Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
Are you kidding?
"The revenue and earnings of MOST AMERICAN companies have been dropping during the last 2 years too. Apparently you live in a cave and you have NOT realized it. So you keep buying the american companies but you reject the shipping stocks. "
Looks like you are the one who's been in a cave. You call yourself a stockpicker. So you should have been in stocks like AAPL, MCD, VALE, EMC, and countless others that have a two year chart that goes up. All that data in your "mix of data" does not indicate at all, a rise in earnings, or revenue in PRGN's future.
"1) Picking stocks is a comparative game which you can not perceive apparently. You pick the best from each sector. if you do not like the sector, it is your call. Do not buy the sector now. you can buy it later at its peak when the herd comes. you are a part of the herd since long time ago so i will not be surprised."
Definitely do not like the sector at this point, and since I understand the sector, I'll know when it will improve. It won't be soon, I won't miss it. I'll be investing elsewhere, making money, you'll have dead money. " your complex against PRGN makes sense since you are stuck with the debt loaded EXM and GNK . i feel sympathy for you. They can go broke anytime or they can dilute HEAVILY anytime to satisfy their covenants."
I've made it clear that I don't own any of the stocks you keep mentioning, I've provided links to show my opinion of them, and of the entire sector. Since you have no proof, why don't you drop the same tired rant about them? I don't have a complex against PRGN, I made money on them after their IPO. I remove all prejudice, and emotion from my stock picking, and try to use cold hard DD. It's a very transparent sector, and the future shipping rates will remain stagnant for some time, with seasonal fluctuation. The growth of the fleet will surpass the growth of demand.
The book value of EXM is based on the overinflated price they paid for their fleet, minus the depreciation. The actual value of those ships is much less. It is barely above the the amount of debt. That's why they were in breach of loan covenants, which stated that the value of their fleet must be 125% of the debt. This is their fleet: www.excelmaritime.com/...
EXM claims that those ships are worth $2.7 billion. Not a chance.
EXM filed a prospectus to sell 30 million shares in order to partially pay for the 5 new Capes being delivered this fall. They will be paid for with a combination of cash and debt.
EXM has 17 ships coming up for new charters this December, at a time when rates are not very good. www.excelmaritime.com/...
Those charters will decide where this stock is heading, not the Bogus Balance Sheet.
DryShips: Come Aboard, Just Make Sure You Have Your Sea Legs [View article]
First off, the RTP rumor is baseless. There is nothing remotely valuable about DRYS for Rio Tinto. If RTP wanted to buy ships to control their shipping costs, they would do what VALE is doing: buying Capes, and having VLOC's built, which hold 400,000 dwt. of ore. Only 7 of DRYS ships are Capes, and they are under long term charters. They would not be available to RTP for some time. The Panamax ships would be of little use. And all would be committed to paying commissions to Cardiff, until their charters are up. RTP does not need the services of Cardiff's overpriced management. This would not put RTP into the oil business. It would put them in the Drillship leasing business, big difference.
"This guy funneled a few 100 million here and there to family members, all of which providing something back to shareholders, and being completely open about i" No! DRYS shareholders forfeited hundreds of millions in deposits and penalties to Cardiff, for the cancellation of those ship purchases. DRYS shareholders lost the money, didn't get the ships or the revenue from them. They got nothing but the shaft. Cardiff raked in millions, which they needed. Both companies were highly leveraged and with ship values crashing, they were both in violation of loan covenants. DRYS is a public company so they went to the secondary share troth. And diluted the company from 41 million shares outstanding, to 297 million. Cardiff is a private company, owned by George, 75%, and his sister's 25%. They couldn't borrow money with falling collateral value, and the couldn't sell shares, so they raided the piggy bank. That piggy bank was Dryships, and it's shareholders. One last point. The worldwide demand for bulk goods is growing. But the growth of the fleet will double in three years. The cancellations you've heard about have been replaced with new orders. You need to follow the shipping trade papers. And DRYS is a minor player in Drybulk, no size advantage whatsoever. COSCO, Mitsui and NYK, each have hundreds of bulk ships. DRYS has a future, but its not as a takeover target. They only have two drillships earnings money, they have two more coming in 2011, and the last two have not secured financing or charters, so it's not a done deal.
Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
You see this? This is from the PRGN earnings report. Let me spell it out for you. THIS will reduce the Average TCE of PRGN. And every time they charter a ship out for $20,000 per day, THAT will decrease the Average TCE. 8. On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
Never mind the OTHER Rotten tomatoes. Why are you hawking a company with falling revenues, falling TCE stagnant stock price, and your only selling point is that PRGN doesn't SUCK, as much as EXM. GNK, DRYS, or EGLE. It would be really easy to be specific and show how PRGN could earn over $1 this year, but you can't do it. Go ahead try. It has nothing to do with those other companies, don't even mention them. Just give us revenue, expenses, and outstanding shares, go ahead, You can't do it. First quarter .16 cents, second Q .14 cents, go ahead, include the new ships, and the falling charters.
Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
horriblestockpicker. You are the one, as usual, who needs some education. NM is Navios Holdings.
You keep referring to Navios Partners or NMM. Wake up and get a clue.
NM has a average TCE of $24,484. But their revenue went up from a year ago.
And Nm went from 100 million outstanding shares to 114 million shares. PRGN went from 27 million to 51 million.
Once again you compare companies in a beaten down sector whose future is not bright, due to an oversupply of ships. And you spend countless hours pumping your favorite loser among a pile of losers. Thousands of stocks have soared since the crash, not the dry bulks, and they won't soon. PRGN has very little advantage over any of the other debt ridden shippers. This is about making money, you can cherry pick your favorite numbers from the PRGN earnings release, but they won't add up to enough revenue or earnings to lift this stock price. The new containers add very little, they are a long term play. And you are a long way away from making money here based on fundamentals.
Enough with the feeble smokescreen, You're just trying to divert the debate away from PRGN.
I made it absolutely clear that the contracts were signed in 2009, and the charter rates change on those dates in 2010. Get a dictionary to understand the difference.
If you can't understand from that page taken from their SEC filings, that they will have a drop in revenue this quarter, then this is a futile discussion. I already said that the three new ships will add to earnings in the third quarter. But there is no way they will add enough to reach your claims of over $1 in earnings for 2010
The Dry-Shipping Sector: Poised for Gains? [View article]
Somewhere between December 1, 2009, and March 15 2010, the daily charter rate on the Coral Seas dropped from $54,000 per day, to $15,775 per day. The Calm Seas from $26,000 to $15,775 between Jan 1 2010, and April 30, 2010. Sometime between May 2010 and July 2010, the charter on the Sapphire Seas will drop from $26,000 to $15,775. Sometime between April, 2010, and July, 2010 the charter rate on the Diamond Seas dropped from $27,000 per day to $16,250 per day.
How are you going to spin that into your deluded fantasy?
The Dry-Shipping Sector: Poised for Gains? [View article]
OMG! I don't think I've ever debated someone who has been so THICK, or in such denial, as you. It's like telling someone to take $10, add $2, subtract $1, subtract another $1, subtract another $1, subtract another $1, and another $1. What do you get? And you say. They added $2. Maybe you just don't understand English. Would you please look up the term "Resets". That way you would understand that the contracts for the Clean Seas, Crystal Seas, Calm Seas, Sapphire Seas, and Diamond Seas, expired in 2010 and those charters were RESET at a new rate. THAT'S A RESET! It's true, they don't have to negotiate any more charters this year, the damage was done in 2009. It's quite sad that it took a post from me to inform you that the charter on the Crystal Seas actually rose by $10,000 per day, and that you missed the fact that the Clean Seas contract rose by $8,250. I guess you were just fantasizing about a rise in earnings and were unaware of actual charter rates. The Dream Seas, and the two new containers will be accretive to revenue starting in the Q3. Do you know by how much? And since nothing is adding revenue in Q2, why do you keep insisting they will beat expectations. You don't have a legitimate reason, you are just pumping. 3) On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010 at a gross daily charter rate of $17,250 and a commission of 6.25%. The vessel is currently employed on a time charter that commenced on January 25, 2009 and ends on January 4, 2010. 6) On June 29, 2009 we agreed with Intermare Transport GMBH to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter will commence between January 1, 2010 and April 30, 2010 and will expire between December 1, 2011 and July 15, 2012. (9) On June 29, 2009 we agreed with Intermare Transport GMBH to enter into a new time charter agreement regarding the next employment of Coral Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter will commence between December 1, 2009 and March 15, 2010 and will expire between November 1, 2011 and May 30, 2012.
