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Chiquita Brands International Inc. Message Board

  • I_Greenspan_Short_InternetStocks I_Greenspan_Short_InternetStocks Aug 20, 1999 8:28 PM Flag

    CQB To File Chapter 11......

    Watch and see. Better hope Dole comes to the rescue.

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    • of the vessels with an average age of 6 years should be 24% or about $120 million. Bringing the net bookvalue to $380 million. So there is still a gap of $90 million.

    • Chiquita controls directly about 80% more
      licenses than Dole. It is time that Kistinger speaks
      clearly how he want that the EU tariff quota will have to
      be distributed.
      A license distribution system
      based on a method of 'first in, first served' wil be
      equal to a ships' race and Dole will be the
      winner.

      I prefer a transition period of 6 year with a quota
      of 2.5 million ton based on the actual system and a
      second quota o 0.95 million ton based on an auctioning
      system.
      If Ecuador and the US agree on this compromise,
      which is now worked out by the EU Commission, the
      modification of the EU banana regime can go very fast.

    • The combined book value of ships and containers
      as of 12/31/98 is $678.8mm. No break out for the two
      categories. If we assumed that 70%-75% of the book value is
      ships that would be $475mm-$500mm. This is
      significantly greater than the real value you quoted.

    • The Great White Fleet Ltd, Antwerp has 16 reefers
      built between 1990 and 1994, with total capacity under
      deck of 9.972.890 cbft. Following my expert the
      secondhand value of a modern self sustained reefer vessel
      with an economical life of 25 years, built 1992 with a
      contract price of abt $47.5 per cbft was at the end of
      1998 $29 per cbft.
      I estimate that the real value
      of the Chiquita ships should be around $290
      million.

      Is this figure close to the bookvalue?

    • We would need a tidal wave to turn all of Central
      America in to one big Panama Canal to alleviate the over
      supply situation.Now I know why Kistinger did not
      buy.The day he does I am back in with both feet.

    • What would one more "Mitch" style hurricane do to
      CQB. Perhaps if it hit Costa Rica?

      I truly hope
      it doesn't (for the sake of the people who would be
      affected) but what would that do to CQB given the financial
      results thus far this year.

    • Ships and containers are different assets with very different expected useful lives. Why combine them in the footnote? Maybe someone feels that less disclosure is better.

    • how many containers they own. I think they may
      own a fair amount since they use a non-standard size
      (43') and may have limited resale value. Do you know
      how many they own?

      On a ship with 300
      containers, a investment of $13-$18mm in containers would be
      needed to service a route. This is probably 50%-70% cost
      of the vessel. Based on the number of bankruptcies
      that have been experience in the shipping industry, I
      would not want to be benchmarked vs. their accounting
      policies.

    • What aged and insightful wisdom from someone who has never posted before.

    • you make an excellent arguement for not
      depreciating vessels over a 25+ year time period. Technology
      changes, transportation needs change, customer preferences
      change. This all leads to not being too aggressive on
      depreciable life estimates. Just because the ship floats
      25-30 years from now, doesn't mean it meets the needs
      of this industry. Depreciable life under GAAP is not
      determined by how long before it sinks, but rather what is a
      reasonable economic life for the asset. Reasonable and
      conservative estimates are a better reflection of real
      earnings.

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CQB
13.900.00(0.00%)Aug 29 4:05 PMEDT

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