Nasdaq-listed Capital
swapped a couple of VLCCs for a pair of Maersk chartered boxships with backer
Capital & Trading Corp in early January to ensure its dividend could be
sustained.
Capital had three products
tankers on hire to OSG on contracts running into 2018 when it filed Chapter 11
papers late last year.
In shifting Capital to buy
from neutral Platou’s analysts explain the asset swap has increased certainty
about the owner’s dividend following the OSG defaults.
The two container vessels
now in the Evangelos Marinakis-led public company’s fleet are on three-year
deals with Maersk worth $34,000 daily.
“We found the transaction as
positive given that it increases near term cash flows and secures the $0.93
annual cash distribution,” Platou’s analysts wrote.
