High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
The company will sell the shares at $7.50 each, below Tuesday’s closing price of $7.91. Shares, which were inactive premarket, are up 46% over the past three months.
The oil tanker owner said it plans to use the money raised for vessel acquisitions, working capital and other general corporate needs.
The offer comes after Scorpio in December put forward an offering of 21.6 million shares, looking to repay debt and raise funds for general corporate uses.
The company has about 64 million shares outstanding, according to FactSet.
Write to Ben Fox Rubin at [email protected]
(c) 2013 Dow Jones & Company
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