In my opinion only, the reasons why I bought this stock are that this industry is starting to heat up. I bought Genco for 1.65. It closed today at 4.70 breaking a new 52 week high. I sold some shares (10% of my holdings) to invest in this company. It is because I feel that this company is more financially secure than Genco. Genco has a lot more debt but it also has a lot more assets. The same thing with this company and Genco is that they both have a very low float. They both have strong insider and institution holdings. What Genco does not have is that they don't pay dividends to shareholders like ESEA does. That is a great plus. The stock is 3 times cheaper than Genco. This stock has a lot of potential to move and has a lot of potential to break newer 52 week highs. I believe that this stock has a great potential to hit between 5 and 7 dollars the way this industry is starting to heat up. Everybody get on board because the ship is starting to sail.
I am on board with this bigtime. The other shipping company went up a lot is PRGN. EVen this has insider ownership and low float. I lost lot of money on GNK in the past so I could not get on board with that one.
Agreed. Agreed. Agreed. I bought in for exactly the same reasons. As the turn around continues in the industry we'll see the smart captains jumping on board now even though the financials aren't in full support of a turn-around as of yet. You of course want to board the boat before she sails, right? My thoughts are that we can probably support a $1.80 price range as-is, but will need good quarterly earnings going forward to push it higher. It'll happen though and the low float will help it sail north.