CMB.Tech answers shareholders’ written questions ahead of Oct. 8 special meeting
CMBT•CMB.Tech outlined a planned $0.64-per-share payout, totaling about $180 million, ahead of its Oct. 8 special meeting. The payout comprises a $0.21 interim dividend and a $0.43 share-premium distribution.
1. Payout and financing
CMB.Tech said the planned $0.64-per-share return would be split between a $0.21 interim dividend and a $0.43 share-premium distribution. The board sought flexibility to make future share-premium payouts of $50 million to $250 million, guided by profits, liquidity, capital expenditure needs and leverage. Management described a $2 billion facility as existing financing for the Golden Ocean acquisition and said outstanding debt had fallen to about $1.1 billion.
2. Tanker market outlook
Management said disruption in the Strait of Hormuz could support tanker rates, but withheld the number of its vessels in the Persian Gulf on security grounds and said the earnings impact was difficult to quantify.
