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Author: coolprash 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 3224  
Subject: wall st. craziness is back Date: 3/29/2013 4:17 PM
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Hey Hohum,

this is for you. There is a section that talks about shipping bonds.

http://www.testosteronepit.com/home/2013/3/28/wall-street-cr...

Thank you for sharing your insights into the shipping industry.
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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: 2843 of 3224
Subject: Re: wall st. craziness is back Date: 3/29/2013 5:16 PM
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Hi coolprash,
Thanks for the link. Many of the points were not really too surprising.
1. I haven't had a dry bulk position in about 9 months mainly because I noted to myself
that just about all the dry bulk shippers have debt loads that simply cannot be supported
by their existing revenue streams (exceptions might be DSX and NMM). Yet, quite a few are
able to kludge together some type of deferment, or a stay from default (GNK, SBLK, EXM as
three examples)
2. The Q4 2012 SFL earnings call shed some light on the containership fleet glut. SFL
management suggested that container vessels are readily available (from those failed German
deals)
3. Certainly a lot of private equity involvement in shipping in recent years e.g. Wilbur Ross,
Blackstone, Oaktree Capital, Anchorage Capital, etc.

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