Equity analyst Urs Dur says the New York-listed shipowner will have over $160m in cash by year end and expects the company to use proceeds from its latest $132m share sale to pen fuel-efficient newbuildings by the first quarter of 2013.
“While this transaction would allow them to order ten more “Eco-spec” MRs at 60% leverage we would not be surprised if Scorpio also investigated the ordering of “Eco-spec” LR1s and/or LR2s as the orderbook for LR1/LR2s remains muted while the long-term structural prospects have been improving for the ship size,” he told clients Thursday.
Yesterday,
