Oslo-listed Tanker Investments Ltd. posted record earnings in the fourth quarter of 2015, the company said in its earnings guidance for the three months ended December 31, 2015.
According to William Hung, Tanker Investments’ Chief Executive Officer, the earnings were driven by a fully operational fleet and firm spot tanker rates as a result of strong tanker fundamentals.
In addition, high crude oil supply from OPEC, low oil prices, positive tanker supply fundamentals, ongoing strategic and commercial stockpiling and high refinery throughout also contributed to the success.
For the fourth quarter of 2015, Tanker Investments expects to report net income in the range of USD 0.77 to USD 0.81 per share.
In addition, the company’s board of directors has authorized a new share repurchase program to repurchase up to USD 60 million of the company’s common stock.
Through the share repurchase program, which is effective immediately and will be valid for an initial period of one year, Tanker Investments 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.
“Over the past 15 months, we returned a substantial portion of the cash flow generated to shareholders through the repurchase of approximately USD 60 million of the company’s stock and today the Board announced the implementation of a new USD 60 million share repurchase program, the majority of which will be funded with the net equity proceeds received from the recent sale of our two VLCC tankers,” he added.
Tanker Investments’ fleet consists of 18 modern tankers.