Latest news with #TCE
Yahoo
24-05-2025
- Business
- Yahoo
Frontline PLC (FRO) Q1 2025 Earnings Call Highlights: Strong TCE Rates and Cash Generation ...
VLCC TCE Rates: $37,200 per day in Q1 2025; 68% booked at $56,400 per day for Q2. Suezmax TCE Rates: $31,200 per day in Q1 2025; 69% booked at $44,900 per day for Q2. LR2/Aframax TCE Rates: $22,300 per day in Q1 2025; 66% booked at $36,100 per day for Q2. Profit: $33.3 million or $0.15 per share in Q1 2025. Adjusted Profit: $40.4 million or $0.18 per share in Q1 2025. Time Charter Earnings: Decreased from $249 million in the previous quarter to $241 million in Q1 2025. Cash and Liquidity: $805 million in cash and cash equivalents as of March 31, 2025. Fleet Composition: 41 VLCCs, 22 Suezmax tankers, 18 LR2 tankers; average age 6.8 years. Cash Breakeven Rates: $29,700 per day for VLCCs, $24,300 per day for Suezmax, $23,300 per day for LR2s. OpEx Expenses: $8,400 per day for VLCCs, $8,000 per day for Suezmax, $8,200 per day for LR2s; Q1 fleet average $8,300 per day. Cash Generation Potential: $332 million or $1.49 per share, with a 30% increase from current spot market potentially doubling cash generation. Warning! GuruFocus has detected 4 Warning Signs with FRO. Release Date: May 23, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Frontline PLC (NYSE:FRO) achieved strong TCE rates in Q1 2025, with VLCCs at $37,200 per day, Suezmax at $31,200 per day, and LR2/Aframax at $22,300 per day. The company has a solid balance sheet with $805 million in cash and cash equivalents, and no significant debt maturities until 2030. Frontline PLC (NYSE:FRO) operates a modern fleet with an average age of 6.8 years, consisting of 99% ECO vessels, enhancing operational efficiency. The company has substantial cash generation potential, with a projected $332 million or $1.49 per share, which could increase by 100% with a 30% spot market rise. Frontline PLC (NYSE:FRO) benefits from a growing demand for compliant tonnage as sanctions widen, potentially increasing market opportunities. Adjusted profit in Q1 2025 decreased by $4.7 million compared to the previous quarter, primarily due to lower TCE rates. Operating expenses increased, with ship operating expenses at $60.3 million, reflecting higher costs compared to previous quarters. The tanker market faces uncertainties due to geopolitical tensions, including potential impacts from US policy changes and sanctions. Frontline PLC (NYSE:FRO) is trading at a discount to NAV, indicating potential undervaluation despite a positive industry outlook. The company faces challenges in monetizing older vessels due to market dynamics and compliance concerns, limiting asset sales opportunities. Q: Activity in the Atlantic for VLCC fixtures has been quiet. Is this due to OPEC's accelerated ramp, and what might drive more long-haul cargoes out of the Atlantic Basin? A: Lars Barstad, CEO: The quietness in the US Gulf area is puzzling. It could be due to tonnage sitting on oil majors' hands, refinery runs in the US ahead of summer, or increased Canadian exports. However, there is active flow from Brazil and Guyana, and increased interest from India in West African barrels. Q: Operating costs have increased sequentially and year-over-year. What is driving this? A: Inger Klemp, CFO: The previous quarter's lower costs were due to insurance and supplier rebates. The current quarter's $60.3 million is more reflective of ongoing costs. Administrative expenses also increased due to a re-evaluation of synthetic option liability. Q: Frontline is trading at a discount to NAV despite a positive industry outlook. Is a strategic change needed to regain premium valuation? A: Lars Barstad, CEO: The discount is surprising. There has been an outflow of shareholders and high short interest. Investors are cautious and want proof before investing. Frontline remains disciplined, retaining upside potential by not engaging in extensive time charter contracting. Q: With VLCC rates improving, have we seen the full benefit of sanctions, or is there more to come? A: Lars Barstad, CEO: The full impact of sanctions is not yet realized. Incremental barrels are coming from compliant sources, and OPEC is returning barrels to the market. This is positive for the compliant fleet, particularly VLCCs, and we expect a stronger market in the coming months. Q: What was the main driver for refinancing the '24 VLCCs early? A: Inger Klemp, CFO: The primary driver was the margin reduction, with an extension of the duration being an additional benefit. The refinancing reduced the margin from 200 basis points to 170. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
15-05-2025
- Health
- New York Post
BK musicians hire private lab to test for toxic Gowanus Canal vapors after landlord gives silent treatment: ‘This could kill me'
