OJO Zafado

An Overview of the Global Shipping Industry

The ALEX is indeed a shipping company, but. It is about 35-40% a real estate developer in both Hawai'i and the West coast. They are very focused on the Hawaii-Mainland and inter-island trade, along with a position in the US West Coast-China trade. They also have a large agriculture business growing subsidised sugar mostly on Maui and working in a co-operative arangement with the privately held Robinson Family sugar cane production on KAUAI. Most of the combined production goes to the local mills and then on to Crocket, CA for final processing. The land and water resources of this part of the company are not fully reflected in the stock price. Fuel costs are killing the profits in the Jones Act protected Island trade. Probably still over valued at $47 but if it slips below $41 it will be worth talking a partial position or few.