The last dividend paid was 1 cent of July 30th. I think in the 3rd quarter they decided to take a more conservative stance and stop the dividend for the time being. Keep in mind that the managers of SB that made that decision own about 43% of the companies stock, so it effected them more then any other shareholder I am sure that as soon as the industry rebounds they will be the first to want to see that dividend reinstated. Of course the share price should be 400% to 500% higher by then, but I have no doubt that it will be reinstated.
I think the buyers of this stock are forgetting that even if SB survives, there will be a lot of ugly quarterly reports between now and when the industry starts to recover.
Nice move in SB since the 3rd week of January. I guess the CEOs optimism is kicking in. I worry that it might not last as long as the industries problems will last. I seem to recall the CEO saying about the same thing last year as he did this year. At least he is consistent.
Don't forget the interest on the debt and don't forget the dividends on the preferred shares. I think they come to about $$35 million per year combined.
Thanks for that. Any thoughts on the sale of the vessels to the CEO. Does it seem fair. My big concern with Greek shippers is conflicts of interest with shareholders. So far I have been pleased with how SB avoided these conflicts. Either the CEO is trying to help out the company or he is trying to help out himself. The answer to that question will probably determine the ultimate fate of this company. I am not asking him to take a bullet for shareholders, but at the same time I don't think the shareholders deserve to be robbed and then shot in the forehead either.
Yeah, I had to look that one up as well. From what I could understand it means the CEO is taking over a contract for a new build...but not really sure. Hard to say where the cash went.
What do you think of the sale of vessels to the CEO. I am not a big fan of this type of transaction but on the other hand, there is no doubt that SB could use the liquidity. Anything else pop out at anyone from the earnings release.