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Stanislav Oleynikov
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Stanislav Oleynikov, CFA is an investment professional from Russia with over 10 years experience in US markets.
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  • SBLK: Calculation of NAV per share

     

    SBLK fleet
     
    Ship
    type
    Name
     
    Year
     
    Market
    value
    Charter value
    Capesize
    Star Alpha
    1992
    37,2
    0,0
    Capesize
    Star Beta
    1993
    39,6
    3,7
    Capesize
    Star Sigma
    1991
    34,8
    41,5
    Capesize
    Star Ypsilon
    1991
    34,8
    60,5
    Supramax
    Star Gamma
    2002
    26,9
    26,4
    Supramax
    Star Delta
    2000
    25,2
    -1,0
    Supramax
    Star Epsilon
    2001
    26,0
    30,5
    Supramax
    Star Zeta
    2003
    27,7
    23,1
    Supramax
    Star Theta
    2003
    27,7
    0,0
    Supramax
    Star Kappa
    2001
    26,0
    22,8
    Supramax
    Star Omicron
    2005
    29,2
    22,8
    Supramax
    Star Cosmo
    2005
    29,2
    21,0
     
     
     
    364,2
    251,3
     
     
     Calculation of net debt
     
    As of 12/31/2008, SBLK had:
     
    Current assets ... $42.3 mln.
    Restricted cash   ... $12 mln.
     
    Current liabilities  ... $57.3 mln.
    Long-term debt  ...  $247.3 mln.
     
     
     
    Net debt:   ... 247.3+57.3-42.3-12 = 250.3
    Shares outstanding: ... 60,301,279
     
    NAV per share = (364.2+251.3-250.3)/60.3 = $6.06
     
     

     

    Tags: SBLK
    May 10 3:03 PM | Link | Comment!
  • EXM: Calculation of NAV per share

     

     
    Fleet data
     

    Ship type
    Name
    Year
     
    Market   value
     
    Charter value
    Capesize
    Lowlands Beilun
    1999
     
    51,8
     
    5,3
    Capesize
    Iron Miner
    2007
     
    65,1
     
    16,0
    Capesize
    Kirmar
    2001
     
    55,4
     
    33,5
    Capesize
    Iron Beauty
    2001
     
    55,4
     
    5,2
    Capesize
    Sandra
    2008
     
    66,6
     
    4,9
    Capesize
    Christine (1)
    2010
     
    27,0
     
    0,8
    Capesize
    Lillie (1)
    2010
     
    31,5
     
    2,5
    Capesize
    Hope (1)
    2010
     
    31,2
     
    0,0
    Panamax
    Iron Manolis
    2007
     
    34,6
     
    2,9
    Panamax
    Iron Brooke
    2007
     
    34,6
     
    2,9
    Panamax
    Iron Lindrew
    2007
     
    34,6
     
    5,5
    Panamax
    Iron Knight
    2004
     
    31,5
     
    5,5
    Panamax
    Coal Hunter
    2006
     
    33,6
     
    5,5
    Panamax
    Coal Gypsy
    2006
     
    33,6
     
    5,5
    Panamax
    Pascha
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Anne
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Vassilis
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Bill
    2006
     
    33,6
     
    5,5
    Panamax
    Santa Barbara
    2006
     
    33,6
     
    5,5
    Panamax
    Ore Hansa
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Kalypso
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Fuzeyya
    2006
     
    33,6
     
    5,5
    Panamax
    Iron Bradyn
    2005
     
    32,6
     
    5,5
    Panamax
    Grain Harvester
    2004
     
    31,5
     
    3,8
    Panamax
    Grain Express
    2004
     
    31,5
     
    5,5
    Panamax
    Coal Pride
    1999
     
    26,3
     
    0,7
    Panamax
    Iron Man (2)
    1997
     
    0,0
     
    -0,7
    Panamax
    Coal Age (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Fearless I (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Barbara (2)
    1997
     
