NEW YORK, January 17, 2017 /PRNewswire/ --
Stock-Callers.com today has lined up for review these four Shipping stocks: Frontline Ltd (NYSE: FRO), Top Ships Inc. (NASDAQ: TOPS), Teekay Offshore Partners L.P. (NYSE: TOO), and Global Ship Lease Inc. (NYSE: GSL). According to Rahul Kapoor, head of Drewry Financial Research Services, the Shipping sector's stress levels will ease significantly in 2017, primarily driven by supply normalization, with real profitability and returns emerging over the next 12 to 18 months. Today's research reports on the aforementioned stocks are downloadable for free upon registration at:
Last Friday, Hamilton, Bermuda-based Frontline Ltd's stock declined 1.39%, to close the day at $7.10. A total volume of 1.33 million shares was traded, which was above their three months average volume of 1.04 million shares. The Company's shares are trading 2.34% below their 50-day moving average. Additionally, shares of Frontline, which engages in the seaborne transportation of crude oil and oil products worldwide, have a Relative Strength Index (RSI) of 44.40.
On December 09th, 2016, Frontline announced that the offering of new shares announced on December 08th, 2016, has been successfully completed at USD 7.45 per New Share, raising gross proceeds of USD 100 million (approximately NOK 843 million) through the issuance of 13,422,819 New Shares. The Company stated that the offering was significantly oversubscribed. Visit us today and access our complete research report on FRO at:
Shares in Maroussi, Greece-based Top Ships Inc. soared 10.13%, finishing Friday's session at $2.50. The stock recorded a trading volume of 673,562 shares. The Company's shares have gained 11.11% on an YTD basis. The stock is trading below its 50-day moving average by 12.93%. Furthermore, shares of Top Ships, which provides seaborne transportation services worldwide, have an RSI of 47.69.
On November 23rd, 2016, TOP Ships announced that it has entered into a definitive securities purchase agreement with an institutional investor to raise approximately $3 million in a private placement of 3,160 Series B Convertible Preferred Shares, which are convertible into common shares of the Company. The Company closed on the initial portion of 1,579 Series B Convertible Preferred Shares on November 22nd, 2016, for total gross proceeds of approximately $1.5 million. The complimentary report on TOPS can be downloaded at:
Teekay Offshore Partners
Hamilton, Bermuda headquartered Teekay Offshore Partners L.P.'s stock finished 3.99% higher at $5.99 last Friday at the close. A total volume of 821,861 shares was traded, which was above their three months average volume of 667,590 shares. The Company's shares have advanced 16.99% in the past month, 0.18% in the previous three months, and 18.38% since the start of this year. The stock is trading above its 50-day and 200-day moving averages by 12.21% and 8.01%, respectively. Additionally, shares of Teekay Offshore Partners, which provides marine transportation, oil production, storage, long-distance towing, offshore installation and maintenance, and safety services to the offshore oil industry in the North Sea and Brazil, have an RSI of 67.90.
On January 03rd, 2017, Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners declared a distribution of $0.11 per unit for the quarter ended December 31st, 2016. The limited partner and general partner distributions payable to Teekay Corporation will be paid in the form of new common units while distributions to third party investors will be paid in cash. The distributions are payable on February 10th, 2017, to all unit-holders of record on February 03rd, 2017. Register for free on Stock-Callers.com and access the latest research report on TOO at:
Global Ship Lease
London, the UK-based Global Ship Lease Inc.'s shares ended the session 5.16% higher at $1.63. The stock recorded a trading volume of 872,724 shares, which was above its three months average volume of 837,090 shares. Shares of the Company have advanced 2.52% in the last month, 12.41% over the previous three months, and 8.67% on an YTD basis. The stock is trading 1.93% above its 50-day moving average and 4.92% above its 200-day moving average. Moreover, shares of Global Ship Lease, which owns and charters containerships of various sizes under long-term, fixed-rate charters to container shipping companies, have an RSI of 54.65.
On December 09th, 2016, Global Ship Lease announced that its Board of Directors declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares. The dividend represents payment for the period from October 01st, 2016, to December 31st, 2016, and will be paid on January 03rd, 2017, to all Series B Preferred Shareholders of record as of December 22nd, 2016. Get free access to your research report on GSL at:
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