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  • Frontline Merger Provides Compelling Investment Upside [View article]
    I don't follow this at all. Since the exchange ratios are fixed, all that matters is which one garners more shares in the new entity at lower current prices.
    Jul 25, 2015. 01:51 PM | Likes Like |Link to Comment
  • Frontline Ltd. And Frontline 2012 Ltd. Have Entered Into A Merger Agreement [View article]
    @Marine Harvest:

    Your post is wrong (as usual). FRO has traded down in the past month leading up to the merger announcement from $2.95 on June 12th to the current $2.33, or 21%. Numerous commentators have mentioned the fact that FRO has underperformed on the announcement (something anyone could easily see) and that FRNT shareholders got a good deal. Here is a recent headline: "Frontline (FRO) Stock Falls on Frontline 2012 Merger".

    Though FRO had fallen considerably leading up to the merger announcement it still fell more on the actual announcement, while FRNT shares rallied on the announcement. The opinion of two analysts at Arctic securities and Pareto, who follow the company is that "Both brokerages also believes that shareholders of Frontline 2012 has been a good deal." That's a poor translation of "the shareholders of FRNT have gotten a "better" deal. The word that is used is "bessere" (better). Ultima has already explained the entire scenario in depth. Basically, it was a classic case of follow the money. JF owned a huge percentage of FRNT, so FRO shareholders got the worst of the deal.

    By the way, you still can't figure out the math on this one. You need to try to understand that there are 44 million more shares of FRNT outstanding.
    Jul 10, 2015. 01:20 AM | Likes Like |Link to Comment
  • Frontline Ltd. And Frontline 2012 Ltd. Have Entered Into A Merger Agreement [View article]

    You've been exactly right about what JF was going to do to FRO shareholders from the beginning. Kudos on a great call. FRNT valued at 3 times FRO! Amazing.

    Meanwhile FRO down huge after announcement and FRNT up huge.
    Jul 3, 2015. 02:19 AM | Likes Like |Link to Comment
  • Seadrill: Should You Buy This 11%-Yielder? [View article]
    <<5. Even in a market with few tender activity those companies with modern or high tech equipment will stay profitable - even more so if they have a strong order backlog with high dayrates. Those contracts are functionally forward sales of capacity. So companies like SDRL are hedged partially.>>

    Apparently NOT!
    Jun 23, 2015. 03:06 PM | Likes Like |Link to Comment
  • PotBelly Bloated Into Earnings [View article]
    Explain why p/s is more relevant than p/e and earnings growth rate.
    Jun 23, 2015. 02:18 PM | Likes Like |Link to Comment
  • North Atlantic Drilling: Fleet Analysis And Financial Results As Of November Commentary [View article]
    @Fun Trading

    On the contrary, I thought my apology quite good and (for my part) sincere. It's a little uncharitable in you that you could not accept my apology in the spirit it was offered. After all, I was merely trying to provide you with cover and an excuse for your unfortunate blunder in referring to the NADL/Rosneft agreement as a "done deal."

    If it's important to you, I suppose I can concede your overscrupulous point about "America." But I can't help feeling that your making it makes you simply childish, especially when the whole world refers to us, and no others, as "Americans": Canadiens are Canadiens; Brazilians Brazilians; Mexicans Mexicans; and we are Americans.

    As for poor Aristotle, I expect that you stand "zero chance" of wresting his hoary head from the grave to act as arbiter in our dispute.
    Jun 14, 2015. 04:38 AM | Likes Like |Link to Comment
  • North Atlantic Drilling Discusses Conditions In Offshore Drilling Industry [View article]
    Does anyone really believe they will get another contract b4 the end of the year?! There's a very good chance they won't get one in 2016 either! 2015 almost certainly not.
    Jun 14, 2015. 01:48 AM | 1 Like Like |Link to Comment
  • Substantial Upside Remains: Frontline Earnings Preview [View article]
    I agree w/ you, but these charters have been part of the general knowledge base for quite some time.
    Jun 14, 2015. 01:32 AM | Likes Like |Link to Comment
  • Ship Finance International: An Undervalued 10% High-Yield Stock [View article]
    I enjoyed the article. I suppose its 40% exposure to offshore raises the risk profile.
    Jun 2, 2015. 11:05 PM | Likes Like |Link to Comment
  • Substantial Upside Remains: Frontline Earnings Preview [View article]
    The VLCC time charters go back to early q1, if not q4 2014.
    Jun 2, 2015. 09:11 AM | Likes Like |Link to Comment
  • Substantial Upside Remains: Frontline Earnings Preview [View article]
    There are no purchase options. This was clarified in the cc. The ships can be put to FRO at year end at owner's discretion.
    Jun 2, 2015. 03:09 AM | Likes Like |Link to Comment
  • Frontline - First Quarter Earnings Preview [View article]
    I don't think the SFL profit share expires.
    May 22, 2015. 01:20 AM | Likes Like |Link to Comment
  • Frontline - A Misunderstood Entity With Enormous Upside [View article]
    What a fantastic article. 2nd only on SA to the referenced Clemens Scholl article on Frontline, which has been a favorite of mine for some time. Thanks to this article I no longer have to wrestle w/ figuring out how much money FRO can make. It's all so intelligently laid out in your spreadsheets. I had worried that SFL charter payments were so onerous that they wouldn't be able to make much money. I suppose if they buy the 4 tankers from the Germans the numbers will look even better going forward (assuming a good tanker market). Thanks.
    Apr 12, 2015. 03:31 AM | Likes Like |Link to Comment
  • One Reason Investors Should Not Buy Seadrill's Stock [View article]
    I can't believe the author even considers buybacks in this environment! Does he even understand anything about the company's situation? If they were doing buybacks now, there couldn't be any more perfect sell signal possible.
    Mar 5, 2015. 07:41 PM | 2 Likes Like |Link to Comment
  • Seadrill Well Positioned To Weather Industry Downturn But Investors Should Still Be Cautious [View article]
    They did not lie. The price of oil declined dramatically and precipitately and their world collapsed. No rational being could have expected such a highly leveraged entity to maintain their exorbitant dividend in the teeth of a market collapse w/ a load of newbuilds on order.
    Mar 5, 2015. 06:40 PM | Likes Like |Link to Comment