    0,0
     
    -2,4
    Panamax
    Linda Leah (2)
    1997
     
    0,0
     
    0,1
    Panamax
    King Coal (2)
    1997
     
    0,0
     
    30,7
    Panamax
    Coal Glory (2)
    1997
     
    0,0
     
    -2,0
    Panamax
    Isminaki
    1998
     
    25,2
     
    2,7
    Panamax
    Angela Star
    1998
     
    25,2
     
    0,0
    Panamax
    Powerful
    1994
     
    20,5
     
    4,5
    Panamax
    First Endeavour
    1994
     
    20,5
     
    8,4
    Panamax
    Happy Day
    1997
     
    24,0
     
    0,0
    Panamax
    Renuar
    1993
     
    19,3
     
    0,0
    Panamax
    Rodon
    1993
     
    19,3
     
    0,0
    Panamax
    Fortezza
    1993
     
    19,3
     
    0,0
    Panamax
    Elinakos
    1997
     
    24,0
     
    11,9
    Panamax
    Birthday
    1993
     
    19,3
     
    0,0
    Supramax
    July M
    2005
     
    29,2
     
    0,0
    Supramax
    Mairouli
    2005
     
    29,2
     
    0,0
    Handymax
    Princess I
    1994
     
    13,5
     
    3,6
    Handymax
    Marybelle
    1987
     
    7,1
     
    0,0
    Handymax
    Lady
    1985
     
    4,9
     
    0,0
    Handymax
    Emerald
    1998
     
    16,7
     
    0,0
    Handymax
    Attractive
    1985
     
    4,9
     
    0,0
    Handymax
    Swift
    1984
     
    3,8
     
    0,0
    Total
     
     
     
    1302,8
     
    207,3

     
    Notes:
    1. The company has 42.8% interest in Christine and 50% interest in Lillie and Hope. Values of vessels and charters reflect appropriate percent of ownership.
    2. Iron Man, Coal Age, Fearless I, Barbara, Linda Leah, King Coal and Coal Glory are chartered-in on bareboat basis. Charter values reflect the difference in fare value between charter-in and charter-out rates.
    3. Vessels ordered at Korea Shipyard are excluded from all calculations, because no payments were made under this contract and it is unlikely that these ships will materialize.
     
     
     
    Calculation of net debt
     
    As of 12/31/2008, Excel Maritime had:
     
    Current assets  &nbs... $127 mln.
    Restricted cash   ... $24.9 mln.
    Oceanaut receivable  ... $5.2 mln
     
     
    Current liabilities, less current portion of interest rate swaps   ...          $274.8 mln.
    Long-term debt, less the debt of consolidated joint-ventures
    of $29.1 mln, relating to the interest of other parties  &nb... $1274.9 mln.
     
    Remaining payments, relating to the part of the company in the newbuildings:   $72.7 mln.
     
    Proceeds from the private offering of 25.7 mln. shares  &nbs... $45 mln.
     
     
    Net debt:   ... 274.8+1274.9+72.7-45-127-24.9-5.2 = 1420.3
    Shares outstanding: &nbs... 71,789,899
     
    NAV per share = (1302.8+207.3-1420.3)/... = $1.25
     
     
    Tags: EXM
    May 10 3:01 PM | Link | Comment!
  • EGLE: Calculation of NAV per share

     

    EGLE fleet
     

    Ship type

     
     
