About seven weeks, I shared my thoughts on TNK here--http://boards.fool.com/revisiting-tnk-in-2012-30296675.aspxAt the time of the post, first week of October 2012, TNK traded at around $3.85-ish, and I suggestedin the last paragraph, the stock could continue spiraling lower. It did, down another 35+%. I don'tagree with Yahoo! Finance's number for TNK's book value. There isn't really an easy way to get avalue, but I thought I would take a shot. Here is what TNK own:1998-build Aframax - 11999-build Aframax - 32003-build Aframax - 12004-build Aframax - 52005-build Aframax - 22002-build Suezmax - 22003-build Suezmax - 32004-build Suezmax - 22008-build Suezmax - 22009-build Suezmax - 12006-build LR2 - 12007-build LR2 - 22000-build MR2 - 12004-build MR2 - 12005-build MR2 - 150% JV newbuild VLCC to be delivered in 2013Aframax- Avg $35M, Suezmsx- Avg $45M, 2000-build MR $20M, LRs $30M, MRs $27M. Fleet $1034M, other assets $200M, Debt $800M, Total shares 84M.($1034M + $200M - $800M)/84M = $5.17/sh If one uses the avg vessel numbers for the 13-vessel acquisition, it works out to $449M (vs $455M actual). A 2010 three tanker acquisition (2 Suezmax, 1 Aframax) at $170M probably has significant writedowns. Those are my sanity checks. As far as vessel age, TNK has a vesselage fairly middle-of-the-road, i.e. not too shiny, not too old.
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