Stock Monitor: StealthGas Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free research report on Scorpio Tankers Inc. (NYSE: STNG), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=STNG as the Company's latest news hit the wire. On May 29, 2018, the Company announced that it has signed a deal to sell and leaseback six MR product tankers to China Huarong Shipping Financial Leasing Co., Ltd. The six MR are STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama, and STI Regina. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for StealthGas Inc. (NASDAQ: GASS), which also belongs to the Services sector as the Company Scorpio Tankers. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Scorpio Tankers most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Upon completion, Scorpio Tankers' liquidity is expected to increase by $48 million in aggregate after the repayment of outstanding debt.
- As part of the agreements, Scorpio Tankers will bareboat charter-in the vessels for a period of eight years.
- Additionally, the Company has purchase options beginning at the end of the third year of each agreement. There is also a purchase obligation for each vessel upon the expiration of each agreement.
- These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.
These lease financing arrangements are part of the Company's new financing initiatives that were announced in April 2018.
Scorpio Tankers' Recent Sale and Leaseback Deal
On May 17, 2018, the Company agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille, and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, Scorpio Tankers' liquidity was expected to increase by $42 million in aggregate after the repayment of outstanding debt. As part of the agreements, the Company would bareboat charter-in the vessels for a period of eight years. Additionally, Scorpio Tankers purchased options beginning at the end of the second year of each agreement. There was also a purchase obligation for each vessel upon the expiration of each agreement.
Scorpio Tankers' New Financing Initiatives
On April 25, 2018, the Company announced that it has signed term sheets or agreed main terms for a series of bank loans and sale leasebacks to refinance certain of its outstanding secured indebtedness. These transactions would be expected to raise $334 million in aggregate of new liquidity after the repayment of the existing secured debt related to these vessels. The terms and conditions of the credit facilities and lease financing arrangements, including covenants, pricing, and advance rates, are similar to those in Scorpio Tankers' existing credit facilities and lease financing arrangements. These new credit facilities and lease financing arrangements are subject to credit approval, customary conditions precedent, and the execution of definitive documentation.
About Scorpio Tankers Inc.
Founded in 2009 and headquartered in Monaco, Scorpio Tankers is a leading international provider in the transportation of refined petroleum products. The Company currently owns or finance leases 109 product tankers (38 LR2 tankers, 12 LR1 tankers, 45 MR tankers, and 14 Handymax tankers) with an average age of 2.8 years; and time or bareboat charters-in 17 product tankers (two LR2 tankers, eight MR tankers, and seven Handymax tankers).
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Scorpio Tankers' stock climbed 2.12%, ending the trading session at $2.89.
Volume traded for the day: 4.35 million shares, which was above the 3-month average volume of 3.59 million shares.
Stock performance in the last month – up 8.65%; and previous three-month period – up 25.65%
After yesterday's close, Scorpio Tankers' market cap was at $965.35 million.
The stock has a dividend yield of 1.38%.
The stock is part of the Services sector, categorized under the Shipping industry. This sector was up 1.0% at the end of the session.
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