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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1735  
Subject: Re: June 2010 musing Date: 6/12/2010 3:29 PM
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So SEA has been revived.

Its current top 10:
http://finance.yahoo.com/q/hl?s=SEA+Holdings

Sorting on % basis
1. Euronav
2. TGP
3. TNK
4. OSG
5. SSW
6. SFL
7. NMM
8. GMR
9. Cosco, DS Norden

Quite interesting
1. NMM is the only pure-play Dry bulk idea in the top 10 (Ok, both #9's have major Dry bulk fleets)
2. #1 thru #4, #6, #8 means tanker companies are well represented
3. Just a guess, the ETF was put together with 3 levels. Say 10 4% stakes, 10 3.5% stakes, 10
2.5% stakes. The ideas will get shuffled, and there might be a +/- to a position depending on
how that stock is behaving.
4. I wonder if they will have a dividend? I think the high dividend initially hurt the previous
SEA version.
5. GMR in the top 10 is a surprise. Didn't the fleet expansion give them pause?

--

The GMR fleet expansion news is now being discussed by the company. They've put a better
number, $620M, on the deal. I'm guessing company mgmt is basing raising capital on the
success of the BALT IPO (also a Georgiopolous entity). The company announced 60% financing,
http://finance.yahoo.com/news/General-Maritime-to-add-7-apf-...

GMR still have to come up with the 40%, or ~$250M. Putting that in some context- GMR's
market cap is $458M, revenue $356M (TTM), Book value ~$6/sh, and has existing debt of $1B.
IMO, even with the tanker cos. run-up in the last 5-6 months, much better ideas than GMR
in the crude tanker space currently.
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