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. Thecompany also got involvedin 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 thetype 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.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra