A George Economou-controlled company will earn $8.1m per year for managing the fleet of his new spin-off Tankships Investment Holdings.
The company said in its IPO prospectus that it will pay an Economou holding company $2,222 per ship per day, which works out at $8.1m per year for the 10 suezmaxes and aframaxes.
The manager is also entitled to a chartering commission of 1.25% from vessel earnings and 1% from sale and purchase deals...
Should be interesting on how this new entity gets folded into the mix on all fronts. GE is doing a great job of confusing everyone with this corporate web he is weaving.
Earnings should be a few weeks away. I'm sure GE will be peppered with questions regarding this spinoff. That is if there isn't any new messaging released to shareholders prior to earnings. Which I doubt there will be.
How do you take tankers owned by Dryships, spin them off into their own publicly traded company, merge them with tankers from privately owned firms and not inform current shareholders of how this transaction and relationship will directly effect them? Getting tired of being the last to know!
LOL. You are a moron. If you were smart, you could have made money on the way down as well as on the way back up. But you are not. Have fun preaching your nonsense to anyone that will listen.
It won't be below $1 until ER. Will be delisting pressure if it lasts that long. Reverse split would be first.
GE still personally owns ORIG shares and has re-invested $80m into DRYS. Selling ORIG does the following:
* Increases DRYS share price
* Removes all DRYS debt
* Removes the arbitrage occurring between DRYS and ORIG
* Allows DRYS to spin off tanker segment.
I know he would be selling it for what he think is undervalued, but $15 is a nice premium considering where it is right now.
Say GE is offered $15/share for a purchase of ORIG, do you think he would consider it now based on what is happening with DRYS, the market, oil, etc...? That would put $1.2B in DRYS pocket, make them completely debt free with cash to operate. Thoughts? What would DRYS share price be valued at if this event occurred?
Stay the course and hopefully things get back on track and we avoid hitting the iceberg!
Sounds like you have invested your money and not looking to make a quick buck. If you can afford it, you will more than likely be rewarded someday in the future. For all those looking to get their money back in the next year... not so much! I'm in your camp. Accumulated shares over the last 5 years and have averaged down to $2.17. I'm not scared.
Your time is running out on this board. You will disappear in about 2 weeks as the rise back up and above $2 begins. Oil will rise. BDI will rise. Dryships revenue will rise. ORIG will rise. MLP will happen. Dividends will be paid out. Debt will lower. You will disappear.
Didn't mention how they are going to cover the gap...??? Cash on hand? It also doesn't mention the term on the ABN AMRO note, but it appears they will try to pay in down in 12-18mo to receive incentives on the ORIG note. Not sure how the market is going to decipher all of this, but it appears there is now more debt to pay down next year in aggressive fashion. Maybe the combo of the MLP distribution and the ORIG divvy will cover this? A win?
Your posts show up garbled whether your PC is messed up or not. stop posting!
I went back and looked to prove him wrong. The tanker segment TCE for Q3 and 9 months was around $20k. Hopefully it will be much higher for Q4, but that is what heu0027s basing his info off of.