The Dry-Shipping Sector: Poised for Gains? [View article]
worststockpicker, Do you trade off of 2009 PE ratio's? Because the projected earnings for 2010 are 36 cents. That would be a forward PE of 11. Sure, analysts can be wrong, but how is their record with PRGN? Pretty close over the years. If you can do a better job, then be specific, tell us how much those new charters at $20,000 a day will add. Based on 51 million shares, and expenses of $7,000 a day. No need to make wild guesses, do the math. Don't forget to deduct the falling charters on the Diamond Seas, Calm Seas and Sapphire Seas. I know you don't do homework, but those are ships in PRGN's fleet. Just trying to help.
The Dry-Shipping Sector: Poised for Gains? [View article]
horriblestockpicker you lying sack of bullships. This is the list of resets for 2010, taken from PRGN's SEC filings. The contracts were signed in 2009, meaning they were 100% chartered for 2010, but it doesn't mean they don't have falling revenue or charter resets in 2010. Get a Clue.
Vessel............ charter rate...... earliest redelivery.... Clean Seas .... $ 17,250 .... Jan 2011 Crystal Seas .... 33,000 ...... Aug 2011 Deep Seas ...... 15,000 ..... Sept 2011 Calm Seas ..... 26,000 ... March 2010 Kind Seas ...... 55,500 .... .. Nov 2011 Sapphire Seas ..... 22,750 .... May 2010 Pearl Seas ...... 37,300 ..... Aug 2011 Diamond Seas ...... 27,500 .... May 2010 Coral Seas ...... 15,775 ..... Feb 2012 Golden Seas ....... 43,500 ..... Sept 2011 Friendly Seas ...... 33,750 ...... April 2014
Dreams Seas was to be delivered by now and add $20,00 per day for 37 months.
From the SEC filings (3) On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the current employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010, at a gross daily charter rate of $17,250.
(4) On April 15, 2009, we agreed with Cosco Bulk Carrier Co. Ltd. to reduce the gross daily charter rate for Crystal Seas to $23,000 per day for the period commencing May 1, 2009, and ending December 31, 2009. As of January 1, 2010, the daily charter rate returned to its original level of $33,000 per day.
(5) On June 29, 2009, we agreed to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter was agreed to commence between January 2010 and April 2010, and to expire between December 2011 and July 2012.
(6) The daily charter rate for Sapphire Seas decreased to $22,750 as of June 24, 2009. On November 4, 2009, we agreed with STX Panocean (U.K.) Co. Ltd. to enter into a new time charter agreement for Sapphire Seas. The time charter is for a period of approximately 23 to 25 months at a gross daily charter rate of $13,700.
(7) On June 22, 2009, we agreed with Korea Line Corporation to reduce the gross daily charter rate for Pearl Seas to $37,300 per day from June 23, 2009, until the expiration of the charter period. We also agreed to extend the current employment of Pearl Seas for an optional period (at our option) of 26 to 28 months commencing on August 11, 2011, at a gross daily charter rate of $32,500 and a commission of 6.25%. In case the Panamax spot market increases above $32,500 per day (based on the previous quarterly average of the BPI). The time charter commenced on September 11, 2008, and assuming all extension options are exercised it will expire between October, 2013 and December, 2013.
