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Star Bulk Carriers Corp. Message Board

  • davidbdc2001 davidbdc2001 Nov 30, 2012 4:22 PM Flag

    Its all over but the shouting

    Well, no more dividend. Convenents not being sustained. Fleet written down by a large %.

    And just to be clear - we wrote down the value of ships we just bought a little more than a year ago from the family of board members..... which we issued tons of stock to do.

    Corruption is the only word available.

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    • I probably shouldn't be answering to you since it is obvious that you haven't done your homework, but I'm retired and don't have much to do, so... Unfortunately, I have been a shareholder in the stock for quite a long time and I too have been losing money - Big time!!! If you had taken the time to read the press releases, you would know that only one capesize was impaired, the Star Sigma, which was not one of the two vessels you refer to.
      I have worked in shipping all my life so I don't expect everyone to understand it as well as I do, however throwing unsupported accusations because you are losing money is a another story.

      Sentiment: Buy

      • 2 Replies to tachri
      • Here it is directly from the call:

        Due to depressed market expectations for future REIDs and the low probability of a recurrence of the extreme highs of 2007 and 2008, the testing methodology we used determined that the book values of the total fleet of our super max vessels plus our oldest cape size vessel were not recoverable as of September 30, 2012 and, thus, a non-cash impairment loss of $303 million was recognized.

        ----------------------------------

        All super max vessels written down and the oldest cape vessel written down. So would you care to change your statement that we wrote down one ship?

      • tachri

        thank you for sharing your expertise with the board. I too am retired and have accumulated five k shs of sblk, [post split] i am sure i dont understand the nuances of shipping as much but i know that dry goods stuff has to move to sustain global commerce, so the best is yet to come as the supply of ships begins to equalize with the demand we will see higher stock price.what do you think about the viability of this premise.

 
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