You are correct. JF personally owns 1/4 of the company. He could easily buy another 1/4th, wait out the weakness and when the $4 dividend comes back, he'd get $900 million a year himself.
He listened!!! I figure he has more than $1 billion left from that sale, maybe more. He could buy 26% of the stock at todays price and own over 50% of the company.
Stocks not surging, yet. Q4 for spot exposed VLCC owners will be very strong. DHT, NNA, NAT (Suezmaxes), a few others could be a good bet since they are somewhat being lumped in with oil group. They are like pipelines. The price of oil doesn't affect their earnings.
Especially since JF keeps buying and lowering the number of shares available.
Most idiots posting negative junk here have never heard of the company before, know nothing about it and have a time horizon of a day or two.
VERY thin trading allows for big price movements as the real money sleeps.
Sort of. DRYS got a haircut because ORIG continued to drop. It is their collateral on loans. As it fell, it made their financial situation more tenuous. ORIG is the heart of DRYS. If it dies, the rest of what DRYS owns won't survive. Strong tanker rates can not sustain bulkers with BDI sub-1000 very long. DRYS needs ORIG to go back up and bulker rates to stop crashing and that right soon. (Love that phrase, from Shawshank Redemption).
The cuts are in shale oil. Hardly any cuts to deep water.
It has very high quality assets as well. Even the older Semisub Eirik Raude is harsh environment. As the older rigs at other companies are scrapped, this will increase the demand for high spec 6th and 7th gen rigs like ORIG owns. Same as SDRL. All deep water drillers are not alike, although the are all being taken to the woodshed.
Not so sure that is relevant. The book value is the price paid for rigs minus accrued depreciation. Many of RIGS fleet are headed to the scrap yard where they will get about $400 a ton for the steel. So what is the market value as opposed to carrying value?