Facts? Okay. FREE has terrible fleet of tiny ships that don't earn enough to cover the expenses of the company. They, after all sorts of heroic efforts which have cost shareholders millions are still in trouble. They are essentially bankrupt and they lose tens thousands of dollars every day they exist.
It is as if you pumping liars don't even know what this company does for revenue. You certainly don't have a good grasp of their situation. I suspect not one of you has read their last annual report or if you did, you didn't understand it.
Just pulled a chart for the Supramax index. The ONLY time the rates for this class of vessel have been so low was at the start of 2009, just after the entire market collpased. Everything else in the world has rebounded and made new highs except drybulkers because of the idiot owners and their childish desire to own more and newer ships.
Yes, so 17 out of 45 is worth LESS than $11 million. Their "reduced" debt obligations are what still? The fleet is worth under $500 million. Their debt WAS about $1.25 billion. This is why nobody should buy this until the financials are reported. And the shares which Goldentree bought are down HUGE numbers. These private equity guys are new to shipping and have lost BILLIONS so far doing it. Wilbur Ross, Oaktree, Goldentree.... all of them have lost huge sums by stepping in to this horrible sector. They have actually succeeded in making it worse and as a result will see more huge losses and will have to wait many more years for any sort of rebound. I have never seen so many "smart" people get something so completely wrong and lose so much money so fast. EGLE was $16 when it emerged form restructuring. It has been cut in half. It will likely go down more. These drybulkers at this point in the cycle are not worth their NAV EVEN IF they did the right thing and wrote down the vessels as they should if they weren't so deceitful.
EGLE is worth $500 million minus their debt and not a red cent more. And it drops in value as time goes on. The ships they own fall rapidly in value as they age since so many BETTER ships are being built and added to the fleet. EGLE doesn't own one single Ultramax and NONE of their ships are eco-designed. I would not be surprised to see $4 on this stock sometime this summer.
How's your NE doing? Looks like it drops just like SDRL. Looking at the chart, it seems to suck pretty bad. Down 60% on the five year exactly the same as SDRL. Only difference is SDRL peaked a little higher.
Last filing Sept. 2014, was hilarious. They say their fleet of 45 bulkers average age 10 years or more is on the books for $1.58 billion. LOL!!!! The current value of a ten year old, unchartered supramax, which describes perfectly the EGLE fleet, is $11 million. The are overstating by more than a BILLION dollars the value of their fleet by using cost less depreciation. They SHOULD do a HUGE write down and reset the value to reflect REALITY. They way they are showing their assets is basically lying. They know it isn't worth near what they show.
They wrapped them up with nickel wire and sold them off for $5.
"The routes reported are as representative as possible of the world’s principal bulk cargo trades and reflect trades within the Pacific and the Atlantic, as well as trades between the oceans, maintaining a balance between fronthaul and backhaul routes.
All the routes reported have a steady and significant turnover of fixtures, while trades subject to seasonal closures such as the Great Lakes or Goa are avoided. Trades dominated by a limited number of charterers are also avoided and voyage routes where business is largely concluded on standard terms are favoured."
You are replying to a psychopathic impersonator who got embarrassed on the EGLE board and spends hours every day trying to harass others with many look alike IDs.
LOL! What a schnook. They get paid in dollars. They pay expenses in dollars. They pay their crew in dollars. They have exactly ZERO to do with Greece. Nothing. NADA. Greece could disappear and there would be no affect on FREE.
I can't stand idiots that pump stocks about which they know nothing. Why don't you shut up?
You don't know the first thing about NEWL, it's history or the industry in which they are involved it appears.
Funny that he has been so correct and you criticize him. Look at the chart, man.
Or are you all the same nut? This company sucks and has for years. It is about to fail. Their ships are junk and they are losing thousands each and every day.