Some minor items this week, somewhat interesting1. Tsakos Energy Navigation (TNP) finally reported their Q4 2012 results. The companyowns tankers of various sizes and operate vessel carrying crude oil, refined products, andan LNG tanker. Overall, the refined products side seems to be doing a lot better than the crude oil sector. The latter really depends on the vessel category. The larger vessel categories,i.e. Suezmax and VLCC, being the worse impacted.2. The US-listed dry bulk shippers have been trading at levels 80-98% off their peak levels in2008. As bad as things have been, and as overpriced as some of their fleet values haveappeared, none of the companies involved have mentioned bankruptcy protection. Untilthis past week, ... when reports of Excel Maritime (EXM) surfaced as a BK possibility--http://bankruptcynews.dowjones.com/article?an=%20DJFDBR00201...3. Speaking of overvalued fleet, the folks at Ship Finance International (SFL)released their 20F report for 2012. This is John Fredriksen-backed entity with a mixedfleet of vessels- tankers, dry bulk vessels, offshore vessels and rigs, and containervessels, about 65 vessels in all. The company has a summary table for the different categoryof vessels, and some included notes. This was for a subset of vessels (number of vessels, carrying value, charter-free market value)In 2011:Tankers 25 1219 732Dry bulk 12 356 308Offshore 2 92 77 Container 13 580 455In 2012: (I'm guessing the same vessels given the consistent vessel numbers)Tankers 25 1177 658Dry bulk 12 348 244Offshore 2 82 77 Container 13 563 325There's a comment in the notes for each year that the three Ultra Deepwater drillingassets are at least $475M undervalued. That category is not a problem. But glancingat the other categories, ... First, note the deviation between the carrying values and themarket values. Then, look what happened to vessel values in one year!(Pages 41-42)http://www.shipfinance.bm/reports/134876/R/1694060/557093.pd...Luckily, SFL have about $260M in cash or short-term investments available.4. A mega-ship unloads in ChinaA gigantic Valemax (400k DWT vessel) was allowed to unload a significant portionof its load in a Chinese port. First time since a Jan 2012 ban was put in place.http://www.hellenicshippingnews.com/News.aspx?ElementId=78cb...HoHumSFL & TNP positions, but no dry bulk positions
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