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  • audiophul audiophul Oct 16, 2012 11:39 AM Flag

    EXM begs banks to let them live a little while longer....

    LOL! They did it because they don't want the freaking SHIPS!!!!! IF they took them, they'd be staring down the barrel of a HUGE write down and immediately at that! So like in the housing crisis, they LIE to their stakeholders essentially, and keep EXM alive so they don't look SO STUPID. EXM is a POS. The Chairman is a crook. Always has been. Funniest thing I ever saw in this industry was Molaris STUFFING QMAR up his stupid rectum. Deserved it completely.

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    • There is NO light at the end of the tunnel. Bank debt is not worth more than 70c on the dollar, and dropping monthy. Banks lent too much money, and are now in the shipping business. There is Nothing here for shareholders, it was gone 2 years ago. I don't understand why the banks don't take the ships today (as they should have last year), take the loss and stick to banking. Next year we will be posting "the bank debt is worth 20c on the dollar" Sell the ships, take your loss, and stick to Banking!

    • It doesn´t matter why they did it... We all know thay if they took the ships it would be worthless for them... No one is going to buy the ships, so their best (only) choice is to keep EXM alive so that it can operate the fleet . But that is precisely my point. If the banks are willing (because the alternative is worst) to keep EXM alive through the next two or three years until the sector rebounds, wouldn´t it be a nice gamble (not investment) to put a litte something in this stock?.

      • 2 Replies to your_king_is_dead
      • Nope. Because rates are going to weaken again and fall even further this time as the glut of ships will be far worse next summer. At that time, EXM will not have near the time charter cushion they have right now. The Kirmar alone ending it's $49k daily TC will take about $3.7 million out of the net earnings. And nobody is doing any decent NEW time charters while the glut of ships is growing. Beyond May next year, they have six time charters left. One ends in Nov., the next in Jan. 14. That will not be enough to carry them if rates are in the BDI 500 area with Panas potentially earning merely half their operating costs.

      • audiopil bashing all shipping stocks. FREE is also stock with high risk/high reward.

        Sentiment: Strong Buy