6% in 2023 and 1.7% in 2028….

March 22, 2019
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Fredriksen family lifts Golden Ocean shareholding

John Fredriksen and his immediate family have spent NOK 2.3m ($263,000) for an increased stake in Golden Ocean Group. Fredriksen purchase sparks Avance Gas shares into life Hemen Holding, which indirectly controls the family’s trusts, on Friday purchased another 50,000 shares in the Oslo-listed bulker owner at a price of NOK 45.022 per share. The acquisition has lifted Hemen’s shareholding in Golden Ocean to 49,376,353 shares, which is equivalent to…

March 22, 2019
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US chief Marius Halvorsen to head Fearnley Securities

Fearnley Securities has found a new chief executive from within its own ranks, it confirmed today. Respected finance man Marius Halvorsen has been appointed to replace Even Matre Ellingsen who is taking the top at Astrup Fearnley. Fearnleys gets US thumbs up Soren Greve heads back to Fearnleys as global S&P chief Halvorsen joined Fearnley Securities in 2015 as chief executive of its new US operation, having previously headed RS…

March 22, 2019
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Pangaea Logistics completes bulker sale and charter back deal

Pangaea Logistics has confirmed that it has completed the sale and leaseback of its most recent acquisition. It said it had sold the 53,000-dwt Bulk Spirit (built 2009) for a sum equivalent to the purchase price of the vessel of about $13m. However, it provided few other details such as the length of the charter party and the identity of the counterparty. The Ed Coll-led bulker owner acquired the vessel…

March 22, 2019
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