Hey they got it fixed. PPS now just over 14. This board is DEAD - it's a symptom of the the high number of different entities in the NM empire. Parent board rules.
Yahoo is listing NAP as "National Processing". Pretty funny.
Subject line pretty much says it. As an NNA holder this was a debacle, but with VL and MR 3 year rates looking solid in recent weeks I did have hopes AF would pull this off, thought monetizing the longer VL contracts could only be a good thing. Good luck, all, this has been an inauspicious start.
OUCH. Sold a few at near 3 but OUCH. I haven't had a chance to see how nice (on paper) it might have been to buy NAP at 13 but we were looking to haul in 20. Never been so disappointed by an AF play, since, well, the first few weeks of NNA from SPAC 10 down were pretty pitiful. And 3-yr VL rates solid 33k, with the MRs (nothing to do with NAP) looking great this week and forward a year or 3. Un freaking believable. Condolences all longs.
The 4 VLs are on the NAP books at 387m asset value. With say 187 raised in the IPO, that leaves 200M. How much of that is favorable-rate bank debt? What portion ownership will NNA retain? How much debt was associated with the NNA subsidiaries which owned the individual VLs, and will those debts be paid off with MLP debt issued at lower rate? How much prepayment cost will the MLP eat? No answers from EDGAR that I've seen. I still think the dropdown to monetize the LTCs is a great move and trust AF but really would like some answers. NNA one of my 2 largest holdings now, other is SDRL. Been loading up on both. Guess earnings are due soon & related press + CC. Anyone think it was weird for the initial August filing to be done confidentially?
Does illustrate Rosneft blinked. JF would have had to say NO, Rosneft said - well, we'll let you keep the option open.
No, it's not 'good for Seadrill'. Those are not obsolete rigs and they are now sitting there on site fully ready to resume drilling. I haven't seen details past the first pair but for those, 75% of the dayrate is STILL BEING PAID. That means for just the final 25% they could resume drilling. For them to decide to leave them idle while still paying 75% means.... not a lot of work.
Southport: "Navios has been linked to the possible purchase of the Japanese-owned VLCC ”SYNERGY QUEEN” (309,741 dwt, Built Imabari 2010, MAN-B&W main engine) at a price of US$ 78 million."
Tradewinds has a headline on Midstream today. "Navios MLP shows its hand
Navios Maritime Midstream Partners says VLCC IPO could be worth $195m."
Rates are up, for sure. 3 yr VLs rose to 33k, followed recently by 1-yr rates up at 32.5. And as you say the cleans are healthy now too. Waiting to hear more from Midstream partners. You hear anything?
Bodes well for Navios Midstream Partners. When I saw they were spawning an MLP - I built my position back up to near my max ever. Of course all shipping/drilling has been hammerred so for me I don't have too much free cash, but NNA takes a priorite down here....
WAY up since. They told us to sell at pretty much the bottom. A buy even at the HOD 2.56 would be up 20% now, about 2 weeks later. Just sayin
posted by 0830, here's this morning's BDI:
Baltic Dry-indeksen stiger nye 3,2 prosent til 1.192 poeng fredag.
Capesize 16.111 dollar (+ 9,0 prosent)
Panamax 8.971 dollar (+ 1,9 prosent)
Handysize 7.153 dollar (- 0,5 prosent)
Supramax 9.412 dollar (- 0,6 prosent)
If you look back a few messages you'll see that I posted the same info roughly 13 hours earlier... & before the opening bell, vs after closing...
Baltic Dry-indeksen stiger nye 4,2 prosent til 1.136 poeng onsdag.
Capesize 14.118 dollar (+ 12,2 prosent)
Panamax 8.536 dollar (+ 3,3 prosent)
Handysize 7.260 dollar (- 0,3 prosent)
Supramax 9.488 dollar (- 0,4 prosent)
Capesize-ratene har dermed steg over 54 prosent på to dager.
my thoughts? i think i blew it reentering too early. NM will survive. there is cash in hand. the q1 2015 cape FFAs remain bleak however so near term earnings, for what that's worth, will remain "under pressure". shippers, drillers, all pummeled.
2% as the Master in the Master/Limited is common, and there will be a premium schedule should the MLP raise distributions above certain thresholds. NNA may retain a portion of common units as well / that's common but I confess I haven't read the details yet. 1 year VL rates just jumped to 29000/day and 3-year up to 30000/day as they have been for a couple of weeks. That's an attractive rate at either duration, so not a bad time to monetize the available contractable cash flow. The MLP will have lower borrowing costs than the parent. Parent NNA now seems poised (no guarantee) to become a more pure play products co with an associated well defined cashflow from the VL MLP. At NNA current price, assuming our stalwart posters have stated the gist correctly, I really would like to re-expand my position. I'm still overweight bit did sell some before we got this low - wanted to free some cash for other plays. NNA screaming for me to do the new DD and prepare to buy back in. FWIW even the products rates for MRs are now above 100WS so finally, some short-term improvement there. GLTA Longs.
I'm bullish from whatever the current bottom turns out to be... through most of 2015. I have a hedged position now (own shares but sold Jan 7.50s against them) but was tempted to buy off the 7.50s today and go naked long. The BDI seasonal run will come, and 2015 macro looks good. So, soon. And then out by mid 2015.