EuropeFinance and InsuranceTankers

Aker agrees new American Shipping Company TRS scheme

The Aker Group’s subsidiary Aker Capital II has entered into a total return swap agreement with DNB Markets, part of DNB Bank, that comprises 9.07% of American Shipping Company’s (ASC) share capital.

The contract gives financial exposure to 5,500,000 underlying shares in the Jones Act tanker operator at a swap price of NOK 26.5005 per share. The deal expires on November 21.

Aker Capital II already has financial exposure to 15.15% of ASC (9,182,520 underlying shares) through a second TRS agreement, and a third such contract that gives exposure to 6.61% of the shipping company (4,005,100 shares).

Separately, the Aker subsidiary holds 11,557,022 shares or a 19.07% stake in ASC, which is listed in Oslo.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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