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Posted by: | Posted on: September 28, 2020

Scorpio’s Merger with Navig8 Product Tankers to Close by September

first_imgThe previously announced merger between Marshall Islands-incorporated tanker owner and operator Navig8 Product Tankers Inc. (NPTI) and Scorpio Tankers has moved a step forward as it has secured approval from NPTI’s shareholders on Tuesday, August 29.“At the meeting, approximately 94.25% of the NPTI shares outstanding were voted, all of which were voted in favor of the merger,” Scorpio said.“The approval is the result of a vote on the proposal identified in the proxy statement/prospectus, dated August 14, 2017. “The merger had been unanimously approved by the board of directors of Scorpio as well as by the board of directors of Navig8.As informed, the deal remains subject to customary closing conditions and is expected to close on or about September 1, 2017.Under the deal, Scorpio will acquire 24 tankers from Navig8, comprised of 15 LR2s and 12 LR1s with a weighted average age of 0.9 years and a total carrying capacity of approximately 2.6 million DWT.To remind, in connection with the LR1 vessel acquisitions, Scorpio said it would pay cash consideration of USD 42.2 million, which is net of assumed debt. This cash is expected to remain with Navig8 through closing and will form part of the balance sheet of the combined company, subject to the terms and conditions of the merger agreement.Once the deal is finalized, Scorpio’s operating fleet will consist of 105 owned or finance leased tankers with a weighted average age of approximately 1.9 years, and 19 time or bareboat chartered-in tankers.In addition, Scorpio has six newbuilding MR product tankers under construction which are slated for delivery throughout the remainder of 2017 and first quarter of 2018.last_img read more

Posted by: | Posted on: August 28, 2020

Loew extends Germany deal, embraces challenge

first_imgJoachim Loew has extended his contract as Germany coach until 2018. The man who guided Die Mannschaft to 2014 FIFA World Cup glory was originally contracted until the conclusion of UEFA EURO 2016. However, Low has reached an agreement with the German Football Association (DFB) to extend that deal until after Russia 2018.”I’m delighted that Joachim Loew’s remaining as national team coach until the 2018 World Cup,” said DFB president Wolfgang Niersbach in a statement. “With his competence, his ambition and with his commanding demeanour, Jogi does the national team and the DFB a great deal of good.”We want to remain at the top of the world and that is the aim that we share. On the DFB’s side, we will continue to do everything we can to ensure this country’s footballers have the best possible conditions.” I’ve said many times that it’s an incredibly big challenge and motivation for us all to confirm our success from Brazil. We still have a lot that we want to achieve.Joachim Loew   Loew took charge of Germany following Jurgen Klinsmann’s decision to step down after the 2006 World Cup. He had worked as Klinsmann’s assistant in the two years building up to that tournament and since becoming head coach, he has led Germany to the final of EURO 2008, as well as to the semi-finals of South Africa 2010 and EURO 2012.”I’ve said many times that it’s an incredibly big challenge and motivation for us all to confirm our success from Brazil,” Low said. “Our young team have not reached the end of their development yet, and the same goes for the majority of our players. “That is why I would like to thank the president Wolfgang Niersbach and general secretary Helmut Sandrock for the faith, support and the offer to extend our contracts prematurely.”In addition to extending Loew’s contract, the DFB have also fitted out his assistants with new deals while extended general manager Oliver Bierfhoff’s duties to include the project management of a new DFB academy.Loew said: “Thomas Schneider, Andreas Kopke, Oliver Bierhoff and I have accepted this offer because we have great pleasure working with the players and the team behind the team. Together we want to continue along the path we are on. We still have a lot that we want to achieve.”last_img read more