If BDI rates really mean anything? GNK, should be getting in decent shape!! As rates for those bulkers go up.. Value of those bulkers should be going up, accordingly? Maybe even enough, to meet covenent requirements?? Flip side! Only ones that get wiped out in BK, are stk holders!! Lenders leave same officers in chrg, that drove it into BK, still in charge, carrying it thru BK!! Still drawing thier salaries.. And to keep officers from fighting them.. Lenders will make it worth thier while, to wipe out stk holders.. My take: Don't buy any stk, that may find excuse, to go under Chtr 11? Those slick SOB's that bought up debt.. Know what they are doing? They are in BK court all the time...May be supporting, lot of those judges, to exciting life styles?? I have followed some BK cases.. Got people who claim to be stk holders committee? They miss one meeting.. Stk holders, get wiped out!!! Now with, maybe billions on the line? Were members from stk holders commitee and judge, taken care of??? In the mean time: Did all the drybulkers that went public around 2005.. Just take stk buyers money, knowing they would send them into BK???
Actually, I wish someone could or would, figure out why Orig have all those subsidiaries.. Seems nothing any of them are doing.. Has to be reported?? Since 4th qtr 2010, when Drys owned 100% of Orig.. According to what Drys was reporting.. Should have about payed for those 4 rigs, that arrived in 2011.. In 2009 +2010 Drys sold about 200M shrs of Drys stk into mkt and were generating big revenues and decent earnings... So where has all the money went since then?? Sold additional 80M shrs of Drys stk into mkt in 2011.. Have sold about $1B of Orig stk? Now bulkers not doing to well.. But rigs generating big revenues.. Yet Drys and Orig, reporting loses? And according to what reported, last qtr.. Debt and other liabilities.. About $6B? And interest expense has sky rocketed last 2 qtrs?? Have went up so much.. Don't make sense?
Seems GE is taking a play out of GNK playbook? I just read over thier last ER.. Seems Baltic Trading inc. is subsidiary of GNK! Reality looks other way round, about who is Subsidiary? BTI have thier fleet of bulkers, and pay outside investors a dividend?? Read how GE spun, that BS, about.. Plans to IPO subsidiary of Orig? And may pay $25M dividend?? He may call it an IPO.. I figure him and his, will basically own, that subsidiary, getting a dividend?? Whether you are aware of it, as they never mention it.. One or more of those 50+ subsidiarys of Orig owns drybulkers.. Who for all practical purposes Are in competition, with Drys!! I figure thats where most of those several bulkers and 2 tankers that Drys sold and took a bloodbath on, in the last yr or so ended up?? Learn to question, anything GE says!!
Actually, I still don't like Drys at any price?? But if you liked it a mth ago.. You should love it now!! If those rates on BDI mean anything.. Forget earnings! Debt is problem.. In last yr, they sold Orig stk, and pledged Orig stk, to lenders as covents were underwater(value of those bulkers).. Earlier in yr.. Cape got returned.. They leased it for a yr. at $11.5K per day.. Now according to BDI.. Capes leasing for $36K per day? If the value of those 12 Capes have tripled?? Then, there may not be a problem with covenents?? And rates for those 28 panamaxes of Drys has went from $7.2K. per day to like $16K.. Value of those bulkers, may have really gone up??? Other side of story.. Those drybulkers, give figures for BDI?? What if they have drydocked a bunch of bulkers?? Basically reporting figures for a few, they are making available??? If that is going on?? Those in drydock sitting there. Collecting barnicles and rusting! Costing money to drydock them!! Real question! Is there a glut of bulkers or not?? According to figures on BDI?? There is not!!! Personally I don't believe it?? Hey good luck, ever which way you are playing it..
One last word of advice!! The manipulators on wall st. With no more action on this stk.. If you short it.. They can drive it higher!! And visa versa!! They make thier money, beating you out of yours!!! Please do not make a move, off of anything I posted.. Now if you can figure out why manipulators, will drive any stk, up or down! You can make you some moonneey? Bottom line: These stks will trade at what manipulators want them at!! Chances are.. Manipulators own most of this stk... They got trillions!! Spider to fly! Glad you could join me for lunch!!!
BTW: Here is how long, I think REE will exist!! Take that cash, they got left from stk sells and devide it by what officers and few grunts are getting compensated.. Last time checked.. I think they listed, like 11 employees?? Hey! They just sold an additional $6M or $7M of REE stk, into mkt.. and had like $30M cash?? They are set for yrs!! Other than thier compensations!! Got expense, of sending dirt off to get analyzed.. Funny how those dudes on Gold Rush, can decide whether there is enough gold, worth mining, in one day?? Yet after all the millions, people have paid for this stk!! After several yrs!! Still getting feasibility testing??
