keebon, I believe that is correct and their report states that they have 11 millions shares of FRO "available for sale", whatever that means.
dh: Not to beat a dead horse but here's GSL's statements on their earnings reports:
***3Q/15 CC: GSL declares 3Q dividend of .10....Reiterates intentions to raise dividend to 0.125 for 4Q
***A meaningful sustainable dividend with a clear path to growth.
***3Q offers strong dividend coverage (3X). Full earnings of Ningbo (delivered 9/15) in 4Q expected to support 0.125 dividend
From 4Q/15 CC:
***BOD has decided to suspend payment of 4Q divvy to common shareholders, instead allocating capital to debt reduction and acreative vessel acquisitions.
Of note 4Q revenues were higher than 3Q revenues (Ningbo?) and so was net income, almost doubled.
The above information swayed me to buy a position in the company.
Last on this topic.
Thank's for the SFL divvy news. I still don't understand why they never make a separate announcement of it. That would be good publicity for the company.
GSL had two straight quarters of good earnings and, as a matter of fact, had a third good quarter, covering their divvy when they suspended it. We've seen some MLP's in trouble cutting or suspending their payouts and gone up, the market understanding that was good news and good management. . GSL showed no problems covering their dividend. I blame management's not understanding the importance of keeping a steady payout if warranted. You just can't stop a dividend and say you're paying down debt when earnings warrant continuance and debt is under control, UNLESS there's something there that's not being communicated to shareholders, and that would be a continuance of mismanagement.
dh: I thought the same about GSL. Why would they reinstate their dividend, hint in a CC that they might raise it and then, weeks later suspend it. Management is not held accountable for putting out misleading information as they used to be.
Stagg, my only concern on the earnings is that FRO's profit sharing contributed half of their total earnings (.26). Will wait to look at the transcript for more details.
As noted this morning pre market the very early trades were down .45 but they came back before the market opened into the green:
bobdbeck • 2 hours 4 minutes ago Remove 0users liked this postsusers disliked this posts0Reply
Pre-market knee jerked down to $15.25 on over 8k shares but last few trades at $15.71, although small trades.
7:26 am Ship Finance Intl reports Q1 EPS of $0.50 versus $0.63 Capital IQ consensus; GAAP operating revs +29% YoY to $117.6 mln versus $116.47 mln Capital IQ consensus (SFL) :
The 50% profit share agreement with Frontline (FRO) contributed $24.7 million, or $0.26 per share in the first quarter above the base contracted rates. There wasalso a $0.2 million profit share in the first quarter relating to some of ourdry bulk carriers.
gambler, agree wholeheartedly on VNR but I own the preferreds at a high price and doubled down a couple of weeks ago to cut my basis almost in half. Hoping for the best. Read and re-read their last CC transcript and seems their outlook has gotten better and if (and a big IF) oil continues to creep upwards the chances of them making it through this rough time increases significantly.
they are redeeming 5.6 million shares of the 13.3 million "C" preferred (Quantumonline only has that issue as 10 million shares from their prospectus.. That's 42% of outstanding shares. They intend to use some of the proceeds from this week's 5 million share secondary to redeem more preferreds. They will redeem those 5.6 million shares on June 7th. At 9.5% yield to maturity that's a smart move.