No. of Recommendations: 2
The near collapse of OSG hurt a little. My bigger lament is that I missed out on this idea as a
short candidate as opposed to a long idea. In hindsight, there were a few clues that I overlooked
because this was a "tanker biggie". A couple of clues- the fact that something as important
as financing kept on being dragged on and on. Also, me just assuming the gap (the supposed $100M)
could be covered by the unencumbered vessels. My takeaway- Dig harder into a beaten-down idea,
especially one that came close to being a "too difficult" idea in a sector I enjoy tearing into.

Collateral damage to DHT, with a fair amount of charter tie-in to OSG. DHT slashing their
dividend from 24c => 2c in Q3 also didn't help. Funny how company mgmt claimed no payments
till 2014, then till 2015, yet keep making payments to stay within loan covenants. They claim
OSG have been paying them on time, but if OSG declare Ch 11, things go downhill very quickly.
OTOH, that might be an opportunity for another tanker manager e.g. FRO might agree to
commercially manage some, or all, of DHT's vessels.

Trimmed ORI and NNA.
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