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Home  /  Forum  /  Arcelor Mittal  /  OFF TOPIC: Dry Ships... voor de liefhebbers

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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,830 19 apr 2024 17:35
  • +0,030 (+0,13%) Dagrange 23,440 - 23,880
  • 2.845.773 Gem. (3M) 2,4M

OFF TOPIC: Dry Ships... voor de liefhebbers

286 Posts
Pagina: «« 1 2 3 4 5 6 ... 15 »» | Laatste | Omlaag ↓
  4. [verwijderd] 9 februari 2017 02:51
    Here's the Most Remarkable Thing About DryShips Inc.'s Fourth-Quarter Report
    The dry-bulk carrier reported progress in several key areas but missed on one crucial factor.

    Matthew DiLallo (TMFmd19) Feb 8, 2017 at 10:00AM
    DryShips (NASDAQ:DRYS) reported its fourth-quarter and full-year results shortly after the closing bell on Wednesday. That report trumpeted the progress the company has made to strengthen its balance sheet, which has improved significantly over the past year. One of the highlights is the fact that it currently has $243 million of cash on hand, amounting to a whopping $6.70 per share.

    However, before investors look at the stock price and do the math, there's one number that matters even more right now: cash flow. Unfortunately, that number is nonexistent. Furthermore, considering that the company has already announced plans for the bulk of its cash hoard, it is not as good as money in the bank.

    Industrial cargo ship with working crane in port.
    IMAGE SOURCE: GETTY IMAGES.

    Examining the numbers
    DryShip's financial report was a mess due in large part to the efforts it undertook to shore up its balance sheet last year. Those actions resulted in significant impairment charges and other one-time items during the quarter. As a result, it reported a net loss of $84.6 million, or a whopping $54.16 per share. However, that number is meaningless at the moment because it does not tell us how the company's underlying operations fared during the quarter.

    For that, we need to focus on adjusted EBITDA, which is a proxy for cash flow. During the quarter, this number was a negative $13.9 million. That is almost twice the cash burn from last quarter, when adjusted EBITDA was a negative $7.9 million. That is a remarkably poor achievement considering that its core dry-bulk shipping segment had its best quarter of the year thanks to rising shipping rates. As this chart shows, the company made money operating its dry-bulk vessels during the quarter:

    Chart showing the difference between vessel revenue and costs in the fourth quarter and full year.
    DATA SOURCE: DRYSHIPS INC. CHART BY AUTHOR.

    Driving the increase in charter rates was a noticeable rise in the Baltic Dry Index during the quarter, especially after the election. That rally enabled DryShips to capture higher spot rates for its dry-bulk vessels. That said, rates were still very low considering that its average time charter equivalent in 2015 was $9,171 per day. Because of that, as well as continued weakness in its offshore supply fleet, DryShips did not generate any operating cash flow during the quarter, nor the full year for that matter. Making matters worse is the fact that the company managed to burn through all that cash before even factoring in interest or taxes, which for the fourth quarter added another $1.7 million to its outflows.

    Spending money to stop the bleeding
    Suffice it to say, DryShips cannot continue to bleed cash. However, that is tough to do given its current setup because the company is at the mercy of the spot market, which has come well off its post-election peak. To combat this issue, DryShips announced earlier this year that it would use its cash hoard to acquire up to four Very Large Gas Carriers signed to long-term, fixed-fee time charters because these vessels would supply it with a steady stream of cash flow.

    The problem is that the first ship will not arrive until this June, which will continue to leave the company exposed to the whims of the spot market until that time. Given current rates, DryShips will likely continue to hemorrhage cash. That is a concern because it has the option to commit virtually all of its cash resources in acquiring the other three vessels, which wouldn't start generating cash until later this year. If the company overcommits to acquisitions, its liquidity could dry up, especially if it cannot generate operating cash flow from its current asset base. That is a risky plan, to say the least.

    Investor takeaway
    Yes, DryShips currently has a boatload of cash and its core dry-bulk segment made money last quarter. However, the company as a whole continues to burn through cash because it is not generating any operating cash flow, which could prove problematic if shipping rates do not rebound soon. While the company has a plan to stop the bleeding, there's a real risk that it could bleed out before those vessels come on board

    www.fool.com/investing/2017/02/08/her...

    Ik waag me er niet aan, wat een ongeloofelijk verhaal.

    Success voor degene met stalen zenuwen en day-traders.

    Ozzy
  14. forum rang 6 limomilo 21 februari 2017 00:12
    Nel ASA vandaag ruim 30 % gestegen. Exploiteert hydrogen stations en vanochtend vergunning voor het plaatsen van stations in California. Afgelopen kwartaal sterkste kwartaal ooit. Fonds komt af van 12 noorse kronen, verleden jaar 3,60 noorse kronen en verleden week stond het nog aan 2 noorse kronen
  15. [verwijderd] 21 februari 2017 02:13
    quote:

    limomilo schreef op 21 februari 2017 00:12:

    Nel ASA vandaag ruim 30 % gestegen. Exploiteert hydrogen stations en vanochtend vergunning voor het plaatsen van stations in California. Afgelopen kwartaal sterkste kwartaal ooit. Fonds komt af van 12 noorse kronen, verleden jaar 3,60 noorse kronen en verleden week stond het nog aan 2 noorse kronen
    Ik heb hier de link naar de koersen.
    finance.yahoo.com/quote/NEL.OL/histor...

    Kan je wat meer vertellen over de winst, omzet, toekomstverwachtingen, etc.?

