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Marinakis picks up CRU's shares

Marinakis picks up CRU's shares
Crude Carriers chairman and chief executive Evangelos Marinakis has picked up more than $1m worth of shares in the debutant New York-listed tanker company.

Marinakis picks up $1m of Crude Carriers shares

Crude Carriers chairman and chief executive Evangelos Marinakis has picked up more than $1m worth of shares in the debutant New York-listed tanker company.

Mr Marinakis, who effectively controls about 49% of the newly-floated company through Crude Carriers Investment Corp, purchased 70,000 shares of Crude Carriers" common stock on the open market at a cost basis of $16.22 per share.

The acquisition would have cost a total of about $1.4m.

Mr Marinakis" Monday move followed share purchases by two of his key executives at the end of last week as the share floated significantly below its initial public offering price of $19.

Company"s president Ioannis Lazaridis purchased 5,000 shares at $16.25 per share and chief financial officer Jerry Kalogiratos purchased 3,000 shares at $16.21 per share.

By Tuesday afternoon in New York, Crude Carriers" share was trading up at close to $17.

?Under my leadership I expect Crude Carriers to become one of the leaders in the crude tanker industry,? Mr Marinakis said in a first interview since the IPO raised $238.5m for the company.

?Right now, we believe vessel prices are at very attractive levels, they are well below their five-year average and they just seem to have begun to turn up.?

Mr Marinakis said current very large crude carrier and suezmax values had dropped more than 40% since their peaks in 2008 and 30% off their averages since 2005.

The two Japanese newbuilding VLCCs acquired for Crude Carriers were purchased for $96.5m each.

?Today, these vessels are estimated to be worth $100m each according to Clarksons" reports,? said Mr Marinakis.

?Returns in shipping come both from the operation of the vessels and the price you pay when you acquire the assets. The entry point in shipping is one of the most significant determinants of returns and we believe now is the right time to invest in the crude oil tanker sector,? he said.

According to Mr Marinakis, the company"s ?zero to minimal debt strategy? provided a low breakeven point and was linked to Crude"s intention to distribute all net cash flow except operating reserves.

At current spot rates for large tankers Crude should be able to pay out ?substantial quarterly dividends,? he said.

www.turkishmaritime.com

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