During Tuesday’s trade, Shares of Teekay Tankers Ltd. (NYSE:TNK), lost -5.15% to $7.28.
Teekay Tankers Ltd., declared that its Board of Directors has approved a new dividend policy, effective right away, under which the Company intends to pay out 30 to 50 percent of its quarterly adjusted net income(1), with a minimum quarterly dividend of $0.03 per share, subject to any reserves determined to be required by the Company’s Board of Directors. The new dividend policy will provide investors the opportunity to more directly take part in the earnings from the tanker market while also enable the Company to further strengthen its balance sheet.
Based on the Company’s estimated results for the fourth quarter of 2015, the Company’s Board of Directors has declared a fourth quarter cash dividend of $0.12 per share, representing a 400 percent improvement from the previous fixed dividend of $0.03 per share. The cash dividend is payable on February 12, 2016 to all shareholders of record as at February 2, 2016.
Teekay Tankers also declared that it has secured a new $900 million long-term debt facility that will mature in January 2021. The new facility will be used to refinance 36 of the Company’s existing vessels, counting the recently-attained vessels that are secured by the Company’s two bridge loan facilities which mature in early-2016, and the Company’s main corporate revolving credit facility that matures in 2017. The new facility comprises both a term loan and a revolving credit facility component, which will stretch out the Company’s debt maturity profile in addition to provide financial flexibility. The facility, which was led by Nordea and ABN AMRO, is predictable to be accomplished in January 2016 subject to final documentation.
Teekay Tankers Ltd. is engaged in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. As of August 18, 2015, it owned a fleet of 44 double-hull tankers, counting 22 Suezmax tankers, 12 Aframax tankers, 7 LR2 product tankers, and 3 Medium-Range (MR) product tankers, in addition to 11 time charter-in tankers.
Shares of Can Fite Biopharma Ltd (ADR) (NYSEMKT:CANF), inclined 0.87% to $2.8850, during its current trading session.
The term ‘platform technology’ gets a lot of play, some of it hype, but when an emerging and scientifically sound biotech company shows promise of multiple uses for its core drug, investors should take notice. This is the case with Can-Fite BioPharma Ltd. (NYSE MKT: CANF), who last month released convincing preclinical data that its CF102, presently in trials for a common form of liver cancer, has a beneficial effect on non-alcoholic steatohepatitis (NASH), an insidious disease not readily manifested, making it all the more dangerous. No treatment exists, as a fat-infused liver becomes scarred and, finally, non-functional. A patent for CF102 in NASH has been filed and human studies could commence next year.
Using animals rendered diabetic, Can-Fite showed a statistically noteworthydrop in non-alcoholic fatty liver disease (NAFLD) as contrast to placebo that comprised declines in triglycerides, a major contributor to liver fat and most important, steep decreases in liver inflammation - something at which Can-Fite’s drug platform excels (other indications are psoriasis and arthritis, both in mid-stage studies). Can-Fite’s compounds in study, all in pill form, are based on the A3 adenosine receptor (A3AR), expressed in abundance in cancer cells and where inflammation occurs. Because A3AR is not found in healthy tissue lends to it a specific therapeutic response, and a high level of safety unlike chemotherapy that takes a shotgun approach to healing.
Adenosine receptors, generally exerting an inhibitory function in tissue, appear throughout the body to serve several functions: in the heart, they regulate blood flow; in the brain, slow metabolic activity with a depressant effect on the central nervous system; and, more recently, stimulation of adenosine receptors in the liver are linked to preventing NASH in rats. Can-Fite formerly found that CF102 binding with A3AR found in high abundance in tumor cells exerts a strong anti-tumor effect. Killing liver cancer cells resulted. In early trials, CF102 was used in a patient that has now survived five years.
Can-Fite BioPharma Ltd., a clinical-stage biopharmaceutical company, develops small molecule therapeutic products for the treatment of autoimmune-inflammatory, oncological, and ophthalmic diseases. It offers CF101, which has accomplished Phase II/III clinical trials for the treatment of psoriasis; accomplished Phase II clinical trials for the treatment of rheumatoid arthritis; accomplished Phase I clinical study for the treatment of osteoarthritis; and accomplished Phase I study for the treatment of uveitis, in addition to is in Phase II clinical trials for the treatment of glaucoma or related syndromes of ocular hypertension.
Finally, Genesee & Wyoming Inc (NYSE:GWR), gained 1.43%, and is now trading at $50.97.
Genesee & Wyoming Inc., stated traffic volumes for November 2015.
Fourth Quarter 2015 Business Update
In the fourth quarter of 2015 through November, G&W’s shipments have been weaker than predictable. In G&W’s North American Operations, shipments of steam coal, agricultural products and metals are below expectations by about 8,000, 3,000 and 3,000 carloads, respectively. In G&W’s U.K./European Operations, steam coal shipments are about 4,000 carloads below expectations. In G&W’s Australian Operations, metallic ores shipments are about 1,000 carloads below expectations largely due to the recent suspension of rail shipments from a customer manganese mine. As a result, G&W presently anticipates its merged earnings per diluted share to be about $0.10 below its prior guidance of $0.90 to $0.95 offered on October 30, 2015.
Genesee & Wyoming Inc. owns and operates short line and regional freight railroads, and provides railcar switching and other rail-related services. It operates in two segments, North American & European Operations and Australian Operations.
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