SMHI looks interesting. Higher fin leverage than TDW for example but also more conservative on how they expense maintenance capex/dockings. Cld mean CF numbers are possibly more reliable. Looking at vessels at work it's possible they're about to turn the corner on net pft, share price hasnt rerated much vs some. on P/B looks like c0.6X. Opp to buy a fairly modern fleet at pretty distressed valuation levels still.
Thanks Ed. Another great piece :) I heard you nearly had a ship named after you in honour of your contributions to ShipTwit. In keeping with the great UK shipping names maybe "Finley Mc Fin Face" would be a good choice (as a nod to the classic "Boaty Mc Boat Face"). Cheers John
SMHI looks interesting. Higher fin leverage than TDW for example but also more conservative on how they expense maintenance capex/dockings. Cld mean CF numbers are possibly more reliable. Looking at vessels at work it's possible they're about to turn the corner on net pft, share price hasnt rerated much vs some. on P/B looks like c0.6X. Opp to buy a fairly modern fleet at pretty distressed valuation levels still.
Both good.
Cliffhanger!
Thanks! Keep spreading the good word 🙏
Espen / STSU
Thanks for the article Ed. Two questions
1. How easy is it for owners to build new vessels? These are small vessels and it is easy to find slots for them on shipyards.
2. It seems that the current fleet which exceeds 4000 vessels is still bigger than future demand. Do I understand the numbers wrongly?
Mermaid looks pretty
10/10!
WINS on IDX
Thanks Ed. Another great piece :) I heard you nearly had a ship named after you in honour of your contributions to ShipTwit. In keeping with the great UK shipping names maybe "Finley Mc Fin Face" would be a good choice (as a nod to the classic "Boaty Mc Boat Face"). Cheers John
Great, thank you Edward. Can't wait for the follow up.
What are the “other tankers” with a 0.1% order book?!
Avg DWT of 2300, probably mostly small self propelled bunker barges.