New York-listed tanker company Frontline Ltd. Monday entered into an Equity Distribution Agreement with Morgan Stanley & Co. LLC for the offer and sale of up to $100.0 million of common shares of Frontline.
“The net proceeds of this offering will be used to opportunistically fund growth opportunities, for certain capital expenditures, including to purchase exhaust gas cleaning systems that reduce sulfur emissions to comply with upcoming implementation of new IMO standards, and for general corporate purposes,” it says.
The agreement allows Frontline to may offer and sell its common shares at any time and from time to time through Morgan Stanley as its sales agent.
Sales of the common shares, if any, will be made by means of ordinary brokers’ transactions on NYSE or otherwise at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.
Photo credit: Morgan Stanley
Published: 26 July, 2018
Firm undertakes collaboration with OCBC Bank under which the bank can provide input on the ADP platform and participate in user test trials alongside other industry players.
Capt Chong Jia Chyuan has been appointed as the Port Master of MPA and Capt Shawn Hoe Yong Cheng has also been appointed as a Deputy Port Master of MPA.
HSFO in Rotterdam has declined by almost $20/t since 26 March, broadening the bunker spread from under $90/t in March to $111/t yesterday, reports Argus Media.
Signs MOU with Chinese firm to establish a stable supply network of IMO 2020 compliant fuels outside China.
New anchorage boasts many advantages as the closest natural deep water location to the Yangtze River Estuary and is exempt from tonnage tax for foreign vessels.
French bank was exposed to USD 240 million from Hin Leong Trading’s financial troubles and recorded loss in Q1 despite a USD 372 million buffer for risky assets, reports Bloomberg.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