(8) On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
The Case for Buying Dry Bulk Shipping [View article]
Well, the forward PE for PRGN is 11, that is above the average for shipping companies. They are estimated to earn 35 cents in 2010 and 2011. Don't take it from someone who has a theory on SA, or Motley Fool, read the trade papers of the shipping business. They make it absolutely clear. The supply of ships being launched over the next two years, surpasses both the amount of ships being scrapped, and the best hopes for an increase in demand for ships.
The Case for Buying Dry Bulk Shipping [View article]
Paragon is a nice little company, but they have locked up some charters that will lead to continually falling revenue. They have added ships lately that are accretive to earnings, but not enough to make up for the drop from the others. They bought the the ships with a combination of cash and debt, meaning they are still in the same precarious position of being just ahead of the debt to equity ratio issue. The loan covenants state that the value of their fleet, be 145% of their debt. Vessel .. Gross Charter Rate .... Earliest Redelivery from Charterer
Clean Seas .... $ 17,250 .... Jan 2011 Crystal Seas .... 33,000 ...... Aug 2011 Deep Seas ...... 15,000 ..... Sept 2011 Calm Seas ..... 26,000 ... March 2010 Kind Seas ...... 55,500 .... .. Nov 2011 Sapphire Seas ..... 22,750 .... May 2010 Pearl Seas ...... 37,300 ..... Aug 2011 Diamond Seas ...... 27,500 .... May 2010 Coral Seas ...... 15,775 ..... Feb 2012 Golden Seas ....... 43,500 ..... Sept 2011 Friendly Seas ...... 33,750 ...... April 2014
Dreams Seas was to be delivered by now and add $20,00 per day for 37 months.
From the SEC filings (3) On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the current employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010, at a gross daily charter rate of $17,250.
(4) On April 15, 2009, we agreed with Cosco Bulk Carrier Co. Ltd. to reduce the gross daily charter rate for Crystal Seas to $23,000 per day for the period commencing May 1, 2009, and ending December 31, 2009. As of January 1, 2010, the daily charter rate returned to its original level of $33,000 per day.
(5) On June 29, 2009, we agreed to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter was agreed to commence between January 2010 and April 2010, and to expire between December 2011 and July 2012.
(6) The daily charter rate for Sapphire Seas decreased to $22,750 as of June 24, 2009. On November 4, 2009, we agreed with STX Panocean (U.K.) Co. Ltd. to enter into a new time charter agreement for Sapphire Seas. The time charter is for a period of approximately 23 to 25 months at a gross daily charter rate of $13,700.
(7) On June 22, 2009, we agreed with Korea Line Corporation to reduce the gross daily charter rate for Pearl Seas to $37,300 per day from June 23, 2009, until the expiration of the charter period. We also agreed to extend the current employment of Pearl Seas for an optional period (at our option) of 26 to 28 months commencing on August 11, 2011, at a gross daily charter rate of $32,500 and a commission of 6.25%. In case the Panamax spot market increases above $32,500 per day (based on the previous quarterly average of the BPI). The time charter commenced on September 11, 2008, and assuming all extension options are exercised it will expire between October, 2013 and December, 2013.
(8) On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
Everyone has dismissed the fact that even if the economy rises as much as 8%. The BDI will fall, because the number of ships has increased 11%, and growing.
Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
"The revenue and earnings of MOST AMERICAN companies have been dropping during the last 2 years too. Apparently you live in a cave and you have NOT realized it. So you keep buying the american companies but you reject the shipping stocks. "
Looks like you are the one who's been in a cave.
You call yourself a stockpicker. So you should have been in stocks like AAPL, MCD, VALE, EMC, and countless others that have a two year chart that goes up.
All that data in your "mix of data" does not indicate at all, a rise in earnings, or revenue in PRGN's future.
"1) Picking stocks is a comparative game which you can not perceive apparently. You pick the best from each sector. if you do not like the sector, it is your call. Do not buy the sector now. you can buy it later at its peak when the herd comes. you are a part of the herd since long time ago so i will not be surprised."
