I can dam well appreciate depreciation. I consider it basically income, you don't have to pay taxes on.. But don't believe ships and rigs don't depreciate, just like your automobile.. Over time they rust and wear out... That gets us to them always telling what EBTIDA is.. Most useless figure I ever saw!! Hell yes! Drys and Orig would be making good earnings.. If you remove debt and there wasn't any interest expense. And they didn't have to pay taxes.. What they write off in depreciation.. Should be anybodies, least concern !! Bob. Let me simplify for you.. Should drybulkers Incorporated thru Cyprus, that don't audit anything! Have been able to sell stk, on U.S. exchanges? It ain't what I say, you need to understand.. You better try to figure out. If what they are saying, is true or not.. And that is about impossible to do.. Read 1st qtr, 2013 earnings report.. One statement, Like it didn't mean anything!! ,Drys + Orig completely separated.. Then check last ER.. Drys "As Co.",used Origs earnings to reduce their loses? I may ramble on.. Just slow down.. Or take time, to read what they really post.. While, they warn you! May not be any truth to any thing they report... Even quote laws, protecting them, if what they are saying, ain't the truth..
Done some more thinking.. Why expand Orig's debt at this time? Maybe they got that $1.2B letter of award, that they added to backlog last July, finally signed. More thinking! Hell no! If they got a contract signed.. GE would be shouting news like that from roof top.. To distract from debt build up.... In mean time.. Are those bonds even part of Orig's $4B debt?? You have been warned! Everything is unaudited.. And we ain't talking about thousands of dollars.. We are talking about millions and billions.. Bottom line: Seems GE is doing same with Orig, while revenues are good.. As he done with Drys? Getting every penny available?? Big portion of it flows to Cardiff(GE).. All that debt.. Belongs to stk holders and lenders.. Should everything fall apart... In mean time.. Orig hasn't got a new contract signed on a rig since last July.. And debt just keeps going up, even with the revenues, they generate? Other than Orig stk price.. Little irrelevant to Drys stk holders.. As Drys no longer own Orig... And their profits or loses.. Can't flow to Drys... Lenders made them separate them, so Drys couldn't BK Orig.. Now looks like it may be good for Drys.. As Orig may be in worse shape than Drys? If its humanly possible, to be in worst shape than Drys? But if rates for those rigs, dropped like rates for those bulkers have? Orig couldn't service all their debt.. Just like Drys and all other drybulkers..
Nordia Bank is handling those bonds.. Read the warning, they attached to them, concerning their involvement??
Actually got to thinking. Was he really buying back those bonds, that Orig is paying 9.5% interest on that actually didn't come due till 2016... Good move, for stk holders ! If that is what was happening... But now see 4 days later, announced.. Selling another $500M of basically same bonds.. Proceeds can be used to pay off, Any of bonds offered from first batch.. Rest can be used to pay fees and commissions? If $100M gets tendered.. $400M could go to Cardiff(GE)? Hell, he ain't paying off any debt.. And could be increasing it at 9.5% interest? And that is with real interest rates, running at about 2%... Did you notice in 3rd qtr.. Interest expense was $102M. With revenues of $329M? Something mighty strange, about those figures? Then check out General and Admin. expenses.. And none of that actually has anything, to do with cost to operate those rigs... Looks to me like GE is sending Orig down same road as Drys? Takes all profits and as much money as possible from loans? People should start reading all those warnings good attached to loans and earnings reports? So if nothing they say or report is true? Don't say. You were not warned!! Like in 2011, said "may" buyback $500M worth of Drys stk.. Failed to mention.. Drys and Deutchau bank were both selling Drys stk into the mkt.. Hell Drys lent DB, stk to sell... And think, it was shelf stk, not included in shrs outstanding? Gets us to what is going on with all these subsidiaries of Orig? Seems they can use Orig stk, to obtain loans.. Where is that stk coming from? For all practical purposes.. Orig don't own, any of their stk? That 131M shrs they report as outstanding.. Is owned by stk holders and Drys... I do hope.. People realize.. Anything Drys and Orig reports.. Are unaudited.. But they do WARN YOU! Any thing they say.. May be any thing but the truth!
