Thursday, December 5, 2019
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News
Brought to you by: Pastor Real Estate & Barclays
Photo: Clément Bucco-Lechat[/caption]
France’s environment minister Nicolas Hulot wants to the end of the sale of petrol and diesel cars by 2040. Beyond that date, no new diesel or petrol cars will be sold in France, Mr Hulot said on Thursday, July 6.
Presenting his climate plan at a press conference, he said that the move would be “a real revolution”. Not only will the banning of cars with internal combustion engines help fight climate change, it will also have a positive impact on health, he said. French automakers have the capacity to achieve the desired result, the minister said.
Drivers will be offered a premium to trade in their old polluting vehicles, a “transition bonus” that will replace a pre-1997 diesel vehicle or pre-2001 petrol car with a new or used cleaner vehicle. The Minister did not specify the amount of the premium. Earlier this week Volvo said it will stop making petrol or diesel-only cars in 2019, but will switch to hybrid or battery-powered systems.
Photo: Scorpio Bulkers[/caption]
Monaco-based Scorpio Bulkers on Monday, February 5, reported its results for the three months and year ended December 31, 2017. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per share on the Company’s common stock.
For the three months ended December 31, 2017, the Company’s GAAP net loss was $1.1 million, or $0.01 loss per diluted share. For the same period in 2016, the Company’s GAAP net loss was $20.6 million, or $0.29 loss per diluted share. Total vessel revenues for the three months ended December 31, 2017 were $51.1 million, compared to $26.8 million for the three months ended December 31, 2016.
Earnings before interest, taxes, depreciation and amortisation for the fourth quarter of 2017 and 2016 were $22.9 million and $1.0 million.
The Company acquired nine Chinese built Ultramax dry bulk vessels in two separate transactions for a total consideration of $207.0 million, of which $186.7 million was paid in cash and $20.3 million was in the form of the Company’s common stock. Two of the vessels were built in 2014, four were built in 2015, one was built in 2016, and two were built in 2017. All nine vessels were delivered to the Company as of December 31, 2017.
The Company also entered into an agreement to purchase one Kamsarmax dry bulk vessel for $25.5 million, of which $18.8 million remains unpaid at December 31, 2017. The Kamsarmax vessel is a resale unit which is expected to be delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the second quarter of 2018.
