Shipping company Spitalen is hinting at a tenfold dividend increase

Shipping company Spitalen is hinting at a tenfold dividend increase

Shipping company Standard Supply, which is dominated by Øystein Stray Spitalen, came up with a new update on operations in March.

90 percent standard supply employed in March 2023 and effective earnings at time rent equivalent to approximately $12,900 per day.

From the report, it also appears that the company’s operating cash break-even is around $7,700 per day.

– We remain committed to our strategy of distributing most of our free cash flow to shareholders. An average fleet price of $17,000 per day would result in a dividend power of about NOK 1 per day and at a price of $20,000 per day would be approximately NOK 1.50 per share. Share,” says Ness.

In this case, it will give a tenfold increase in the dividend paid in February of 10 øre per share. stock.

Spitalen owns more than half of the shares in Standard Supply through his company, SD Standard ETC.

higher rates

Since the last update, the company has contracted the PSV “Standard Defender” for approximately 120 days in the North Sea at an undisclosed rate.

– Since the end of February, three more vessels have started on period charters and with the recent improvements in the spot market we are now seeing a significant uptick in time charters in our fleet. This trend continued into April. We currently have seven fixed-rate ships averaging about $16,000 each per day, while our two spot ships average $18,000 each today, Chairman Martin Ness of Standard Supply says in the exchange announcement.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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