No. of Recommendations: 0
TNK's 1998-built Aframax, Nassau Spirit, has reportedly been sold for $9.3 - 9.8M during
the last 10 days. That significantly impacts my BV number for TNK. Just doing the lower
end calculation-
Suezmaxes - $345M
Aframaxes - $251.8M
Product vessels - $141M
Other - $208M
Debt $800M
or $945.8 - 800M/84M = $1.73/sh.

Having avoided most of TNK's Oct-early Nov 2012 meltdown, here I hold my shares. Yes, Q4 2012
results could be bad. But, ... bad enough to cut the div again? We're talking a 2c div.
I realize there were many vessels in TNK's fleet trading Spot in Q4, but I also think the
market was slightly better for the Aframaxes and product vessels in Q4.

Besides, the Aframax vessel sale is a Q1 2013 event.
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