Definitely do not like the sector at this point, and since I understand the sector, I'll know when it will improve. It won't be soon, I won't miss it. I'll be investing elsewhere, making money, you'll have dead money.
" your complex against PRGN makes sense since you are stuck with the debt loaded EXM and GNK .
i feel sympathy for you. They can go broke anytime or they can dilute HEAVILY anytime to satisfy their covenants."
I've made it clear that I don't own any of the stocks you keep mentioning, I've provided links to show my opinion of them, and of the entire sector. Since you have no proof, why don't you drop the same tired rant about them? I don't have a complex against PRGN, I made money on them after their IPO.
I remove all prejudice, and emotion from my stock picking, and try to use cold hard DD. It's a very transparent sector, and the future shipping rates will remain stagnant for some time, with seasonal fluctuation.
The growth of the fleet will surpass the growth of demand.
17 Small Cap, Deep Value Stocks [View article]
The actual value of those ships is much less. It is barely above the the amount of debt.
That's why they were in breach of loan covenants, which stated that the value of their fleet must be 125% of the debt.
This is their fleet:
www.excelmaritime.com/...
This is how you find out what they are worth: www.cotzias.gr/index1....
EXM claims that those ships are worth $2.7 billion.
Not a chance.
EXM filed a prospectus to sell 30 million shares in order to partially pay for the 5 new Capes being delivered this fall. They will be paid for with a combination of cash and debt.
EXM has 17 ships coming up for new charters this December, at a time when rates are not very good.
www.excelmaritime.com/...
Those charters will decide where this stock is heading, not the Bogus Balance Sheet.
DryShips: Come Aboard, Just Make Sure You Have Your Sea Legs [View article]
There is nothing remotely valuable about DRYS for Rio Tinto.
If RTP wanted to buy ships to control their shipping costs, they would do what VALE is doing: buying Capes, and having VLOC's built, which hold 400,000 dwt. of ore. Only 7 of DRYS ships are Capes, and they are under long term charters. They would not be available to RTP for some time. The Panamax ships would be of little use. And all would be committed to paying commissions to Cardiff, until their charters are up. RTP does not need the services of Cardiff's overpriced management.
This would not put RTP into the oil business. It would put them in the Drillship leasing business, big difference.
"This guy funneled a few 100 million here and there to family members, all of which providing something back to shareholders, and being completely open about i"
No! DRYS shareholders forfeited hundreds of millions in deposits and penalties to Cardiff, for the cancellation of those ship purchases. DRYS shareholders lost the money, didn't get the ships or the revenue from them. They got nothing but the shaft.
Cardiff raked in millions, which they needed. Both companies were highly leveraged and with ship values crashing, they were both in violation of loan covenants. DRYS is a public company so they went to the secondary share troth. And diluted the company from 41 million shares outstanding, to 297 million.
Cardiff is a private company, owned by George, 75%, and his sister's 25%. They couldn't borrow money with falling collateral value, and the couldn't sell shares, so they raided the piggy bank.
That piggy bank was Dryships, and it's shareholders.
One last point. The worldwide demand for bulk goods is growing. But the growth of the fleet will double in three years. The cancellations you've heard about have been replaced with new orders. You need to follow the shipping trade papers.
And DRYS is a minor player in Drybulk, no size advantage whatsoever. COSCO, Mitsui and NYK, each have hundreds of bulk ships.
DRYS has a future, but its not as a takeover target. They only have two drillships earnings money, they have two more coming in 2011, and the last two have not secured financing or charters, so it's not a done deal.
Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
This is from the PRGN earnings report. Let me spell it out for you. THIS will reduce the Average TCE of PRGN. And every time they charter a ship out for $20,000 per day, THAT will decrease the Average TCE.
8.
On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
Never mind the OTHER Rotten tomatoes.
