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April 15, 2014
05:59 EDTDSX, SALTScorpio, Diana Shipping trade well below NAV, says Deutsche Bank
Deutsche Bank says shares of Scorpio Bulkers (SALT) and Diana Shipping (DSX) are trading well below their net asset values following the recent pullback in the names. Deutsche points out that new and secondhand dry bulk asset prices have increased materially since the end of 2013. It reiterates Buy ratings on both stocks.
News For SALT;DSX From The Last 14 Days
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December 19, 2014
08:26 EDTSALTScorpio Bulkers agrees to sell Kamsarmax newbuilding for $30.7M
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December 17, 2014
08:57 EDTSALTScorpio Bulkers to modify and sell shipbuilding contracts for six vessels
Scorpio Bulkers (SALT) has reached agreements with shipyards in South Korea and Romania to modify six newbuilding contracts for Capesize bulk carriers into newbuilding contracts for LR2 product tankers, reached an agreement to sell four of these LR2 newbuilding contracts to Scorpio Tankers, a related party, and granted options to Scorpio Tankers to purchase the two remaining LR2 newbuilding contracts. The sale price for each of the four LR2 newbuilding contracts is $51.0M. The two option contracts, which expire on May 31, 2015, may be exercised by Scorpio Tankers for a fixed purchase price of $52.5M for each contract. The company expects to record an aggregate loss on disposal of approximately $41M on the four modified newbuilding contracts. The company also expects to record an aggregate loss of approximately $14M on the potential disposal of the two option modified newbuilding contracts. A sale of all six modified newbuilding contracts will result in an estimated reduction of future cash obligations of approximately $120M.
December 16, 2014
07:45 EDTSALTScorpio Bulkers should underperform peers until funding de-risked, says UBS
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December 12, 2014
09:46 EDTDSXDiana Shipping announces time charter contract for M/V New York With Clearlake
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December 9, 2014
10:04 EDTSALTScorpio Bulkers downgraded to Neutral from Buy at Sterne Agee

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