Akis Tsirigakis managed Star Bulk's transition from a SPAC to a vessel owning entity. It lookslike he and a side-kick are making a new attempt in offshore vessel services with Nautilus Acquisition(NMAR) http://www.hellenicshippingnews.com/News.aspx?ElementId=9d15...
Looks like competition for GLF GulfMark Offshore, Inc. GLF has a relatively new fleet also. Jason Moser likes GLF for his Real Money Motley Portfolio;http://www.fool.com/investing/general/2012/05/30/the-one-ene...GulfMark possesses one of the youngest and most geographically diverse fleets in the industry and management is not resting on their laurels. Not only has the company been able to cut its net debt in half over the past four years, it has also been able to launch an aggressive new build program in order to keep the fleet young. In fact, management expects nine new vessels to be constructed over the next two years, adding to the fleet's capabilities. And it's not like these ships don't have a life after GulfMark. Management has a proven track record of vessel dispositions that they can be proud of. Going back to 2006, the company has sold off 20 vessels with an average age of 24 years and a phenomenal sales price as a percentage of original cost of 122%! Smart fleet management leads me to believe that the tangible book value of this company should continue to grow over time.It's been a good CAPS pick for me.
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