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|Subject: Re: Shipping Websites??||Date: 8/29/2011 8:30 PM|
|Author: Hohum777||Number: 2322 of 2970|
I am wondering if you can shed any light on this industry/company for me. Quick look at the financials seems very odd to me in that the listed assets were $500M+ vs $275M in liabilities and the forecasted MOR for July showed them cash flow positive. Both strange, no?
I think Omega Navigation is a minnow, and likely a dead minnow, at that. From what I recall,
ONAVQ used to own a bunch (less than 10) of product tankers. The
company also got involved
in a JV deal with Glencore. I think one of their existing vessels got moved into the JV deal.
From browsing the BK filing, I think I remember the company saying the JV assets were excluded.
You think the 8-10 vessels are worth $500M? I don't.
I think the vessels are modern (each LT 10 years old), but that doesn't mean they have retained their value.
I'm not so familiar with the product side of tankers. But I also don't think the sector can obtain the
type of rates the spot crude tanker markets can obtain with above average, or even average rates.
Again, I have no horse in this race. YMMV.
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