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.