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FreeSeas Inc. Message Board

  • kenzocun Oct 7, 2013 1:02 PM Flag


    We shall begin by looking at some facts? FREES management and Market Conditions? Lets examine their management, and should we as investors hold faith in them? Since 2008 importing and exporting has never been the same. We have seen the BDI crash to bottom. Then came the filing of chapter 11 for many of the dry bulk shipping company. Deiulemar Shipping, Danish Shipping Group, Britain's oldest shipping firm, Stephenson Ckarke, and the list goes on and on. Avoiding chapter 11 while many raised the white flag, says a lot about FREE. But the storm is yet over. Piled with a ton of debt and in an industry on life support. FREE's management cleverly dig their way out of the grave and settles a 30 million debt with Deutsche Bank. Thus FREE regaining two of their vessels. With debt significantly reduced, and six vessels averaging about 15 years old. What is management to do? Bring all vessels up to par, and utilized them to generate revenue, for the remaining of vessel life span (5 years left) After a few years consolidate by scrapping old vessels and using proceeds for new vessels. According to BDI charts and trends. The bull Market for BDI will last 9 years. We are just in our first year which gives FREE enough time adjust and grow. My conclusion, for a company that has survived the toughest times, avoided chapter 11 and weaved their way out of debt forgiveness of 30 million. FREE is not about to roll over and die, knowing they have gone so far and so close. I buy FREES. DRYs and EGLE. Have a profitable day.

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