The near collapse of OSG hurt a little. My bigger lament is that I missed out on this idea as ashort candidate as opposed to a long idea. In hindsight, there were a few clues that I overlookedbecause this was a "tanker biggie". A couple of clues- the fact that something as importantas 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 theirdividend from 24c => 2c in Q3 also didn't help. Funny how company mgmt claimed no paymentstill 2014, then till 2015, yet keep making payments to stay within loan covenants. They claimOSG 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 tocommercially manage some, or all, of DHT's vessels.Trimmed ORI and NNA.
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