Listened to the call. Rates for product tankers are looking good. Not so much for crude. Still looking at MLP maybe this year. Maybe select acquisitions if opportunity presents itself. Share price is 50 percent discount to trailing NAV so equity raises are off the table. Talked about building shareholder value going forward. They sounded very optimistic for 2013.
Reviewed the conference call notes. Overall it looks promising, and hoping for a turnaround as 2014 approaches. However I wasn't excited to see the slide on the "Recent analysts estimates" of NAV being only slightly above $5. I would have thought it would be much higher than that given their book value of over $16. They already wrote off losses on the VLCC, where did the rest of the book value go? I guess the crude tankers aren't worth so much anymore but didn't think it would be such a huge loss.
Folks are probably afraid the delay in divi announcement means TNP will announce tomorrow that div is being suspended. If so, stock will crash. If div is cut to 4 cents, then I anticipae a small drop, followed by a rebound after the conference call (if also not "bad" news).
NOTE: conference call at 10 AM, earnings release pre-market.