These Brooklyn musicians are playing to deaf ears. Tenants at a band rehearsal space near Brooklyn's toxic Gowanus Canal are taking matters into their own hands and pooling funds to hire a private company to test for cancer-causing vapors inside the building after the landlord refused to let state inspectors inside. Advertisement The space — which has been the rehearsal home over the years to the likes of TV On the Radio, Coheed and Cambria and The Blue Man Group — sits just blocks away from sites that have tested positive for high levels of cancer-causing trichloroethylene (TCE). But the management company that operates the facility says that landlord Anthony Borruso hasn't been 'amenable' to requests for free testing being offered by the state 5 Band Spaces NYC, which manages the space at 255-261 Douglass St., claims landlord Anthony Borruso hasn't been 'amenable' to requests for free testing from New York State. William Miller Advertisement 'I can't give any comment on that,' Anthony Borruso, who owns the property at at 255-261 Douglass St., told The Post when asked if he has refused to test or would be testing the site in the future. Some of the building's roughly 75 tenants have since launched a GoFundMe campaign to pool more than a thousand dollars needed to run third-party tests. Nearby sites such as the Royal Palms shuffleboard club on Union Street have been found to have cancer-causing vapors roughly 22 times the amount considered safe. Another building, which the state has not publicly identified, had levels of TCE 450 times above acceptable levels. 5 Nearby sites such as the Royal Palms shuffleboard club have been found to have cancer-causing vapors roughly 22 times the amount considered safe. Paul Martinka Advertisement While the musicians' fundraiser only amassed $820 of its $1,333 goal, the tenants moved forward with testing conducted by Exclusive Testing Labs and are now waiting on results. 'I'm thinking about moving out … but it's tough for a musician to find a new space,' said one tenant, who declined to provide his name to The Post out of retaliation fears. The musician told The Post that tenants put up flyers in the building to notify others of the fundraiser, but someone 'tore them all down almost immediately.' 'Getting cancer or some other lung disease, that would be my big concern,' he said. 'The long term health impact could injure me. This could kill me, even.' Advertisement 5 'I'm thinking about moving out … but it's tough for a musician to find a new space,' said one tenant. William Miller While private lab testing isn't enough to qualify for free state-funded cleanup, the musician said that, if the private lab returns 'bad results,' then the group plans to sue the landlord. The state is urging landlords around the canal site to test – but as of last fall, only 20% of landlords granted access for testing, records show, and building owners have the right to refuse testing from the Department of Environmental Conservation. 'While tenants can provide DEC access for their specific living space, DEC requires owner permission to complete a full [soil vapor intrusion] evaluation for a building,' a state rep said. 5 While private lab testing isn't enough for the building to receive free state-funded cleanup, the musician said that if 'bad results' are returned, then the group plans to sue the landlord. Helayne Seidman 'I find it unethical and, quite frankly, immoral … that landlords won't have much incentive to get this testing,' the tenant musician added. The debacle calls to mind a similar battle waging in North Brooklyn at the Meeker Avenue Plume – where the EPA has similarly only gained access to about 20% of properties in the 45-block testing zone to test for chemicals like TCE. 'If tenants are having difficulty in this regard, I encourage them to reach out to my office for support with getting landlords to comply,' Council Member Shahana Hanif, who represents Gowanus, said in a statement, adding 'tenants should not be forced to pay for this critical service out of pocket.' Advertisement 5 'I find it unethical and, quite frankly, immoral … that landlords won't have much incentive to get this testing,' the tenant musician added. Paul Martinka A representative from Exclusive Testing Labs told The Post it has privately tested about 15 to 20 commercial and residential properties — at the request of both landlords and tenants — near the canal within the past year. Reasons why landlords can refuse a test run the gamut, the rep explained, from older landlords unaware of environmental dangers to those who 'don't feel as though air quality is as big of an issue as it actually is.' Advertisement A rep for Band Spaces NYC named John told The Post it will continue its pursuit to get the landlord's permission. 'We've spoken [to Borruso] at length about the issue several times and I have made clear that the Band Spaces renters are anxious to have the testing done,' he said, 'so I believe they may eventually relent and allow the testing to proceed.'
