poor&unemployed

Looking Good: Genco in Particular, Shipping in General

Yeah maybe the ships are devalued and that may not look good on the balance sheet but they still float and they still carry goods and they still produce income. Your new car was worth $10,000 less after you drove it off the car lot but it will still get you to work for the next five years.

======================

Do you apply the same logic to real estate??? Wanna buy my condo in Las Vegas?

There is no such thing as low debt in Shipping.

Looking Good: Genco in Particular, Shipping in General

"I decided Monday to put in an order for some DryShips stock, since it was trading at $3.54 and a P/E of 0.17 at Friday’s market close - but it’s already too late for the first bounce, because the ask price at my broker was already up above $23."

_____________

THESE ARE NOT IGNORANT PEOPLE. THEY ARE PAID PUMPER!

Looking Good: Genco in Particular, Shipping in General

There is a old saying, which is much ignored by the "Shipping Pundits" - Hindsight is 20/20. Looking at past earnings and dividents of a highly cyclical company is like finding a hot blind date every Saturday.

There are several thousand vessels out there and above mentioned companies collectively own less than 200 of them. If you look at the 90's, you will find that the investors lost the money but the management of most companies went away with big smile on their faces and few vessels in the pockets.

Incidently, back then we had the "Asian Tigers" this time we have our hopes pinned on China.