Wow.. sellers are relentless here. Management unable to defend this pressure it seems. They now have 1 (ZETA) off contract and 4 more ships coming off this month or Jan. That's 33% of their ships needing to be renegotiated. The shorts are smelling this and are forcing the managements hand on their dividend, stock listing, or reverse split thinking. Any thoughts?
IMHO, The MM is trying to push it down. There are 4 ship contracts expiring in the next 2 months and 1 ship in dry dock as well. Hopefully, we will see some news regarding either extentions or new employment soon. This obviously places a substantial amount of uncertainty on the company's revenue stream when nearly half of the fleet will need to be re-leased in 2012. Once the ship re-employment process is complete, hopefully the Divi will be stabilized and the stock price should move back up.
at this price even with dividend reduction and or (hope not) cancellation - this seems like a really good value play. I don't believe they are in financial distress but it is priced that way at moment. Odd that its so far down when market is up today on heavier than normal volume. somethings up
Well I don't want to think that it's all tax-loss selling here because that would be too easy of a reason. Something is up. The CEO has been very confident on div and that these pending charters would be replaced. But these 5 ships (4 Supras and 1 Cape) is a lot to negotiate and we don't need to see them docked at all earning zero.