Crude Carriers (CRU-$16.30) is using all of its approximately $254 million in proceeds from its recent IPO to immediately purchase one 2006-built Suezmax vessel, the Miltiadis M II, at a price of $71.25 million. This is to be followed by the acquisition of two new-built, very-large crude carriers (VLCCs) for $96.5 million each, with expected delivery dates in late March and June 2010.After hitting eight-year lows, spot rates for most VLCC and Suezmax carriers reversed in the fourth quarter. Is now a good time for a new oil tanker venture to set sail?
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Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.
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