Hedge funds are sending GE $200M of clients money, buying that $200M worth that GE is selling.. So they can make a few dollars on the options they sold.. If you got any money invested with Evergreen, or any of their partners... I would pull it out and move it to someone, that don't mess with BS stks, like these drybulkers..
If you are the one responsible for posting that BDI? That little BS, zeesh, don't hold any water with me! You start getting your arz out of those bars, earlier.. And get sober enough to get that BDI posted, when its supposed to be posted.. Otherwise. You can just keep your sorry arz, in those bars.. And we will hire somebody, that will get it posted at 8:30 A.M. EST, like it should be.. Don't you sit there and grin at me, like a possum passing possimun seeds.. This is your last warning.. I will fire your sorry arz..And if you miss another Monday.. Don't even bother to show up on Tuesday!! Come Monday. I expect to see that BDI posted at 8;30 EST.. You may be Greek.. Us rednecks don't care.. I can't afford to bash nobodies head in again.. #$%$ judge done told me I was lucky last time, that I got by with serving 2 mths.. And if I even do anything wrong.. SOB is going to make me pull 3 yrs.. Made me a true believer.. I quit going to bars.. Always somebody crazy enough to F with me!! They just don't know!! But I know. And that judge knows.. I ain't nobody to be #$%$ with. I'll whip you, your brother, mammy, sister, daddy + rest of family.. And I am talking about.. All at the same time.. .
michelle, you and pumpers.. Should be put in tow sack and drowned.. When ain't the truth good enough! But then! Don't none of yall seem to realize how bad a shape, drybulkers are really in. With rates for bulkers this low.. Yall pump or diss. Minute BS! The real problem with all these drybulkers, is all their debt.. And they are all losing big time money! Rates for bulkers could double today.. All that would do is get bulkers back to about breakeven status.. That debt would still be there!!! Go back and check, what Drys was reporting for earnings When TCE for their fleet was over $30K per day.. Not a hell of a lot of earnings then.. Don't think all these loses they are reporting now.. Ain't for real, with TCE at $13K per day.. Sad part .. BDI has crashed since 4th qtr.. Drys will be lucky to come in this qtr with TCE of $11K per day... Just big time loses!! Now if you doubt any of that.. All of Drys earnings reports are in their website.. Pull up one from 2010, when TCE for fleet was over $30K per day.... Then check out last ER! These drybulkers are all in a world of hurt.. Don't bother ole Geo. He is going to weed every penny he can out of Drys.. Before it all comes apart.. Right now got idiots, sending him $200M, to add to the billions he has already made on Drys... He is one selling SOB.. Don't believe one word that comes out of his mouth.. He don't exactly lie.. But what he says, is long way from the truth...
You may be obligated to buy it.. If Evergreen wants you to support it.. Otherwise. You are buying a stk that ain't worth nothing... Us dumb joe six packs, will never buy this stk for anything close to $3.50.. Ole joe, may be dumb!! But not dumb enough, to keep just sending Geo. Economue, our hard earned money... And as yall are spending other peoples money. .Buying this worthless POS.. You should all be fired... Yall are supposed to use other peoples money, to make money.. Not send it to Athens.. After all the billions GE has made off Drys.. He didn't send any of us a thank you note, Christmas Card, or nothing..
I think GE slithers around on his belly!
And to all the other joes out there... That have no idea, how bad things are with rates for bulkers this low.. Last qtr rates for Panamaxes were high enough.. To make Drys whole fleet of bulkers average $13.3 per day.. Up about $2K per day, from 3rd qtr.. Now with that fleet of Panamax of Drys at like $8.5K per day.. Should tell you how bad things are.BTW: Drys lost a ton of money last qtr! Going to be lot worse, this qtr!! Sad part.. I expect rates for bulkers to go lower..
Pre mkt, manipulators driving it up, on few shrs. trying to convince, joe six pack, it will go higher... All they are really doing is giving GE more of their money per shr, than Drys is worth... Just call me Joe! And I dam sure ain't buying a stk worth 10 cents, on a good day, for $3.50...