    Bij voorbaat dank,

    Ozzy
  18. [verwijderd] 21 februari 2017 15:03
    quote:

    limomilo schreef op 21 februari 2017 10:32:

    Je kan even googlen op Nel ASA, de allereerste open je dan, dan krijg je de home page van NEL . Hier kan je ook zien dat bijna 50 % van de aandelen bij steakhouders zit. Toekomst ziet er veelbelovend uit. Wel een erg volatiel aandeel. Vandaag alweer 15 % hoger.
    Je komt zelf met dit aandeel om aan te prijzen, een beetje extra informatie (zonder dat we te hoeven Googlen) zou op prijs gesteld worden.

    Toch bedankt,

    Ozzy
  19. [verwijderd] 21 februari 2017 15:06
    quote:

    Sjedow schreef op 21 februari 2017 14:50:

    pre market ziet er niet best uit voor vandaag, nog steeds aankoopprijs op 6.

    Maar laatst stond pre market op +26% en eindigde die 17% in het rood, dus wellicht is het vandaag andersom..
    Tenminste wel even wat meer spanning dan de AEX vandaag.
    Wat ik begrepen heb is er nog een ronde van 200 miljoen en staat er een nieuwe reversed split op komst.

    Hier een artikel dat deze industrie juist kansen biedt en met name... Dryships.

    Het artikel was vóór de tweede aankondiging overigens.

    Why Are Investors Pouring Hundreds of Millions of Dollars Into DryShips Inc. and Its Rivals?
    The dry bulk shipper was one of several that raised equity capital from outside investors over the past few months.

    Matthew DiLallo (TMFmd19) Feb 15, 2017 at 9:30AM
    Private investors seem to be betting big that the shipping industry is about to mount a turnaround. That's evident after dry bulk shippers DryShips (NASDAQ:DRYS), Star Bulk Carriers (NASDAQ:SBLK), and Eagle Bulk Shipping (NASDAQ:EGLE) all completed private placement offerings with a series of sophisticated investors in recent months. That cash gives each company a war chest to go out and make deals at what appears to be the low point of the market cycle. These are bold bets, to say the least, with the potential to pay off big-time or to fail spectacularly.

    Tapping private capital
    Eagle Bulk Shipping was one of the first shippers to announce that it had secured outside capital last December. The company noted in mid-December that it had entered an agreement with various institutional and other wealthy investors for a private placement of common stock, raising nearly $100 million, which it planned to use for the acquisition of dry bulk vessels. That equity issuance followed on the heels of two deals by the company to acquire ships, ending a six-year acquisition drought for Eagle Bulk Shipping.

    Hands giving and receiving money
    IMAGE SOURCE: GETTY IMAGES.

    DryShips followed it a few weeks later, announcing that the company had signed a deal to sell stock to an unaffiliated investment company. Under the terms of that deal, DryShips could raise up to $200 million in equity over the course of the next two years, to rebuild its depleted fleet after spending much of the past few years jettisoning assets to repay debt. That said, the company would go on to raise the full amount a month later after finding a deal to diversify its fleet.

    Meanwhile, earlier this year Star Bulk Carriers signed agreements with Oaktree Capital Group (NYSE:OAK) and another investment group for a private placement. Under the terms of the agreement, Star Bulk Carriers raised $51.5 million, which it intended to use for general corporate purposes. This transaction was the second one Star Bulk completed over the past few months, with it also raising cash from Oaktree Capital and other investors last September.

    A once-in-a-lifetime opportunity?
    One thing all three of the recent transactions have in common is that these were private placements with more sophisticated investors like private equity funds or wealthy investors, instead of a secondary stock offering to public investors. These companies likely did this for two reasons. First, a public offering could have sent their stock prices plunging, because it would have caused a massive increase of new supply on the market. Another reason why these companies likely went the private route is that these sophisticated investors saw an opportunity to earn handsome returns if the shipping sector starts to rebound.

    Tanker ships at sunset
    IMAGE SOURCE: GETTY IMAGES.

    There's growing optimism that a turnaround in the shipping sector could be just around the corner. For example, the CEO of Eagle Bulk stated in the company's third-quarter earnings release that there were "tentative signs of a recovery in charter rates." That's one reason that the company made its first acquisitions in six years toward the end of last year, and raised capital to make even more deals.

    DryShips, likewise, sees the current market as ripe with opportunity. Late last year its CFO stated that "we believe that given where we are in the cycle in both the tanker and dry bulk markets, we are faced with a unique entry point to acquire vessels in these sectors at historic low prices." Shortly after making those comments, the company would deploy a portion of its capital into the gas carrier market, agreeing to acquire one vessel and signing an option to buy up to three more, giving it a stepping stone to further expansion. The company chose that route because these ships had already locked up long-term time charters at above-market rates, which mitigates its risk. However, DryShips apparently still has its eyes on other deals, with its CEO stating in the company's recent fourth-quarter earnings release that it was now in a "unique position to opportunistically acquire vessels at prices close to historic lows," thanks to its ability to raise equity capital.

    Investor takeaway
    Expectations are on the rise that the shipping sector is nearing a bottom, which has private investors willing to take the plunge and pour money into the space, so that shippers can bulk up their fleets to capture higher rates as conditions improve. If those rising prices do materialize, these bold bets could pay off because shippers would earn lucrative returns on these investments.

    That said, these shipping companies don't have a good track record of allocating capital, as overexpansion in prior years caused rates to plunge, obliterating investor capital. Any investors looking to jump aboard need to realize that there is a real risk they could lose their entire investments if rates don't improve.

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    PS: Ik heb zelf geen positie ingenomen en ben dit ook niet van plan.

    Success,

    Ozzy
286 Posts
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