Yahoo
12-05-2025
- Business
- Yahoo
Context Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
PHILADELPHIA, May 12, 2025 (GLOBE NEWSWIRE) -- Context Therapeutics Inc. ('Context' or the 'Company') (Nasdaq: CNTX), a clinical-stage biopharmaceutical company advancing T cell engaging bispecific antibodies for solid tumors, today announced that Context has granted non-qualified stock option awards to purchase an aggregate of 160,000 shares of its common stock to two new employees as an inducement material for accepting employment with Context. The stock option awards were granted outside of the Context Therapeutics Inc. 2021 Long-Term Performance Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options were granted to the new employees on their respective hire dates (May 5, 2025 and May 12, 2025) with an exercise price equal to the closing price of Context's common stock as reported by Nasdaq on the grant date ($0.839 and $0.78 per share, respectively). The stock options have a 10-year term and vest over four years, with one-fourth of the shares underlying the stock option vesting on the first anniversary of the grant date and the remainder vesting in thirty-six equal monthly installments thereafter. Vesting of the stock options is subject to continued service with Context through the applicable vesting date. About Context Therapeutics®Context Therapeutics Inc. (Nasdaq: CNTX) is a biopharmaceutical company advancing T cell engaging ('TCE') bispecific antibodies for solid tumors. Context is building an innovative portfolio of TCE bispecific therapeutics, including CTIM-76, a Claudin 6 x CD3 bispecific antibody, CT-95, a Mesothelin x CD3 bispecific antibody, and CT-202, a Nectin-4 x CD3 bispecific antibody. Context is headquartered in Philadelphia. For more information, please visit or follow the Company on X (formerly Twitter) and LinkedIn. Forward-looking StatementsThis press release contains 'forward-looking statements' that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact, included in this press release regarding strategy, future operations, prospects, plans and objectives of management, including words such as 'may,' 'will,' 'expect,' 'anticipate,' 'look forward,' 'plan,' 'intend,' and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are forward-looking statements. These include, without limitation, statements regarding (i) the potential benefits, characteristics, safety and side effect profile of our product candidates, (ii) the likelihood data will support future development of our product candidates, and (iii) the likelihood of obtaining regulatory approval for our product candidates. Forward-looking statements in this release involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, and we therefore cannot assure you that our plans, intentions, expectations, or strategies will be attained or achieved. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in our filings with the U.S. Securities and Exchange Commission, including the section titled 'Risk Factors' contained therein. Except as otherwise required by law, we disclaim any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events, or circumstances or otherwise. Investor Relations Contact:Jennifer Minai-AzaryContext TherapeuticsIR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
06-05-2025
- Health
- CBS News
Nationwide ban on TCE on hold following Minnesota's ban on toxic chemical
A nationwide ban on the toxic, cancer-causing chemical trichloroethylene – first banned in Minnesota – is now on hold. WCCO first reported on the dangers of TCE five years ago after discovering a White Bear Township manufacturing plant emitted unsafe levels of the chemical into the air for years. The now-bankrupt Water Gremlin released elevated and unsafe levels of the toxic chemicals. The community made noise, and lawmakers enacted change. "It's a chemical that we know is bad. We've known for a long time that it's bad, that has negative health impacts on people when they're exposed to it," former DFL Minnesota State Representative Ami Wazlawik said. "We had a huge groundswell support for the community, and they were really what made us able to get it done, what made us able to get the political support that we need to get this bill passed. And it was a big deal, because no other states had done it yet." A ban by the Environmental Protection Agency on TCE across the country showed promise, following Minnesota's lead to protect the population. The rule was to go into effect the week before the inauguration in January but got caught up in the courts. The pause will continue during a regulatory freeze and review by the new administration. "We're hopeful that the amount of work that's gone into this at the federal level already – the amount of conversation and discussion that's been had – that will prove to be enough to move forward with the ban as it is, instead of either keeping it on an indefinite pause or just not having it happen at all," Wazlawik said. While the nation waits on the phaseout of the chemical to move forward, Minnesotans are protected. The state pollution control agency told WCCO, "Only three research and development facilities in Minnesota are permitted by the MPCA to use TCE." Before the state ban, 130 companies and facilities used the chemical. "And so for us, we're sort of just waiting to see what happens and have our ban in place. We're protecting our citizens from that chemical and just waiting for the federal government to sort of step up and do the same at the federal level," Wazlawik said. The earliest the EPA ban could begin is June, but it's expected to be delayed. If it goes into effect, the federal ban will supersede the state ban.
Time of India
03-05-2025
- Entertainment
- Time of India
Govt signs MoU to set up India's first transmedia entertainment city
Vijayawada: The govt signed a MoU with Creative Land Asia for setting up India's first transmedia entertainment city (TCE) in the state. The objective of the MoU is to conceptualise and operationalise the entertainment city, which will be named Creatorland . Tired of too many ads? go ad free now It will have immersive theme parks, gaming zones, and global cinema co-production zones. The partnership was announced at the WAVES summit in Mumbai. According to a statement by the tourism dept, CLA is coordinating with over 20 studios across the world to make India their production hub. Creatorland is expected to attract investments of nearly Rs 10,000 crore in the next 5-6 years. Once the proposed project is operational, it is expected to open skilling and employment opportunities in creative and tech domains. The initiative is expected to create 1.5 lakh jobs besides upgrading the skills of 10,000 youth every year in AI, VFX, and gaming. Creatorland comes with a virtual studio complex powered by AI-based real-time rendering and volumetric capture technologies, immersive theme parks, gaming zones, e-sports arenas, global cinema co-production zones, and Creatorland Academy for skilling youth in VFX, AI, gaming, and immersive storytelling. Tourism minister Kandula Durgesh said partnering with CLA is a milestone in the govt's efforts to open up the state for film, entertainment, and tourism. "This MoU is more than an infrastructure project as it will create an enabling ecosystem for talent, innovation, and tourism," he said. Sajan Raj Kurup, founder and chairman of CLA, said from immersive experiences to AI-led storytelling, Creatorland will blend technology with culture and global talent with Indian imagination. "This is our collective step toward putting India on the global map of entertainment infrastructure and IP creation. This collaboration is a milestone in India's journey toward becoming a global content powerhouse," he said.