Just got to share this thought.. Now that oil is up .51.. this morning.. Was a song.. Little boy in camp writing home.. Come get me.. Its raining, This is miserable place.. On and on about how bad things were.. At end of letter.. Sun is shining.. People laughing, dancing, swimming and playing.. So disregard this letter... Sort of reminds me of how fast your sentiments, can change on least little thing.. Concerning what any stk will do.. In mean time.. Oil prices are still down about $7. from last time Orig, got a contract signed.. One other thought! Just how much oil are those sand monkeys sitting on.. That seems, all they got to do is stick a straw in the ground, to get oil?? What if there is an ocean of oil as big as the Atlantic + Pacific oceans combined? Seems anytime.. Saudi Arabia, can gear up production.. And meet any demand? But unlike some of other Countries, in that part of wolrd.. They know that oil belongs to all of them... They do try to take care of whole population.. Of course.. Everybody don't got gold #$%$ pots. Like they do..Here is the point.. They need to generate enough.. To take care of populace... Last time I read.. Saudi Budget set up on oil being $85. per brl.. What happens? Should oil drop to $60. a brl.. Could Opec fall apart?? And they go back to cut throat days.. And all disregard, how much they are allowed to sell? I don't think they are that stupid.. But, they are some weird folks?? Try to convince me to blow myself up, cause all those beautifull virgins are waiting for me on the other side.. All I can tell you.. About then.. I would tell the one handing me that BS.. Hey you take mine and yours when you get there.. And shot him between the eyes..
If Drys went into BK? Where would they go thru BK court at? They are incorporated thru Cyprus.. Based in Athens and stk sold in U.S. Here is how close Drys may be to BK? Drys will lose money this yr.. Rates for bulkers couldn't go up enough to prevent that.. But way things shaping up.. Rates could get real ugly.. As Drys assets are all underwater.. They have no borrowing power left.. Witnessed by them pledging Orig stk against debt. We know they done pledged at least 5% of that Orig stk already.. Maybe more? Just don't let oil prices keep dropping and their be no demand for UDW rigs? GE has already got Orig on shaky ground. $4B debt and "Other Liabilities"of $700M.. And has already ordered a couple of newbuild rigs, that will have to be paid for.. They haven't signed a new lease for a rig, since last July.. And for last couple of qtrs.. Haven't been able to get a $1.2B contract, signed that is in that backlog.. Right now.. Every qtr. that back log should drop, same amount as they generate, in revenues.. And don't count that backlog as sure money.. If it becomes unfeasible, to drill in deep water.. Those contracts do have cancellation fees... Hell I don't know what oil is going to do! With BS going on in Russia, it could skyrocket? In mean time.. U.S. could become an exporter, vs importer.. Iran by mid yr. could be putting 3M brls per day on the mkt.. Yesterday China announced shale, was producing more, than expectations.. My conclusion.. May not be a need to drill in deep water? Seems, there may be plenty of, lot more accessible oil?
Just caught end of it.. But seems dude, bilked hedge funds out of sevral hundred thousands of dollars.. At end, Agent said hedge funds, should have known better.. They of all people should be aware of audit reports, Or something to that effects... On Drys earnings reports.. First thing they tell you. Results are unaudited. At end of ER.. They point to laws protecting them. As results could be materially different than reported.. Then this morning.. In Drys headline news.. Someone pointed out, the rosie picture Geo. E pointed, for drybulkers was lot different than what another CEO, pointed? Its a little late to question.. Whether, these drybulkers should have ever been allowed to trade on U.S. mkts? As GE has already sold over 400M shrs of Drys for appoximatly $2B.. And about $1B worh of Orig.. And has borrowed about $6B against assets.. And billions in revenues and any profits.. have just went up in smoke... Gets us to this Evergreen outfit, that is selling this $200M worth.. I think they aught to take some kind of responsibility for the stk they are selling? As I think Drys is already about worthless? And the banking crisis in China... Itwill speed up.. GE sending it into BK? Then there will be no questioned asked.. As to how many shrs, are really outstanding.. And how much debt, there really is...
In glancing over replies.. Don't see where any of you mentioned what happened to Vales $7B project, to build, themselves a fleet of super bulkers, with carrying capacity of over 400K DWT.. I know they built a couple of them.. As one buckled in the middle.. And then China, won't going to let one into their ports...My last recollection.. They were going to build a platform or something out in ocean to transfer loads to smaller bulkers. Anyone know anything about what ultimately happened? It seems last thing I read.. The one who spearheaded that plan got fired.. But don't remember reading. They scraped the project?
On a bad day.. Maybe twelve cents? I am out of here...
