urge2surge
2 years ago
With the ever changing geo political and energy landscape changing, PGAS, should it regain full compliance, could well be in a position of benefiting in an outright sale or merger. Europe is now, and for the foreseeable future, dependent on energy beyond the Russian pipeline. As in all aspects of life, knowing when and how to adjust, are important in obtaining survival and success.
Will see if the new supply and demand metrics affect this issue.
urge2surge
2 years ago
Europe will need to import oil products, mainly diesel, from regions such as the US, Middle East, India and other Asian countries. Russian diesel exports will also have to find new customers, presumably in places like Latin America, Africa and Turkey, while some may potentially also go to Asia, Torm said.
βWe expect further support to the product tanker trade from the need to replenish both commercial and strategic oil inventories in many countries,β it said.
Tanker demand is also being supported by refinery closures in importing regions β partly due to the green energy transition and the hit from the Covid pandemic β and new capacity being built in exporters. Torm said it has seen a big jump in imports from Australia, New Zealand and South Africa, where refineries recently closed, and expects the general trend to continue.
File or Receivership. Either way the assets are there and somebody's going to make bank.
https://gcaptain.com/eu-ban-on-russian-fuel-imports-seen-as-boon-for-global-tanker-demand/
urge2surge
2 years ago
I'm a trial member so no PMS allowed for me. As for receivership, a CFO or someone with capacity can petition the courts to take this over, so long as they can demonstrate capacity to execute filings and a track record of fiduciary etc.. Once granted, they'll have full ownership and stewardship, unless any of the tangible assets can be defended via private purchase. None of which qualify IMO. Once receivership is granted, they can sell off a Petro station, a tanker, shore up the financials, and or RM the complete entity. They could also rescind shares that were allocated to the CEO. Love that part.
The black mamba is jeopardizing a complete loss by their predatory tactics in non compliance. With the tangible assets here, it'll be hard to find a bigger fool in play...
For these reasons, no one should sell. There's too much value in the tangibles.
Hope that helps.
BFCH just got receivership. You can read the subsequent filings. The former CEO and VP forbidden under trespass on the property.
urge2surge
2 years ago
I mentioned another OTC that obtained receivership of the company due to the failure to file. The CFO successfully got that receivership and subsequently had the former CEO and others removed and barred from access to the property etc. There's always a possibility of that type of scenario manifesting here. Seizing the assets and taking full control. Personally I would welcome that given current management's ineptness, whether intentional or not. They could divest some of the assets and shore up the financials. A sale of one tanker or convenient Petro shop, would suffice. Let's hope that management is blindsided by their actions not to file, and permanently removed from the helm. Given the energy sector demands, and assets to liabilities, this favors a play towards receivership imo.