PTI, Cambridge Bin Merger Plans

Business & Finance

Hong Kong tanker owner and operator Parakou Tankers, Inc. (PTI) and Nasdaq-listed blank-check company Cambridge Capital Acquisition Corporation (CAMB) have decided to terminate their proposed merger as they could not agree upon the final terms of the deal.

PTI said that the deal-breaker was the failure to agree on issues related to the structure of the transaction, even though investors were favorably disposed to PTI and the product tanker sector fundamentals overall.

“Despite investor interest in the product tanker sector, we were not able to achieve the desired outcome through the current structure. As a fully integrated industrial shipping company, engaged in the seaborne transportation of liquid petroleum products with a current fleet of eight modern MR product tankers, we remain committed to growing our company through other sources,” said Por Liu, Chairman and CEO of PTI.

According to Liu, the fundamentals of the product tanker market remain strong, following the favorable trend started at the end of last year.

” While MR ton-mile demand should continue to increase, supply also should be limited, which we believe will allow charter rates to strengthen,” he added.