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DHT Holdings to Buy 11 VLCCs from BW Group

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first_imgzoom DHT Holdings, Inc. has entered into an agreement to buy eleven very large crude carriers (VLCCs), including two newbuildings due for delivery in 2018, from BW Group Limited.BW Group’s vessels, which have a total value of USD 538 million, are scheduled to join their new owner during the second quarter of 2017.As a result of the acquisition, DHT will have a fleet with an average age of 6.9 years, consisting of 30 VLCCs, including four newbuildings set for delivery in 2018, and two Aframaxes.“This is a great transaction for DHT and its shareholders. It is projected to be accretive to DHT’s earnings and will deliver cost synergies by lowering G&A expenses per ship,” Trygve P. Munthe and Svein Moxnes Harfjeld, DHT’s Co-CEOs, said.The company said that it plans to finance the acquisition by issuing some USD 256 million of capital stock, consisting of 32 million shares of common stock and 15,700 shares of preferred stock that are mandatorily convertible into 15.7 million shares of common stock subject to DHT shareholder approval.The implied value of the DHT common stock issued to BW is USD 5.37 per share.DHT will also pay BW Group USD 177.36 million in cash and assume USD 104.16 million in remaining obligations with respect to the two newbuildings. The cash requirements associated with the purchase are expected to be financed with bank debt.Following BW Group’s delivery of all vessels and novation of newbuilding contracts to DHT, BW Group Limited and its affiliates will own 33.5% of DHT’s outstanding share capital and will be granted customary rights, including the right to appoint two directors to DHT’s board.last_img read more

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Kahnawake facing human rights investigation over membership law

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first_imgAPTN National NewsDoes human rights legislation trump the membership laws of a First Nation?The Mohawk Council of Kahnawake is currently under investigation by the Canadian Human Rights Commission over their membership law.The investigation is coming from human rights complaints made by people inside the community.APTN’s Tom Fennario has this story.last_img

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