Tag: Annick

Tanker Investments Closes Deals for Four Tankers

first_imgzoom Tanker Investments Ltd. has entered into four Memoranda of Agreement (MoA) to acquire four vessels. The procurement of the four vessels is in line with the company’s strategic plan to grow its fleet through attractively-priced acquisitions.The first two vessels, slated for delivery in late May or early June 2014, are 2012-built coated Aframax tankers and have been bought for US$ 47.5 million each. Upon delivery, the vessels will continue to trade in the Teekay Taurus Pool.If the vessels are not ready for delivery by July 15, 2014, the company has the option to cancel the MoA, and, if the seller fails to complete a legal transfer of the vessels due to proven negligence, the company can claim compensation for documented losses and expenses incurred due to the non-delivery.A purchase agreement to acquire the entire membership interests in the companies Alpha VLCC L.L.C. and Beta VLCC L.L.C., each of which owns one 2010-built Very Large Crude Carrier was signed as well. The agreement wasentered into between Teekay Tankers Ltd. and the company. The consideration for the entire membership interests is US$ 154 million.Tanker Investments Ltd. intends to finance the acquisition of the four vessels with existing cash balances and by drawing a portion of the company’s new US$ 200 million revolving credit facility, which is expected to be finalized in May 2014.“The investment in the VLCCs is an opportunistic addition to the Company’s tanker portfolio timed to take advantage of expected rally in VLCC freight rates and assets prices that the Company believes may occur earlier than other segments. The coated Aframax investment provides Tanker Investments with optionality to trade these ships in the crude or clean products trade,” the company commented in a release.Press Release, May 13, 2014last_img read more

Ottawa seeks cooperation but prepared to go it alone on securities regulator

Ottawa seeks co-operation, but prepared to go it alone on securities regulator AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Canadian Press Posted Mar 21, 2013 7:37 pm MDT OTTAWA – Finance Minister Jim Flaherty is sending out a notice that he is prepared to go it alone on establishing a national securities regulator if provinces won’t agree.The declaration is contained in a two-page notice in the 2013 budget, informing the provinces that Ottawa still seeks a co-operative approach with the provinces, but it won’t wait forever.“If a timely agreement cannot be reached on a common regulator, the government will propose legislation to carry out its regulatory responsibilities consistent with the decision rendered by the Supreme Court of Canada,” the budget states.The last time Ottawa tried to move ahead with a national regulator, several provinces led by Quebec and Alberta fought to stop it from intruding in provincial authority.The Supreme Court agreed with the provinces, but left Flaherty an opening by ruling that Ottawa has a role in matters of national importance and scope, including preventing systemic risks in the financial system.In the budget statement, the government said it was prepared to delegate the administration of its own securities legislation to a national regulator “if a critical mass of provinces and territories were willing to do the same.”But if an “timely agreement” cannot be reached, it would go ahead with legislation dealing with its areas of jurisdiction as defined by the court.“This will include the capacity to monitor, prevent and respond to systemic risks emerging from capital markets,” it said.“A federal capital markets regulatory framework would be applied consistently on a national basis and would not displace provincial securities commissions, which would still manage the day-to-day regulation of securities activities.”It gives no time limit for an agreement, but in the meantime it is extending the mandate of the Canadian Securities Transition Office to work on the project.Flaherty has been trying to establish a national regulator almost from the first day he became finance minister, only to be frustrated at every turn by provincial objections and most recently by the courts.He has pointed out that Canada is the only major industrialized country without a single regulator, increasing costs to businesses seeking to raise money in Canada and making enforcement and prosecution of fraud more difficult. read more