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Genco Shipping & Trading Ltd. Message Board

audiophul 1393 posts  |  Last Activity: Jan 23, 2015 4:18 PM Member since: Aug 10, 2011
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  • Reply to

    CNBC said the bulk shippers...

    by ggray1956 Jan 23, 2015 12:38 PM
    audiophul audiophul Jan 23, 2015 4:18 PM Flag

    DRYS does not have $7 billion in debt. ORIG has most of that, about $5.5 billion of it. It lands on DRYS books only because they own over 50% of the stock.

  • Reply to

    New move from George .

    by aud1ophul Jan 23, 2015 10:15 AM
    audiophul audiophul Jan 23, 2015 10:33 AM Flag

    Nobody notices your clever impersonation.

  • Reply to

    RIG or SRDL?

    by engine_computer Jan 22, 2015 11:04 PM
    audiophul audiophul Jan 23, 2015 10:27 AM Flag

    Imposter playing silly message board games.

  • audiophul audiophul Jan 23, 2015 10:21 AM Flag

    You're pretty goofy wasting so much of your time with these message board games you play.

  • audiophul by audiophul Jan 23, 2015 8:51 AM Flag

    Economou flips drillship for tankers at Samsung
    George Economou’s Cardiff Marine is contracting a slew of tanker newbuildings worth close to $500m at Samsung Heavy Industries (SHI) as renegotiations take place over one of four drillships the owner has on order at the yard.

    Industry sources say the company has penned four suezmaxes and four aframaxes at SHI for delivery during the first half of 2017.

  • Reply to

    Wow.. Another "Clear as Mud" Initiative by GE

    by ike.mark Jan 22, 2015 11:51 AM
    audiophul audiophul Jan 22, 2015 8:41 PM Flag

    And your math sucks.

  • Reply to

    Wow.. Another "Clear as Mud" Initiative by GE

    by ike.mark Jan 22, 2015 11:51 AM
    audiophul audiophul Jan 22, 2015 8:39 PM Flag

    "first GE hasn't charged 1500 a day since who knows when."

    Yes, he does. And where do you see this detail you suggest is a fact?

  • Reply to

    Wow.. Another "Clear as Mud" Initiative by GE

    by ike.mark Jan 22, 2015 11:51 AM
    audiophul audiophul Jan 22, 2015 3:54 PM Flag

    And how much debt gets removed? It should be like ORIG, if DRYS retains more than 50%. The debt would be shown on the CONSOLIDATED balance sheet, but would be "owed" by the new entity.

  • Reply to

    Wow.. Another "Clear as Mud" Initiative by GE

    by ike.mark Jan 22, 2015 11:51 AM
    audiophul audiophul Jan 22, 2015 3:53 PM Flag

    "His privatly owned Co.Cardiff is the Parent Co."

    No it isn't. Cardiff has NOTHING to do with DRYS other than the management of the vessels and it has NOT made "billions". Do you think they charge $1500 a day to technically manage a vessel and have ZERO expenses in doing so? They pay the CREW out of that number first off....

    It seems the more you read, the more you get wrong.

  • Reply to

    $4.00 gas by the end of this year

    by londonwhale1 Jan 22, 2015 10:33 AM
    audiophul audiophul Jan 22, 2015 1:24 PM Flag

    "the well is were the oil comes from"

    Precisely. And in MOST of the shale formations, these wells deplete very rapidly, dropping in productivity by 50% after the first year. So production will fall much faster than in years past when they stopped drilling in traditional formations and the wells kept producing at nearly the same rate for over a decade.

  • audiophul audiophul Jan 22, 2015 1:18 PM Flag

    He discloses all this in the SEC filings under "related party transactions" so he is telling everyone well in advance that there are these competing interests. It takes some digging to get to all the ways he benefits from DRYS where shareholders don't. If one digs deep enough, they will find that his stake in DRYS really pales in comparison now to the income streams he has from DRYS existence. Not their profits, mind you, just the mere existence of the company as an operating entity. This is why DRYS will likely never go under. George makes too much every day they operate, even at a loss, while it is set up the way he has done.

    Now, one could argue that he took a pretty good hit from late 2007 when his 13 million shares were worth $1.6 billion to now, where his stake is worth about $120 million-ish, but that is water under the bridge. The main brunt of that hit happened by October 2008, in one year. Since then, he hasn't really lost all that much on the stock and continues to make many millions each quarter from all the "stuff" like this latest move.

  • audiophul audiophul Jan 22, 2015 10:49 AM Flag

    Taking into account the rapid decline of shale wells, this will pull in production in the US sharply.

