I think the reported rates are theoretical - so they get to factor in that type of stuff. We'll hear soon enough. As I recall I've seen NM call an extension a longer charter sometimes
So Weber has 1 yr VL TCs back at 48.5 - the 46.5 was short lived. Gotta wonder if it wasn't the Celeste which caused/contributed to that datapoint.
cl - agree, bargain basement price for NNA days likely numbered. earnings will be solid, cash position will be solid, forward rate discussion will be no cause for concern, so basic value will be reaffirmed. only wildcard is potential modest bump in dividend. NAP didn't but should have (why not stay the stated course? they can afford it just fine). NNA has shorter term recharter needs so easy to justify no dividend bump, though we all know NM could use it. I expect no bump - and only discussion of dropdown.
Slide 23 of NAP earnings presentation from 27 January states "(1) Table reflects backstop commitment from NNA at currently contracted rates for the Shinyo Kannika and the Shinyo Ocean and at $35,000 per day (net) for the Nave Celeste". Celeste was earning 42,700 net through end 2016, with the NNA backstop picking up from there at 35,000 to end 2018. Be interested to see effective start date of the recharter you see.
12 mo VL TCs just swooned nearly 10% to 46,400 it appears. Hope that's a blip or AF just locked in higher... we haven't heard of a new TC or dropdown/transaction in a while. NAP cc indicated no hurry for a NAP transaction FWIW so NNA may not get to monetize existing TCs that way right now. Looking to add to my NNA bit by bit.
Finally put in my first order for NAP at 6.75 regular hours. We'll see where it opens. Been lurking - but just sat on my NNA with minor adds. GLTALs.
I don't read that as a need to maintain the preferrers through 2017 - just hat they need to maintain it as long as they _choose_ to continue any buyback. So IF they halt paying the preferreds THEN they must also halt any buyback. I don't see a prohibition on that. If they complete or suspend or cancel or withdraw the buyback, then they're free to halt the preferred payments, correct?
You don't see the fundamental reason NNA is down hard today? Sheesh, you a moron? The 12 month TC rate for a VL just crashed from 51,000/day down to 52,500/day - record for a long time - I'd say THAT's a reason.
than the other VL they just bought and chartered out. earnings presentation projected it'd be the same. market has only strengthened. slightly disappointed. no profitshare either. OTOH the ps on others in the fleet keep accruing. would it kill them to run one spot?
Weber just pegged 12 mo TC for VLs at an even 50,000, hasn't hit that for a long time. 3 year at 42. NAP will have some nice dropdown pickings - thoughts on how soon we'll see that happen?
Ya, but 'from your lips'...
Truely I think AF company holders are in general swayed by the core NM winds. As one who holds multiple AF company shares, I'm sometimes temped to sell some of the stalwart (eg NNA) for what's been 'unneccesarily trashed' to key on the potential recovery. Thank heavens I never sold off NNA to swagger into a lot of NM or NMM. Faced with something that has not dropped and seeing a potential buy on one that has, I think that adds some sell pressure to ... NNA so the AF faithful can try to catch the falling knife that has been NM or NMM.
Had been chartered at 13,578. FWIW twin Nave Dorado also was at that rate, expiring a month or so later.
“NAVE LUCIDA” (47,999 dwt, Built Iwagi Zosen 2005, epoxy, 4 pumps, MAN-B&W main engine) – purchased by Navios as “ORANGE EXPRESS” for US$ 16.5 million in May 2013, has been sold to Great Eastern for US$ 18.7 million.
Nice snag. I stayed on the sidelines on NM but snagged some NMM at 3.63. NMM back to 3.91 now, and NM actually up on the day.
slide 7 points out the annual savings from suspending the common. it says nothing about any change to the preferred.
Slide 8 says Annual Div to preferred stock: 14.7m. So for now, Preferred is being paid.
She just said it in the CC too. You're right it wasn't explicit inth eslides, but it was mentioned. On the CC said would pay (wrt this q). No 'promises' i heard wrt future.