    Name
     
    Year
     
     
    Market value
     
     
    Charter value
     
    Handymax
    Griffon
    1995
     
    13,8
     
    -0,2
    Handymax
    Kite
    1997
     
    15,3
     
    -0,1
    Handymax
    Sparrow
    2000
     
    17,6
     
    0,0
    Supramax
    Merlin
    2001
     
    25,0
     
    7,2
    Supramax
    Peregrine
    2001
     
    25,0
     
    -1,8
    Supramax
    Condor
    2001
     
    25,0
     
    3,5
    Supramax
    Falcon
    2001
     
    25,0
     
    9,9
    Supramax
    Harrier
    2001
     
    25,0
     
    0,9
    Supramax
    Hawk I
    2001
     
    25,0
     
    -0,1
    Supramax
    Heron
    2001
     
    25,0
     
    8,4
    Supramax
    Osprey I
    2002
     
    25,8
     
    3,0
    Supramax
    Kittiwake
    2002
     
    25,8
     
    5,0
    Supramax
    Goldeneye
    2002
     
    25,8
     
    2,8
    Supramax
    Tern
    2003
     
    26,6
     
    -1,8
    Supramax
    Shrike
    2003
     
    26,6
     
    4,7
    Supramax
    Skua
    2003
     
    26,6
     
    0,6
    Supramax
    Jaeger
    2004
     
    27,4
     
    -1,1
    Supramax
    Kestrel I
    2004
     
    27,4
     
    -0,8
    Supramax
    Cardinal
    2004
     
    27,4
     
    -0,4
    Supramax
    Redwing
    2007
     
    29,6
     
    5,4
    Supramax
    Woodstar
    2008
     
    30,4
     
    13,0
    Supramax
    Wren
    2008
     
    30,4
     
    17,3
    Supramax
    Crowned Eagle
    2008
     
    30,4
     
    0,4
    Supramax
    Stellar Eagle
    2009
     
    31,1
     
    -0,5
    Supramax
    Bittern
    2009
     
    31,0
     
    12,4
    Supramax
    Canary
    2009
     
    31,0
     
    12,3
    Supramax
    Thrasher
    2009
     
    30,9
     
    12,2
    Supramax
    Crane
    2009
     
    30,9
     
    12,2
    Supramax
    Avocet
    2009
     
    30,9
     
    12,1
    Supramax
    Egret
    2009
     
    30,9
     
    4,7
    Supramax
    Crested Eagle
    2009
     
    31,1
     
    -1,1
    Supramax
    Martin
    2010
     
    30,7
     
    9,4
    Supramax
    Thrush
    2010
     
    30,6
     
    0,0
    Supramax
    Golden Eagle
    2010
     
    30,8
     
    0,0
    Supramax
    Imperial Eagle
    2010
     
    30,8
     
    0,0
    Supramax
    Gannet
    2010
     
    30,8
     
    4,7
    Supramax
    Grebe
    2010
     
    30,8
     
    4,7
    Supramax
    Ibis
    2010
     
    30,7
     
    4,6
    Supramax
    Jay
    2010
     
    30,7
     
    11,5
    Supramax
    Kingfisher
    2010
     
    30,7
     
    12,1
    Supramax
    Nighthawk
    2011
     
    30,0
     
    8,6
    Supramax
    Oriole
    2011
     
    29,8
     
    8,2
    Supramax
    Owl
    2011
     
    29,8
     
    8,3
    Supramax
    Petrel
    2011
     
    29,8
     
    3,6
    Supramax
    Puffin
    2011
     
    29,6
     
    3,9
    Supramax
    Roadrunner
    2011
     
    29,6
     
    3,9
    Supramax
    Sandpiper
    2011
     
    29,6
     
    3,8
    Total
     
     
     
    1314,9
     
    227,4

     

     
    Calculation of net debt
     
    As of  03/31/2009, EGLE had:
     
    Current assets   &nbs...  $31 mln.
    Restricted cash     $12.8 mln.
     
    Current liabilities less fair value of time charters acquired of $16.7 mln:    $20.6 mln.
     
    Long-term debt:     $802.5 mln.
     
    Remaining payments for newbuildings:    $549 mln.
     
    Net debt:   802.... = 1328.3
    Shares outstanding:    47,031,300
     
    NAV per share = (1314.9+227.4-1328.3) / 47.03 = $4.55
     
     
    Tags: EGLE
    May 10 2:55 PM | Link | Comment!
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