Why are you hawking a company with falling revenues, falling TCE stagnant stock price, and your only selling point is that PRGN doesn't SUCK, as much as EXM. GNK, DRYS, or EGLE.
It would be really easy to be specific and show how PRGN could earn over $1 this year, but you can't do it.
Go ahead try.
It has nothing to do with those other companies, don't even mention them.
Just give us revenue, expenses, and outstanding shares, go ahead, You can't do it.
First quarter .16 cents, second Q .14 cents, go ahead, include the new ships, and the falling charters.
Paragon Shipping: In Depth Analysis for the June 2010 Quarter [View article]
You are the one, as usual, who needs some education.
NM is Navios Holdings.
You keep referring to Navios Partners or NMM.
Wake up and get a clue.
NM has a average TCE of $24,484.
But their revenue went up from a year ago.
And Nm went from 100 million outstanding shares to 114 million shares.
PRGN went from 27 million to 51 million.
Once again you compare companies in a beaten down sector whose future is not bright, due to an oversupply of ships.
And you spend countless hours pumping your favorite loser among a pile of losers.
Thousands of stocks have soared since the crash, not the dry bulks, and they won't soon.
PRGN has very little advantage over any of the other debt ridden shippers.
This is about making money, you can cherry pick your favorite numbers from the PRGN earnings release, but they won't add up to enough revenue or earnings to lift this stock price. The new containers add very little, they are a long term play. And you are a long way away from making money here based on fundamentals.
The Dry-Shipping Sector: Poised for Gains? [View article]
Find a post where I pump any of those companies.
How about this one.
seekingalpha.com/user/...
Enough with the feeble smokescreen, You're just trying to divert the debate away from PRGN.
I made it absolutely clear that the contracts were signed in 2009, and the charter rates change on those dates in 2010.
Get a dictionary to understand the difference.
If you can't understand from that page taken from their SEC filings, that they will have a drop in revenue this quarter, then this is a futile discussion.
I already said that the three new ships will add to earnings in the third quarter.
But there is no way they will add enough to reach your claims of over $1 in earnings for 2010
The Dry-Shipping Sector: Poised for Gains? [View article]
The Calm Seas from $26,000 to $15,775 between Jan 1 2010, and April 30, 2010.
Sometime between May 2010 and July 2010, the charter on the Sapphire Seas will drop from $26,000 to $15,775.
Sometime between April, 2010, and July, 2010 the charter rate on the Diamond Seas dropped from $27,000 per day to $16,250 per day.
How are you going to spin that into your deluded fantasy?
The Dry-Shipping Sector: Poised for Gains? [View article]
I don't think I've ever debated someone who has been so THICK, or in such denial, as you. It's like telling someone to take $10, add $2, subtract $1, subtract another $1, subtract another $1, subtract another $1, and another $1. What do you get? And you say. They added $2.
Maybe you just don't understand English. Would you please look up the term "Resets".
That way you would understand that the contracts for the Clean Seas, Crystal Seas, Calm Seas, Sapphire Seas, and Diamond Seas, expired in 2010 and those charters were RESET at a new rate. THAT'S A RESET!
It's true, they don't have to negotiate any more charters this year, the damage was done in 2009.
It's quite sad that it took a post from me to inform you that the charter on the Crystal Seas actually rose by $10,000 per day, and that you missed the fact that the Clean Seas contract rose by $8,250. I guess you were just fantasizing about a rise in earnings and were unaware of actual charter rates.
The Dream Seas, and the two new containers will be accretive to revenue starting in the Q3.
Do you know by how much? And since nothing is adding revenue in Q2, why do you keep insisting they will beat expectations. You don't have a legitimate reason, you are just pumping.
3)
On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010 at a gross daily charter rate of $17,250 and a commission of 6.25%. The vessel is currently employed on a time charter that commenced on January 25, 2009 and ends on January 4, 2010.
6)
On June 29, 2009 we agreed with Intermare Transport GMBH to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter will commence between January 1, 2010 and April 30, 2010 and will expire between December 1, 2011 and July 15, 2012.
