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AXIS Capital Holdings Limited Message Board

trubulator12345 2 posts  |  Last Activity: May 22, 2014 10:05 AM Member since: Jul 12, 2008
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  • Reply to

    Not Sure

    by yankel222 May 21, 2014 9:58 AM
    trubulator12345 trubulator12345 May 22, 2014 10:05 AM Flag

    I have not fully dissected the beat. Perhaps there is some juice from insurance wind-up in there. It is a small enough amount of money that it does not move the needle for me. Navios Asia was an opportunistic thing and they got 3 ships at low prices out of it. Good enough for me. I suspect we will not hear another word about it.

    NSALI was pretty clear. First, they made less money on refined product sales, which are opportunistic and volatile. Second, the grain season was lighter in Q1 by the sounds of the conference call commentary. Since this appears to represent a delay rather than a loss of business, it should juice future quarters. The NSALI story appears to be intact.

    I think there is an elephant in the room, though. A lot of things are predicated on a significant rate spike real soon. Will this materialize? Mysteries abound...

  • trubulator12345 trubulator12345 May 2, 2014 12:13 PM Flag

    My guess is that the banks would be fine to change the covenant to 15% or even 10%, especially if the dilution of Ms. Frangou's stake were accompanied by a big equity raise that delivered the balance sheet. As a result, I am inclined to agree with you that this is very bullish. Glad I closed out the covered calls I sold when the stock was recently around 10. Now I wonder if I should be following Ms. Frangou's lead.

AXS
44.00+0.85(+1.97%)Aug 1 4:03 PMEDT

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