And they are going to make a "boatload" (pun intended) of money in Q2....From a form 6K filing dated 6/23/15 (last Tuesday).....
" Eight of the twelve conventional suezmaxes enjoyed strong results by either participating in the spot market or earning profit share above their fixed time-charter rates. Two further suezmaxes also earned profit-share on a six-month determination basis, which will not be determined and accounted for until the end of June 2015. Ten of the eleven aframax crude carriers also achieved high rates in the spot market. In addition, the sole VLCC in the fleet, Millennium, entered a lucrative storage contract from the start of February 2015, which continues through the next two quarters. The handysize product carriers operating in the spot market also achieved much improved results compared to the previous first quarter, due to the operation of new refineries in India and the Middle East and refinery demand fuelled by lower oil prices and increased refinery margins."
**Note that their VLCC is a floating storage tank at "lucrative pricing" for the next 2 quarters.
Go check it out at sec.gov. From the 20-F...."Bermuda Law
We are an exempted company organized under the Companies Act 1981 of Bermuda, as amended (the “Companies Act 1981 of Bermuda”). Bermuda law and our Memorandum of Association and Bye-laws govern the rights of our shareholders
Agreed, simple profit taking by large holder/funds. they are r-establishing a new long as I am typing. Look across the entirety of the shipping stocks, same story. IMO buyers here will not only be rewarded with a much higher stock price in six months but also a couple of dividends on scale with Q1. from a recent article ..."A separate source, who tracks tanker movements, said Iran was storing over 45 million barrels of oil on 23 tankers including a few vessels that were not part of NITC's fleet."
This means lower oil prices and a huge need for any vessel that can store oil. Why the hell you think all the tanker stocks that have suezmaxs and vlcc's are going higher and higher? And BTW the end is not in sight. I am in big in tankers from last October and big short oil since then and adding.
Just wondering with the recent cash infusion via the April secondary and what they will have to say today concerning their progress in their pipeline if they might make an attractive buyout in a rapidly consolidating and acquisition hungry Bio tech sector. Thoughts?