CHANGING NESTS

By Nicolai Heidenreich

We concluded our “What Now for Osprey?” article in July last year with a list of items that we thought would be beneficial for all involved with Osprey. The banks would be paid, shareholders would receive a long awaited dividend, and the principals would be left to focus on what they know best; the ownership and commercial management of LNG vessels. The list, which compromised the following six items, looked like this:

1. Sell the two remaining VLCCs to Tankers International
2. In the same transaction, OMI sells its Suezmaxes to Frontline
3. Osprey sells its share of IPC to OMI, leaving OMI a pure product tanker player.
4. Raise $500+ million in a bond offering with LNG charter revenues providing healthy EBITDA coverage.

This is only an excerpt of CHANGING NESTS

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