(9) On June 29, 2009 we agreed with Intermare Transport GMBH to enter into a new time charter agreement regarding the next employment of Coral Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter will commence between December 1, 2009 and March 15, 2010 and will expire between November 1, 2011 and May 30, 2012.
The Dry-Shipping Sector: Poised for Gains? [View article]
Do you trade off of 2009 PE ratio's?
Because the projected earnings for 2010 are 36 cents. That would be a forward PE of 11.
Sure, analysts can be wrong, but how is their record with PRGN?
Pretty close over the years. If you can do a better job, then be specific, tell us how much those new charters at $20,000 a day will add. Based on 51 million shares, and expenses of $7,000 a day.
No need to make wild guesses, do the math.
Don't forget to deduct the falling charters on the Diamond Seas, Calm Seas and Sapphire Seas. I know you don't do homework, but those are ships in PRGN's fleet.
Just trying to help.
The Dry-Shipping Sector: Poised for Gains? [View article]
This is the list of resets for 2010, taken from PRGN's SEC filings.
The contracts were signed in 2009, meaning they were 100% chartered for 2010, but it doesn't mean they don't have falling revenue or charter resets in 2010. Get a Clue.
Vessel............ charter rate...... earliest redelivery....
Clean Seas .... $ 17,250 .... Jan 2011
Crystal Seas .... 33,000 ...... Aug 2011
Deep Seas ...... 15,000 ..... Sept 2011
Calm Seas ..... 26,000 ... March 2010
Kind Seas ...... 55,500 .... .. Nov 2011
Sapphire Seas ..... 22,750 .... May 2010
Pearl Seas ...... 37,300 ..... Aug 2011
Diamond Seas ...... 27,500 .... May 2010
Coral Seas ...... 15,775 ..... Feb 2012
Golden Seas ....... 43,500 ..... Sept 2011
Friendly Seas ...... 33,750 ...... April 2014
Dreams Seas was to be delivered by now and add $20,00 per day for 37 months.
From the SEC filings
(3)
On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the current employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010, at a gross daily charter rate of $17,250.
(4)
On April 15, 2009, we agreed with Cosco Bulk Carrier Co. Ltd. to reduce the gross daily charter rate for Crystal Seas to $23,000 per day for the period commencing May 1, 2009, and ending December 31, 2009. As of January 1, 2010, the daily charter rate returned to its original level of $33,000 per day.
(5)
On June 29, 2009, we agreed to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter was agreed to commence between January 2010 and April 2010, and to expire between December 2011 and July 2012.
(6)
The daily charter rate for Sapphire Seas decreased to $22,750 as of June 24, 2009. On November 4, 2009, we agreed with STX Panocean (U.K.) Co. Ltd. to enter into a new time charter agreement for Sapphire Seas. The time charter is for a period of approximately 23 to 25 months at a gross daily charter rate of $13,700.
(7)
On June 22, 2009, we agreed with Korea Line Corporation to reduce the gross daily charter rate for Pearl Seas to $37,300 per day from June 23, 2009, until the expiration of the charter period. We also agreed to extend the current employment of Pearl Seas for an optional period (at our option) of 26 to 28 months commencing on August 11, 2011, at a gross daily charter rate of $32,500 and a commission of 6.25%. In case the Panamax spot market increases above $32,500 per day (based on the previous quarterly average of the BPI). The time charter commenced on September 11, 2008, and assuming all extension options are exercised it will expire between October, 2013 and December, 2013.
(8)
On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
The Case for Buying Dry Bulk Shipping [View article]
Don't take it from someone who has a theory on SA, or Motley Fool, read the trade papers of the shipping business. They make it absolutely clear.
The supply of ships being launched over the next two years, surpasses both the amount of ships being scrapped, and the best hopes for an increase in demand for ships.