Yes hang in there!! Next hole they drill and send off for feasibility test!! Will show good enough results, to have anouther feasibility test?? Bottom line: All this bunch is doing, is drilling holes, sending dirt to get analyzed! Promising positive results? In the mean time, spending money from sale of stk. To compensate, themselves!! When this stk run up to like $18. a shr.. They all got rich!!! How much money can you weed out of people, on an old wore out mine.. That there is nothing there worth mining?? Hey! can you blame them? Weather lot better where they are at.. Than up in Canada, where they come from! Tuff life up there in Canada, trying to make a living, mining gold!! Little gold mines everywhere!! This bunch figured it out.. And Vagas ain't that far away!! Hopefully, they will send everyone, who has bought this stk, and supported thier lifestyle, a Chritmas Card!! Actually!! I like what they are doing!!! Fleecing dummys.. Anyone buying a stk that ain't never generated one penny in revenues, after all these yrs. Should be fleeced!! Just wait till we get results from feasibility test???
The big worry.. If Oaktree and EGLE agree to send it into BK?? Existing stk holders would most likely get wiped out.. They come thru BK.. Oaktree and EGLE officers, decide what percentage, of stk, they all get when coming out of BK and selling new stk... They make out like bandits... Existing shr holders get the shaft!!! Don't know that restructuring equates to headed into BK? But? Looks like right now.. With no more stk outstanding than EGLE has... With the way rates for those Supras have went up lately! They could sell enough stk to avoid BK?? But if officers are offered a good deal, to send it into BK???
Well the fact he said he worked for HP for 17 yrs, should tell you something!! Not smart enough to get a job, with a real Co.
It shouldn't be a secret, as to how many of those bulkers are getting leased.. And at what price?? It's about time, for self serving officers,, To share that info?? We should all know how close EGLE was to BK!! But rates for those Supramaxes have just kept going up lately? According to BDI? Now, have we just got a bunch of self serving SOB's running this Co. or not??? They should be sharing what they are leasing those bulkers for??? But then, they couldn't make thier move, ahead of stk holders??? Are we sure, officers and lenders, ain't already worked out a BK deal? Whereby, stk holders get rolled out???
I was just pointing out what they were saying?? In the last week or so oil prices went up about $5. I have no idea, what oil prices are going to do going forward... But it will be interesting to see, what next rig leases for?? And BD, You are an idiot or lier!! Any one can read last 4 earnings reports.. BTW: Triple nothng, is still nothing.. As for those loans, that got paid off.. GE said if you removed them, then loses would be lot less.. BS!! Those loans got paid off, rolling over $1.6B loan.. Not only that.. They increased it to $1.9B, whereby $300M could be paid to Cardiff or whoever for fees and commisions?? What a #$%$ laugh.. Idiots, taking GE serious, about IPOing a subsidiary of Orig, and may, pay them a $25M dividend?? I know GE likes to dangle a carrot, for idiots, to buy stk!! Hey it worked?? But some lies being told somewhere.. Interest expense, couldn't have went up that much in last 6 mths, compared to what debt went up?? And if you ever see GE pay a dividend that, goes to stk holders? Let me know! Since 2008.. All monies from sale of over $3B worth of Drys + Orig stk, and any profits, have flowed to Cardiff(GE)!! While Stk holders, sitting here with about $6B debt..waiting on profits for those rigs, to start rolling in?? My conclusions! (1) Nothing but BS about IPOing a subsidiary of Orig? Never happen on a U.S. exchange? (2) Said they were going to quit diluting Drys stk?? Don't know how much of the $200M they sold?? But what is $200M? When these rigs could generate upwards of $2B next yr?? And Cardiff(GE) gets half of it....
vese, I ain't sure GE didn't send a msg, Drys debt (financials) is in better shape, Than I thought? Drys releases very few press releasing any more, on any thing they are doing?? Yet PR, they won't be selling anymore stk into mkt!! I read anything GE says very carfully? He didn't say how much they sold last mth? And did say they could reinstate selling stk, at anytime? If it had not been for that press release, I would have thought Drys was selling yesterday.. And I did check Drys website, to confirm that PR was released by Drys!! Right now.. If figures on BDI, actually mean anything?? Capes @ $33K per day and Panamax at $16K per day.. Drys could be getting in decent shape? Here are my concerns?? Of course interest rates on all that debt.. But that concern is always there! But is there a glut of bulkers or not?? Have they actually drydocked bulkers? To drive up rates?? If so.. I consider, that a good move?? And while they are talking about there could be a glut of oil by mid 2014? In last week/ Oil prices, quit dropping and actually went up about $5. a brl?? Concern there! What will those rigs of Orig lease for going forward?? As they didn't tell us last qtr, how much of that Orig stk, was pledged toward debt?? Maybe they didn't pledge anymore? But I doubt that?? Then, as they been scratching thier heads as to what to do about those 4 newbuild Panamax.. I hope everyone can appreciate how much more valuable they are with Panamax leasing at $16K per day, Than at $7.2K per day?? Now, how real are figures on BDI?? If they are for real?? Drys ain't leased a panamax, on multi yr contract since before 2011?? Could they be writing some contracts, now??
