Evercore’s Chappell Weighs in on Collateral Benefit

Evercore’s Jonathan Chappell quickly weighed in on the possible valuation of the assets in the Diamond S acquisition which he pegged at $36 to $37 million apiece. 30 ships divides into the reported purchase price of $1.2 billion at $40 million. The difference between Mr Chappell’s $37 million and the $40 million is attributable to the value of the charters. This is, in Evercore’s view, good news for Scorpio Tankers. While it seems highly unlikely Diamond S’ Mr Stevenson bought the ships to help out his old OMI partner Robert Bugbee, CEO at Scorpio, the valuation did enable Evercore to increase their NAV estimate for Scorpio from $9.94 to $10.30 per STNG share.

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