World News
Scorpio Makes $190M Public Offering to Raise Funds for More Tankers
Scorpio Tankers Inc. [NYSE:STNG] (Scorpio Tankers) says it plans to offer 20 million shares of its common stock in an underwritten public offering partly to help finance product tankers and liquefied petroleum gas (LPG) carriers.
Proceeds from the sale will also go toward working capital and other general corporate purposes.
Pricing for the shares was announced yesterday at $9.50 per share, putting the total offering at $190 million.
USB Securities LLC is the sole book-running manager, while RS Platou Markets AS is the joint lead manager, and Global Hunter Securities LLC is co-manager.
Scorpio Tankers also plans to grant the underwriters a 30-day option to buy additional shares representing 15 percent of the offered shares.
Last year the company offered 21.6 million shares of its common stock at a price of $6.10 per share, a move which subsequently saw the company put 54 new vessels on order over a six month period.
Since then company has improved its performance, has begun taking delivery of a number of fuel-efficient product tankers, and has made moves to expand into the LPG carrier market.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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