Ort, are these drybulkers like other publicly traded Cos.? Incorperated thru Cyprus, and unaudited?? I don't think, there is but one person, that has any say so over Drys, than GE??? I can't see a lot of difference, in owning a fleet of drybulkers than a fleet of dump trucks?? If there is a demand.. They will pay!! I give up on Drys in late 2011??? Just can't get over BS they were posting back then..Now just Want to see how much money, GE can weed people out of??? I don't know if GE knows how much he has cost people who have invested in Drys stk and now Orig?? Ort, I would love to pull for you, to get out of the trap?? But for you to do that.. Lot of others would be getting caught!! How many dump trucks could all us own for the money GE has weeded? GE done sold Over $2B of Drys stk and about $1B of Orig.. And has borrowed about $6B against assets?? This sob is good!!! Last qtr.. something about IPO,ing a Subbsidiary Of Orig?? And paying out a $25M dividend??? Consiquintly Orig went up on BS!! Makining Drys value increase??? BTW: IBM stk will be back to over $200. in Feb.!!! I ain't made a move since late 2011, when I concluded, this was a game, I couldn't win at!!
Mr ort, thanks.. I have read those articles, Out of alpha and fool?? Don't seem any of them have a clue!! As to what GE has done with this stk, since 2008?? If GE had of been operating Drys for benefit of stk holders vs himself...Drys could be sitting here.. Still owning all of Orig! And reporting earnings and a lot less debt!! And Maybe only 38M shrs outstanding, as they had in 2008? GE figured where the money was(for himself) in 2008!! Thru stk holders under the bus!! Now Drys owns at best 50% of Orig?? BTW: What they never tell you.. Everything flows thru GE's private Co..No telling what Drys and Orig owe them right now?? They charge 5% of all revenues for leasing ships and rigs... And 30% commisions when buying, or selling ships or rigs.. Where the hell do people think the revenues are going those, rigs are genertaing?? Debt just keep going up and Orig reporting loses?? Clue!! Those last couple of rigs ordered!! Boom!! Orig owes GE $180M? every time he orders one... Read last loan roll over.. Went from like $1.6B to $1.9B.. GE is getting his money, as long as there is equity to borrow against??
Keep this in mind.. I haven't ever found anything GE has done for the benefit of Drys stk holders, since 2008.. Except relieving them of thier money.. If .. Even if those Panamax are bringing $15K per day.. He could have them all leased to his private Cos for lot less?? Did he know what rates for Capes were going to do this yr?? When one of Drys capes come available to lease... And he leased it for, next yr, for $11.5K per day?? I think that contract expires next Aug... If GE basically leased that Cape to himself? Do the math!
In last few mths. They been on a roller coaster ride.. Capes took off and run up to $42K per day.. Panamax were at $7200, per day.. They finally joined rally! They run up to like $17K per day.. Then both dropped like a rock.. Rates for capes dropped back to like $17K per day.. Now they are staging anouther rally.. Back to $33K per day.. Panys dropped back to under $10K. Now are back to $15K??? Hey if Drys is getting those rates for all those Panamax, they have? Drys may be O.K.?
If there isn't a glut of drybulkers? These drybulkers are a hell of a game for the big boys..
If soros bought this stk.. He sure ain't no genious!!! One jewel in this crown.. Orig stk?? But I have concluded Orig may be bigger joke than Drys??? Check out how much interests rates have jumped in last 2 qtrs! And check and see when all those revenues from backlog kick in!! Right now Orig is shakier than Drys.. If thats possible!!! That additional rig, won't off set, what interests rates will increase, from those newbuild rigs... Look for Orig to report terrible earning, this qtr.. BTW: When GE orders a new rig and tells us.. Thier cost is $600M apiece.. He don't tell us.. His private C0. who orders them, charge a 30% commision?? And you can bet your sweet bippy!! Those commisions are first thing paid... Take the time, to figure, where all that revenue, those rigs are generating is going... And Orig debt just keeps going up??