No. of Recommendations: 3
So SEA has been revived.

Its current top 10:

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,

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.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.