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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 687.86-0.4%4:00 PM EST
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To: Johnny Canuck who wrote (43195)3/13/2006 11:11:27 AM
From: Johnny Canuck  Read Replies (1) of 69296
 
Top Tankers in sale-leaseback deal; special dividend ahead



8:05:03 AM ET 3/13/2006

NEW YORK (MarketWatch) - Top Tankers Inc. (TOPT) said MOnday it would sell and then lease back 13 vessels for up to seven years, in a deal expected to produce net cash proceeds of about $240 million. Top Tankers, a petroleum tanker operator based in Athens, said it would book a gain of $90 million and distribute the majority of the transaction cash in a special dividend. Top Tanker declared a special dividend of $5 a share, payable on March 27 to shareholders of record on March 22, and an additional special dividend of $2.50 a share, with dates to be announced later in March.

[Harry: This one strikes me as strange. If shipping rates were storng and increasing, why would the lease back part of your tanker fleet. I give management credit in cancelling
the purchase of some tankers last year, but either management
needs the money personally for other things or they feel
that shipping rates have peaked and are going down in the intermediate term. If they think rates are going down I can
undertanding why they don't want depreciating assets on their
books. Their cost of operations must be going up as a result
of this move though.]
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