That will keep freight rates, and earnings down.
drewry.co.uk
weberseas.com
brs-paris.com
cotzias.gr
worldyards.com
lloydslist.com
fearnleys.com
nilimar.com
platou.com
shipping.capitallink.com
drybulkindex.com
steelguru.com
The Case for Buying Dry Bulk Shipping [View article]
They have added ships lately that are accretive to earnings, but not enough to make up for the drop from the others.
They bought the the ships with a combination of cash and debt, meaning they are still in the same precarious position of being just ahead of the debt to equity ratio issue. The loan covenants state that the value of their fleet, be 145% of their debt.
Vessel .. Gross Charter Rate .... Earliest Redelivery from Charterer
Clean Seas .... $ 17,250 .... Jan 2011
Crystal Seas .... 33,000 ...... Aug 2011
Deep Seas ...... 15,000 ..... Sept 2011
Calm Seas ..... 26,000 ... March 2010
Kind Seas ...... 55,500 .... .. Nov 2011
Sapphire Seas ..... 22,750 .... May 2010
Pearl Seas ...... 37,300 ..... Aug 2011
Diamond Seas ...... 27,500 .... May 2010
Coral Seas ...... 15,775 ..... Feb 2012
Golden Seas ....... 43,500 ..... Sept 2011
Friendly Seas ...... 33,750 ...... April 2014
Dreams Seas was to be delivered by now and add $20,00 per day for 37 months.
From the SEC filings
(3)
On April 15, 2009, we entered into an agreement with Cosco Bulk Carrier Co. Ltd. to extend the current employment of the Clean Seas for a period of 12 to 14 months commencing on January 4, 2010, at a gross daily charter rate of $17,250.
(4)
On April 15, 2009, we agreed with Cosco Bulk Carrier Co. Ltd. to reduce the gross daily charter rate for Crystal Seas to $23,000 per day for the period commencing May 1, 2009, and ending December 31, 2009. As of January 1, 2010, the daily charter rate returned to its original level of $33,000 per day.
(5)
On June 29, 2009, we agreed to enter into a new time charter agreement regarding the next employment of Calm Seas at a gross daily rate of $15,775 for a period of 23 to 26 months, and a commission of 6.25%. The time charter was agreed to commence between January 2010 and April 2010, and to expire between December 2011 and July 2012.
(6)
The daily charter rate for Sapphire Seas decreased to $22,750 as of June 24, 2009. On November 4, 2009, we agreed with STX Panocean (U.K.) Co. Ltd. to enter into a new time charter agreement for Sapphire Seas. The time charter is for a period of approximately 23 to 25 months at a gross daily charter rate of $13,700.
(7)
On June 22, 2009, we agreed with Korea Line Corporation to reduce the gross daily charter rate for Pearl Seas to $37,300 per day from June 23, 2009, until the expiration of the charter period. We also agreed to extend the current employment of Pearl Seas for an optional period (at our option) of 26 to 28 months commencing on August 11, 2011, at a gross daily charter rate of $32,500 and a commission of 6.25%. In case the Panamax spot market increases above $32,500 per day (based on the previous quarterly average of the BPI). The time charter commenced on September 11, 2008, and assuming all extension options are exercised it will expire between October, 2013 and December, 2013.
(8)
On October 20, 2009, we agreed with Bunge S.A. to enter into a new time charter agreement regarding the next employment of Diamond Seas on a period time charter for 23 to 25 months at a gross daily rate of $16,250. Bunge S.A. also has the option to charter the vessel for a further 11 to 13 months at a gross daily rate of $18,500 during the option period. This contract is scheduled to commence between April and July 2010, after the expiration of the present charter.
The BDI May Have Collapsed but Check Out the Shipping Rebound [View article]
www.brs-paris.com/inde......
www.brs-paris.com/inde...
www.tonmiletrader.com/
www.nilimar.com/
Everyone has dismissed the fact that even if the economy rises as much as 8%. The BDI will fall, because the number of ships has increased 11%, and growing.
The Case for Buying Dry Bulk Shipping [View article]
The Case for Buying Dry Bulk Shipping [View article]