Marshall Islands-based tanker company Tanker Investments Ltd. (TIL) expects to report a net loss in the range of USD 0.01 to USD 0.03 per share for the third quarter of 2014, the company said in its earnings guidance for the three months ended September 30, 2014.
TIL’s board of directors has authorized a share repurchase program to repurchase up to USD 30 million of the company’s common stock, up to a maximum of approximately 3 million shares.
Through this share repurchase program, the company said it expects to repurchase shares in the open market at times and at prevailing market prices on the Oslo Stock Exchange considered to be appropriate by the company.
“The current disconnect between weaker equity markets and an improving tanker market provides an ideal opportunity to generate shareholder value heading into what we expect will be a stronger winter tanker market,” said William Hung, Tanker Investments’ Chief Executive Officer.
“With Tanker Investments’ shares continuing to trade at a material discount to its net asset value per share, we believe that using a portion of the company’s available liquidity to repurchase its own stock is a prudent allocation of capital.”