Wait till manipulators. Get tired of buying stk Geo, is selling? Can they make back $200M selling options?? I figure? Maybe? But where does that put them, If joe, ain't falling into their trap.. Buying the options, They expect him to buy? I figure about now.. Ole joe knows better.. As manipulators can drive a stk any where they want to... Now the manipulators can stick all that stk, they been buying from GE, up their rectum? When GE continued ATM.. They should have took their arz whipping right then.. And let it drop.. Hell no! They use stk holders stk, to sell options against.. If they let it drop! They would have lost a few millions of their money.. In the mean time.. If you are long. They done you a favor..I will not repeat.. What I think this stk is really worth..
Don't kid yourself.. It seems all these drybulkers, went public.. To make officers rich. Selling as much stk. possible... Then used that money to buy bulkers... Then borrowed as much as possible against those bulkers as possible, when rates were good.. Great Plan, if rates for bulkers, would have held up! Oh, the officers did get rich.. But stk holders who own stk.. Have watched as, they created a glut of bulkers.. Now debt is lot greater, than revenues from those bulkers can service... Don't worry about officers.. They made theirs.. As a stk.. You own a stk.. That assets are way less, than assets... And believe it or not... If EGLE survived 4th qtr.. It may be best, of any of these drybulkers?? But longer it takes for EGLE to report.. Makes me wonder, if they survived 4th qtr.. And are going into Chtr 11... If so? Have them send you your stk certificants..Put them in bathroom.. And save on toilet paper. I really ain't got a clue as to what is going on? But if they file for Chtr 11.. All that stk, you own.. May be as worthless as toilet paper.. I thought about betting EGLE would survive.. Then thought again.. Hell, if they do survive.. All we would see is officers taking any of money.. As they have cut General and Admin. expenses to under $3M.. Don't believe, officers ain't owed money.. If Egle bounces back!! BTW: compare EGLE's Gen+ Admin. expens to Drys... Drys ain't had to cut theirs yet? But before they go BK..I expct,them to cut G+A,, Actually that is BS.. I think Geo Economue to BK Drys.. To cover up all the debt and shrs outstanding? That shr holders are unaware of.. But if EGLE survives? This is best stk. of any of the drybulkers.. And that is a pitifull story!!! Bottom line: Dudes in Athens got you money! Ain't a dam, thing you can do about it... Read on those earnings reports.. Nothing on those ER's are correct.. But quote laws, that says.. They ain't responsible...
Have you checked out Orig today! Not only are bulkers losing money.. Lost another $35M on that Orig stk, today.. GE is sending Orig, down same road, he sent Drys...Orig may already be as worthless as Drys! Or may be worse? With $4B debt and it debt will grow, As GE has ordered newbuilt rigs.. And may be not a lot of demand to drill in deep water, going forward?? Not that GE, would ever declare a dividend that could flow to Drys.. Actually he can't. Lenders, made him separate, Orig and Drys assets and financials.. But even if he did? Whoop the Do! It wouldn't amount to a fart in a whirlwind, to Drys stk holders...It would go to Drys.. What the hell difference would $12M-$14M make to stk holders?? Wouldn't reduce loses, a penny per shr?? And Randy.. Pay attention.. I don't drink Bourbon.. But do drink enough Canadian Mist.. May have them working overtime? Like 2 old drunks walking thru the woods one nite.. Run in to a still.. One turned to other..Said. We may not can drink it all.. Be we sure as hell, got them working nights!
London, is any way to find out what BDI is doing today? Vs waiting till they release numbers tomorrow morning? Anyone able to do that? Not that what BDI does on any particular day means a lot.. But could give someone.. Leg up on others... If people don't believe GE knew BDI was getting ready to crash. When he resumed ATM on Dec 30th.. I think they kidding theirselves.. Or just plan crazy.. BTW: Makes me happy.. To hear manipulators, not getting any takers. Hope they end up, with all this stk GE is selling! Think about this.. Debt belongs to Drys (Not GE, even after he has made billions off Drys).. How many shrs, would anybody buy.. If they were personally responsibe.. For all that debt that GE has piled on Drys.. I don't think Drys assets are worth, what debt is?? And situation.. Getting worse everyday.. But good ole Geo. is sucking another $200M out of somebody.. I sure hope its the manipulators?