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URL:  http://boards.fool.com/thank-you-very-much-ill-take-a-look-at-this-29510542.aspx

Subject:  Re: Shipping Websites?? Date:  8/30/2011  9:46 AM
Author:  MorrieSeaCreatur Number:  2325 of 3371

Thank you very much. I'll take a look at this tonight. Based on sales data there appears to be no real difference in price between at 38,000 and a 75,000 tanker.

Per your link I'm conervatively using 10 year rates as discount for bankruptyc in a liquidation means even though the ships are 7 years old. Product (2)and Panamax (6) are basically selling at the same rate of $17M. This is slightly less than what Danamos paid ONE for the 80% of their JV for their two ships in production and 2 delivery slots. I had valued those slots as being worth $0 and this gives an estimate of $19M and the ships in the deal were less than 5 years old which makes the valation even less.

That basically confirms for me that in a chapter 7 scenario creditors would not get paid in full and the stock is worth $0.

Can you explain what a evergreen pool is?

My thoughts on trying to figure out cash flows are this.
Spot - means no current agreeement so assume $0 but have to pay some level of fixed costs but not full