People sure accept things on face value from this Company.
They earned more than $0.28 in EPS from the Petalis over the past nine months so for those that think this is not a shipping bubble (at least for another 9 months) than this action will be dilutive.
Look at it another way, if they sold every ship they have for 2x book they would not get to $10/sh. So tell me again how great a transaction this is.
Now ESM is accurate when they tout reducing the age of the fleet, it now goes from an average life of about 1 year to one about 7.5 years. Their fleet, with the new ones average around 18.5 years, still almost twice the age of the worldwide carrier fleet. EXM has gone from a comically half dead fleet to still the oldest fleet out there that I can identify.
This transactions really tells a lot. As I have been saying, EXM is worth 1-2x book as is it competitors, not 5-12x which is where it has traded. Sell some more ships for 2x book it will rapidly bring your stock back in line with the rest of the group.
Could you (or someone) please take all their old fleet, multiply them times the mulitple of book to what they just received from the last sale, add that number up to get a valuation of the prior fleet. Then add in the new vessels at cost (since they are at current market), adsd working capital, subtract any long term liabilites and divide by new number of shares. That will till you almost exactly what EXM is worth as it is based upon current market activity and shows EXM is willing to sell into this market.
If someone were to do this, that would tell us what this is worth, not what some basher or pumper rambles on about.