  • But they are not beyond concern. Baker Hughes said on Tuesday that it would reduce capital expenditure by 20 percent in 2015, and warned of a continued reduction in the rig count. Baker Hughes expects the average rig count in the first quarter of 2015 to fall 15 percent versus the previous quarter’s average, it said on Tuesday.
    “What we have learned in the past is that when the market turns down, it turns swiftly,” Baker Hughes chief executive Martin Craighead said on a conference call. “In each of the last three downturns dating back to the 1990s, we have seen North American rig counts fall between 40 percent and 60 percent in the space of only 12 months.”
    It is unclear if Craighead was referring to the total rig count or just the oil rig count. But a 50 percent reduction in the U.S. oil rig count would bring rigs down from a record high of 1,609 in November to 800 by the second half of 2015, the lowest level since early 2011.
    The areas expected to be worst hit include the Bakken shale in North Dakota and the Permian Basin in Texas, Craighead said.

  • audiophul audiophul Jan 22, 2015 10:41 AM Flag

    Greece’s DryShips is spinning off 10 tankers in a new US IPO aimed at raising up to $100m.

    The George Economou-led company has filed with the SEC to list Tankships Investment Holdings.
    It plans to list on the Nasdaq under the TNKS ticker. Tankships is registered in the Marshall Islands and has four suezmaxes and six aframaxes totalling more than 1.3m dwt and with an average age of 2.5 years.

    The vessels are all built between 2011 and 2013 and operate in the spot market. They are listed as owned by DryShips and Economou's private Cardiff Marine.

    If the IPO is successful Tankships will strike deals with one company related to its CEO Economou and two related to his ex-wives to acquire three more eco-ships. These 157,000-dwt suezmax newbuildings are being constructed at Jiangsu Rongsheng in China for delivery between 1 March and 30 April this year. They will cost $209m, of which $115.7m will be payable in cash and $93.3m in Tankships shares.

    The company also said it expects to arrange a secured credit facility worth $375m over seven years with unnamed lenders.This will fully refinance the bank debt of the existing fleet and finance some of the cost of the three new tankers. Economou has also granted Tankships the option to buy other vessels in his private fleet. These deals could total 17 ships : 15 aframaxes built between 2004 and 2010 and the 297,000-dwt VLCC duo Solana (built 2010) and Desimi (built 2011) . All are working the spot market. Tankships also said it will expand the fleet through the purchase of additional modern second-hand vessels. The new company has been formed from Olympian Asclepius Holdings, which registered in the Marshall Islands in 2010 and changed its name in December.

    A number of its single-shipowning companies will be reorganised under the name Tanker Owners following the IPO.The company said it will be spot-market focused, but could use longer charters from time to time.

    It said was “well positioned to benefit.... continued.

  • audiophul audiophul Jan 22, 2015 10:34 AM Flag

    The case for Tankships

    New DryShips spin-off Tankships Investment Holdings believes its young fleet and the financial clout of CEO George Economou give it the edge in the tanker market as it prepares for a New York IPO.

    The average age of the 10 suezmaxes and aframaxes is 2.1 years, which it says is younger than the average age of the world fleet at 9.5 years.

    It also said expanding the fleet with three suezmax newbuildings and up to 17 more vessels from Economou’s private fleet will allow it to enhance its market presence.

    Tankships added that it has “demonstrated access to financing.”

    Companies controlled by Economou have raised more than $6bn of debt financing since 2012.

    It intends to use its management team’s existing relations with financial institutions to maximize its “ability to capture future market opportunities and make further acquisitions.”

    The shipowner also pointed to its “conservative leverage”.

    Referring to Economou, it said: “We believe that our manager’s reputation within the shipping industry and relationship with many of the world’s leading oil companies and commodity traders provide us with numerous benefits that are key to our long-term growth and success.”

    Vetting approval is already in place from Shell, ExxonMobil, Chevron, BP, Total, ConocoPhillips, Trafigura and Vitol, among others.

    Economou will be chairman and president as well as CEO.

  • IPO of the tankers means what? Does DRYS retain some of the shares of the new entity? If they raise cash, then buy newbuilds from George/Rika/Elisavet for which they are probably paying a "premium", isn't this really just taking money out of DRYS to do those transactions and putting shares in their pockets? Need more details.

  • They will add significantly to the back log, reduce the number of uncontracted newbuilds and secure new, low cost financing as they report what will be the strongest quarter in their history. 2015 will be stronger than 2014 as the already contracted newbuilds deliver.

  • What he said was IF oil goes to $42, SDRL COULD go lower. Oil seems to have stabilized. It's now at $48.80 for WTI and $50 for Brent, rebounding.

  • Reply to

    New fixture

    by ikkebinikke Jan 21, 2015 7:07 AM
    audiophul audiophul Jan 21, 2015 10:15 AM Flag

    Waiting for earnings to corroborate what many know will be a pretty strong report for Q4. Q1 shaping up even better.

  • Reply to

    SDRL=FRO: Don't you get it?? Already???

    by shortsp500 Jan 21, 2015 1:23 AM
    audiophul audiophul Jan 21, 2015 8:43 AM Flag

    The guy is trying to imply that whatever happens with any JF company will happen to all the others.

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