I mentioned them a couple times in DRYS threads about a month ago when they first took a jump off the one dollar area. well they just reported their earnings and the stock jumped to 2 cents short of 3 bucks.
currently trading around 2.80 on 2.2 million shares. it's a REALLY thin stock with just over 21 million shares out SO it should be volitile. any backoff I would be a buyer. it is it COULD just keep going.
I mentioned them a couple times in DRYS threads about a month ago when they first took a jump off the one dollar area. well they just reported their earnings and the stock jumped to 2 cents short of 3 bucks.
currently trading around 2.80 on 2.2 million shares. it's a REALLY thin stock with just over 21 million shares out SO it should be volitile. any backoff I would be a buyer. it is it COULD just keep going.
I actually thought the report was OK but the future quarters are not good for the company. They have some charters that are longer term which are below current market. They took some time charters at really low rates with profit sharing components in some areas.
They are a tiny company, older handymax ships, quite a bit of debt to cash (only like 4M cash on the books with 160M in debt).
The pop today is nice but I really dont see a ton of upside given the long term charters they are locked into and the lack of cash to make any purchases.
JMHO of course.
Rat,
Yep I saw their report.
I actually thought the report was OK but the future quarters are not good for the company. They have some charters that are longer term which are below current market. They took some time charters at really low rates with profit sharing components in some areas.
They are a tiny company, older handymax ships, quite a bit of debt to cash (only like 4M cash on the books with 160M in debt).
The pop today is nice but I really dont see a ton of upside given the long term charters they are locked into and the lack of cash to make any purchases.
well, there MAKING a PROFIT and that in itself is a HUGE plus in this economy and those long term contracts even IF they are under market could actually turn out to be a plus. I won't go nuts with it and "load the boat" BUT will be a buyer on any dips.
well, there MAKING a PROFIT and that in itself is a HUGE plus in this economy and those long term contracts even IF they are under market could actually turn out to be a plus. I won't go nuts with it and "load the boat" BUT will be a buyer on any dips.
bunch of "I've got mine" selling late friday. 2.48 with half an kour to go and a low of 2.45 so far. will be interesting to see if it fills that gap back to the 2.25 area next week.
would be normal for a thin stock after a monster run.
bunch of "I've got mine" selling late friday. 2.48 with half an kour to go and a low of 2.45 so far. will be interesting to see if it fills that gap back to the 2.25 area next week.
would be normal for a thin stock after a monster run.
With the BDI crusing, it is an even greater magnified negative to a company like FREE or a company like EXM who have lousy locked in charters..right now it is a GOOD time to have spot vessels, with rates going bonkers there is money to be made and LT charters now will be at much higher levels than from those who settled on sh!tty terms during the drop in the industry.
I see all these suckers lining up mid and long charters at TERRIBLE rates, all this does is remove sloppy supply and give SPOT owners better and better rates and charterers greater terms in the coming months. link
Rat,
With the BDI crusing, it is an even greater magnified negative to a company like FREE or a company like EXM who have lousy locked in charters..right now it is a GOOD time to have spot vessels, with rates going bonkers there is money to be made and LT charters now will be at much higher levels than from those who settled on sh!tty terms during the drop in the industry.
I see all these suckers lining up mid and long charters at TERRIBLE rates, all this does is remove sloppy supply and give SPOT owners better and better rates and charterers greater terms in the coming months. link
nice LRR
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