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Natuzzi SpA Message Board

pdnnyc 1 post  |  Last Activity: Sep 10, 2014 5:46 PM Member since: Aug 19, 2002
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    Unable to Make an Operating Profit...

    by play_tow Aug 19, 2014 9:44 AM
    pdnnyc pdnnyc Sep 10, 2014 5:46 PM Flag

    I've been investing in shipping cos for 10 years, you simply cannot judge operating metrics for any company that has newbuildings in the yards. Big chunks of capital for newbuildings have been paid and the interest payments are due while the ships are being built and can't generate cash against the capital deployed. It is a structural handicap of the newbuilding strategy. You have to wait until all vessels are in the water to get a true picture of operating metrics and capital efficiency. With six vessels still at the yards, NNA is still severely handicapped. There is no getting around its metrics looking #$%$ in the near term.

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