Intertanko is telling us aframax rates are higher than VLCC. Wow. Nobody seems to want a VLCC
pb, I think it was you that discussed the 5M principal payment. This occurs each quarter and will continue each quarter, as does 3.4M set aside for drydocking expenses. The TNK dividend is transparent from this angle, the only mystery is what were the spot rates during the quarter. If I've got this wrong, please correct me.
According to the dividend matrix on the TNK site:
Estimated dividend per share is based on estimated Cash Available for Distribution, less $5.0 million for scheduled principal payments related to the Company’s debt facilities and less a $3.4 million reserve for estimated drydocking costs. Based on the estimated weighted-average number of shares outstanding for the fourth quarter of 83.6 million shares.
I'm a little confused. Looking at the Intertanko chart this morning, it shows a negative number in the upper left corner for VLCCs on Jan. 25 (-3,468). I thought that column represents the most current rates? Should always be positive shouldn't it? And the columns to the right show how much rates have changed over time. The columns to the right could be positive or negative. Have I been reading the chart wrong all along? Can a negative rate somehow make sense? Or is it just a mistake?