TIL Posts Record Earnings in Q4

first_imgzoom 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.last_img read more

CCAC to develop list of qualified contractors

Consumer Affairs Officer, Feyona Austin-PaulStemming from a host of complaints received by the Competition and Consumer Affairs Commission (CCAC), the body is now seeking to develop a list of qualified contractors who will be recommended for building contracts.This was revealed by a Consumer Affairs Officer, Feyona Austin-Paul during a consultation hosted at the Cara Lodge, Quamina Street, Georgetown on Wednesday.According to the Commission the value of complaints between 2016 and 2018 increased from $67,000 to $6.5M, although all were not centered on housing errors.It is against this backdrop that the Commission is seeking to reduce these high numbers with the introduction of a Home builders Roadmap, which will among other things, provide a list of qualified contractors for home builders.Austin-Paul explained, “Our hope is to have a list of competent contractors that we can make available to the public so through our consultations we are hoping to achieve that goal”.She was keen to note that contractors both big and small will be included on the list of competent contractors, as long as they meet the basic requirements and are qualified.When asked what qualifications would be necessary for contractors to be included on the list, this publication was told consultations on this is currently being rolled out to accurately determine same by relevant agencies.In explaining the importance of the session the Officer said, “We expect to create a detailed outline of the steps, processes and methods of building or renovating a home to ensure that consumers are aware of the correct legal procedures of the construction process…to ensure that consumers are able to identify qualified contractors and to create a detailed hard-copy and a virtual Homeowners Roadmap for consumers which will be placed on the Commission’s website”.Meanwhile, Director of CCAC, Dawn Cush said that the “Home builders Roadmap is intended to provide consumers with the relevant knowledge when they decide to invest in building a home”.She added that while consumers have rights, they too must do their homework when given an estimate by contractors, so as to ensure they are getting their money’s worth, especially since building a home is a huge investment.Cush also enlightened that if a person is unsatisfied with the work done by a contractor, it is their right to file a complaint against the builder which will ultimately result in an investigation.Chairman of the Commission, Ronald Burch-Smith pointed out that a good start for the Roadmap would be for consumers to know their rights as it relates to warranty and keeping receipts. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedConsumer Affairs mulling new regulations for auto industryJanuary 28, 2019In “Business”Stores with ‘no return’ policy violating the law, says CCACJanuary 26, 2019In “Business”CCAC preparing legislation to protect rights of customers who shop onlineJanuary 22, 2019In “Business” read more