PTI, Cambridge Bin Merger Plans

Hong Kong tanker owner and operator Parakou Tankers, Inc. (PTI) and Nasdaq-listed blank-check company Cambridge Capital Acquisition Corporation (CAMB) have decided to terminate their proposed merger as they could not agree upon the final terms of the deal.

PTI said that the deal-breaker was the failure to agree on issues related to the structure of the transaction, even though investors were favorably disposed to PTI and the product tanker sector fundamentals overall.

“Despite investor interest in the product tanker sector, we were not able to achieve the desired outcome through the current structure. As a fully integrated industrial shipping company, engaged in the seaborne transportation of liquid petroleum products with a current fleet of eight modern MR product tankers, we remain committed to growing our company through other sources,” said Por Liu, Chairman and CEO of PTI.

According to Liu, the fundamentals of the product tanker market remain strong, following the favorable trend started at the end of last year.

” While MR ton-mile demand should continue to increase, supply also should be limited, which we believe will allow charter rates to strengthen,” he added.

Share this article

Follow World Maritime News

In Depth>


<< Apr 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >


The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >