-This sector is very dominated by longer TC contracts, hence the high orderbook is not necessarily that dangerous. Cool Company trades in the spot market and can be affected more than this than for example Flex LNG who has longer charters, where you can expect more steady dividends. However I read your investment strategy, and I agree that this sector is probably not 500% potential at the moment.
-Golar LNG is not really an LNG shipping company but an FLNG operator, although they own 1 LNG carrier. They are more in the upstream sector, which cools down the gas for transportation. Fun fact: they sold all their carriers to Cool Company.
Great article, very interesting read and thank you for sharing.
Hey Alberto! What is your opinion regarding TORM plc ($TRMD)? And is there any change of your analysis and convictions based on the pretty substantial drop in the stock prices in the last weeks/month?
Interesting piece. Tried to do a rough estimation of the fleet value of some of the major offshore drillers some months ago. Seadrill came out cheapest, with Valaris on a close second. But I also agree with regards to CEO ownership. Link to excel model if of interest: https://1drv.ms/x/s!AqhVfZhLGjWslRjJdb0pFEAn16-I?e=ngKqCF
They have massive conflicts of interest as the management owns a company that provides all the services for the vessels owned by Scorpio. Thank you Connor
Hola Sergio! No está en castellano, pero en tu navegador te puedes descargar un traductor que te traduce todas las páginas que quieras. Qué navegador tienes?
Hi Alberto; with the recent pull back on both WAWI and HAUTO I went back to re-read your article. I think the head winds you were writing about is happening but I am having difficulty letting so of those juicy divis ?
Alberto, I'm just coming across this article now as I'm learning more about the industry and one of my holdings, Danaos. Great work and thanks for sharing! Anyways, I've noticed the best times to buy these companies is when they're at the brink of extinction, when day rates are beaten up and over-levered firms are going under. For example, DAC in 2020-21. Sounds like you were invested a few years back so you prob gained a lot in that ride up from the bottom.
I'm based in Barcelona, if you're around would love to invite you to lunch sometime. Best, Robbie
Thanks for the comment, I think you posted it twice by mistake. So, I will post the same answer on both:
That is why I said in the report "Scorpio has the best average historical gross and operating margins. Their balance sheet is also very good. But I do not trust Robert Bugbee, the president and director of Scorpio. "
I do not trust Scorpio. A similar thing happens with Tsakos, although the discount to NAV is not justified in my opinion. Therefore, I think Tsakos is a good stock at these prices.
ok sorry for double answer , it s across all greek stocks including your top picks SBLK NMM etc look at the cost structure in detail and service provided by parentCo and who is the owner of the parent Co
Hi, just a few comments regarding LNG sector.
-This sector is very dominated by longer TC contracts, hence the high orderbook is not necessarily that dangerous. Cool Company trades in the spot market and can be affected more than this than for example Flex LNG who has longer charters, where you can expect more steady dividends. However I read your investment strategy, and I agree that this sector is probably not 500% potential at the moment.
-Golar LNG is not really an LNG shipping company but an FLNG operator, although they own 1 LNG carrier. They are more in the upstream sector, which cools down the gas for transportation. Fun fact: they sold all their carriers to Cool Company.
Great article, very interesting read and thank you for sharing.
Thank you very much! Great feedback
Alberto como siempre un artículo de 10. Mis felicitaciones
Gracias!
Hey Alberto! What is your opinion regarding TORM plc ($TRMD)? And is there any change of your analysis and convictions based on the pretty substantial drop in the stock prices in the last weeks/month?
I do not like the overhang of Oaktree selling more shares. Right now im fully invested. Im thinking of selling other picks to buy more shipping
Amazing work. Congratulations!!!
Great post as always Alberto. Any thoughts on the warrants for Valaris?
No idea. But the options look interesting
Interesting piece. Tried to do a rough estimation of the fleet value of some of the major offshore drillers some months ago. Seadrill came out cheapest, with Valaris on a close second. But I also agree with regards to CEO ownership. Link to excel model if of interest: https://1drv.ms/x/s!AqhVfZhLGjWslRjJdb0pFEAn16-I?e=ngKqCF
Thanks!
Hey, Alberto! Another fantastic read. I marvel at your ability to drill down and focus on a sector across dozens of companies.
Regarding STNG and Bugbee, while he may not own a large percentage of the company he has $84 million in stock - https://finchat.io/company/NYSE-STNG/insiders/
Which has made me comfortable holding them due to their spot exposure.
I've heard tales of Bugbee and his escapades in the past, but can you elaborate on what you don't like about him at the helm?
Thank you for all you do.
They have massive conflicts of interest as the management owns a company that provides all the services for the vessels owned by Scorpio. Thank you Connor
Another fake below, Alberto.
They block me mate. I can’t see them
As usual a fantastic job, Alberto! Your work level and capacity are extraordinary!
Thank you very much!
Amazing work Alberto!! You are so generous for sharing with us for free. Many thanks 🙏
Thank you TL!!
Buenas, habría posibilidad de leer los artículos en castellano?
Hola Sergio! No está en castellano, pero en tu navegador te puedes descargar un traductor que te traduce todas las páginas que quieras. Qué navegador tienes?
What is Manuel's Twitter and/or Substack account name?
He does not have one as far as I know
Chrome
Aquí tienes un vídeo de 1 minuto donde te explica cómo hacerlo. Así podrás leer todos mis artículos en español. Cualquier duda me avisas
https://www.youtube.com/watch?v=x7Uvjt97w1k
Hi Alberto; with the recent pull back on both WAWI and HAUTO I went back to re-read your article. I think the head winds you were writing about is happening but I am having difficulty letting so of those juicy divis ?
Alberto, I'm just coming across this article now as I'm learning more about the industry and one of my holdings, Danaos. Great work and thanks for sharing! Anyways, I've noticed the best times to buy these companies is when they're at the brink of extinction, when day rates are beaten up and over-levered firms are going under. For example, DAC in 2020-21. Sounds like you were invested a few years back so you prob gained a lot in that ride up from the bottom.
I'm based in Barcelona, if you're around would love to invite you to lunch sometime. Best, Robbie
Thanks for the comment, I think you posted it twice by mistake. So, I will post the same answer on both:
That is why I said in the report "Scorpio has the best average historical gross and operating margins. Their balance sheet is also very good. But I do not trust Robert Bugbee, the president and director of Scorpio. "
I do not trust Scorpio. A similar thing happens with Tsakos, although the discount to NAV is not justified in my opinion. Therefore, I think Tsakos is a good stock at these prices.
Hope it helps.
ok sorry for double answer , it s across all greek stocks including your top picks SBLK NMM etc look at the cost structure in detail and service provided by parentCo and who is the owner of the parent Co
No problem! Yes, I agree with you. Sadly, its the bread and butter in this industry