Singapore Shipping Corp

Results should be steady and underpinned by the long term charters. The recent M&A was completed in FY 2014 and should not have any contributions in FY 2013 figures. It will be interesting to see if there are any charter extension for its 100% owned Singa Ace (29 year old car carrier vessel) whose charter to Mitsui expires at the end of 2013. We cannot rule out the possibility of the vessel being scraped to raise cash to partially finance the recent acquisitions and repay debts. I think dividends will be maintained at 1.0 cents.

(Not Vested)

(20-05-2013, 10:26 PM)Nick Wrote: Results should be steady and underpinned by the long term charters. The recent M&A was completed in FY 2014 and should not have any contributions in FY 2013 figures. It will be interesting to see if there are any charter extension for its 100% owned Singa Ace (29 year old car carrier vessel) whose charter to Mitsui expires at the end of 2013. We cannot rule out the possibility of the vessel being scraped to raise cash to partially finance the recent acquisitions and repay debts. I think dividends will be maintained at 1.0 cents.

(Not Vested)

frankly the recent buyback of the former Hai Sun Hup business at basement prices is already a master stroke. Ow has always been fair to shareholders - Godfather

http://info.sgx.com/webcoranncatth.nsf/V...300347F9F/$file/SSC310313.pdf?openelement

Steady as she goes... boring FD 4.1% with potential upside coming from the purchase of old hai sun hup business that is bought back at dirt cheap prices...

Another Godfather stock...

They bought the Cougar Logistics Business for 1.5X Price To NTA.

The profit was $4.18M, so $15M purchase means 3.6X PE, which is very cheap by these 2 yardsticks.

The cougar logistics business generated very good margins of 18-23%, and gave out dividends amounting to 70% or more of earnings in the last 4 years.

With cougar logistics, SG SHIPPING proves a more attractive proposition, managed by one of the most savvy and shareholder friendly businessman.

(20-05-2013, 10:26 PM)Nick Wrote: Results should be steady and underpinned by the long term charters. The recent M&A was completed in FY 2014 and should not have any contributions in FY 2013 figures. It will be interesting to see if there are any charter extension for its 100% owned Singa Ace (29 year old car carrier vessel) whose charter to Mitsui expires at the end of 2013. We cannot rule out the possibility of the vessel being scraped to raise cash to partially finance the recent acquisitions and repay debts. I think dividends will be maintained at 1.0 cents.

(Not Vested)

FY 2013:

Quote:The global shipping business remains depressed with the majority of ship owners continuing to suffer losses. Fortunately, our strategy has stood us in good stead and we will remain profitable.

However, with two vessels, MV Sirius Leader and MV Boheme, going into drydocking in the new financial year, we anticipate a decline in income of approximately US$1 million.

Furthermore, MV Singa Ace is reaching the end of its long-term charter and useful life at the end of 2013. We estimate a reduction in income of approximately US$1 million and have commenced deliberations on either scrapping or other options for this vessel.

With the timely acquisition of the agency and logistics businesses, the income from this source will more than compensate for the two negative variances in financial year ending 31 March 2014.

All within expectations. Though it probably needs to recapitalize itself if it wishes to grow its fleet again.

(Not Vested)

(22-05-2013, 06:33 PM)Nick Wrote:

(20-05-2013, 10:26 PM)Nick Wrote: Results should be steady and underpinned by the long term charters. The recent M&A was completed in FY 2014 and should not have any contributions in FY 2013 figures. It will be interesting to see if there are any charter extension for its 100% owned Singa Ace (29 year old car carrier vessel) whose charter to Mitsui expires at the end of 2013. We cannot rule out the possibility of the vessel being scraped to raise cash to partially finance the recent acquisitions and repay debts. I think dividends will be maintained at 1.0 cents.

(Not Vested)

FY 2013:

Quote:The global shipping business remains depressed with the majority of ship owners continuing to suffer losses. Fortunately, our strategy has stood us in good stead and we will remain profitable.

However, with two vessels, MV Sirius Leader and MV Boheme, going into drydocking in the new financial year, we anticipate a decline in income of approximately US$1 million.

Furthermore, MV Singa Ace is reaching the end of its long-term charter and useful life at the end of 2013. We estimate a reduction in income of approximately US$1 million and have commenced deliberations on either scrapping or other options for this vessel.

With the timely acquisition of the agency and logistics businesses, the income from this source will more than compensate for the two negative variances in financial year ending 31 March 2014.

All within expectations. Though it probably needs to recapitalize itself if it wishes to grow its fleet again.

(Not Vested)

Hi Nick,

Always appreciate your insights. Not vested and still can come up with such good analysis. I can't imagine what your master pieces look like when you are heavily vested.

Vested
GG

Singapore Shipping Corp is now Ship Chartering PLUS Logistics services company.

Cougar Logistics business is a cash cow.

In time to come, we will see the potential of this company.

A question: When there's only 1 lot on the Sell Volume @ 23.5c, does it mean only 1 lot is available?

If I were to key in buy order for 10 lots @ 23.5c, does that means I only get 1 lot and may need to wait for the remaining 9 lots?


Thanks!

(28-06-2013, 10:06 AM)Contrarian Wrote: Singapore Shipping Corp is now Ship Chartering PLUS Logistics services company.

Cougar Logistics business is a cash cow.

In time to come, we will see the potential of this company.

(28-06-2013, 11:53 AM)guru Wrote: A question: When there's only 1 lot on the Sell Volume @ 23.5c, does it mean only 1 lot is available?

If I were to key in buy order for 10 lots @ 23.5c, does that means I only get 1 lot and may need to wait for the remaining 9 lots?

Thanks!

1 lot queuing at 23.5c sell means there is somebody willing to sell at 23.5c for 1 lot.
It doesn't necessarily mean there is ONLY 1 lot available. Somebody may been willing to sell at 23.5c for 10 lots but probably offering 1 lot to test the market.
Also, it doesn't say how many is queuing at 24c, 24.5c, and how many are willing to buying at 23.5c, 23c, etc.. You can subscribe for this such 'market depth' service from any local broker but will likely to cost a fair bit.

If you key in for 10 lots at 23.5c, you will immediately take down the 1 lot sell order and will have to wait for the remaining 9 lots to be filled. If nothing is done before market close, you will only purchase 1 lot and pay commission based on this 1 lot trade.

(28-06-2013, 11:53 AM)guru Wrote: A question: When there's only 1 lot on the Sell Volume @ 23.5c, does it mean only 1 lot is available?

If I were to key in buy order for 10 lots @ 23.5c, does that means I only get 1 lot and may need to wait for the remaining 9 lots?


Thanks!

(28-06-2013, 10:06 AM)Contrarian Wrote: Singapore Shipping Corp is now Ship Chartering PLUS Logistics services company.

Cougar Logistics business is a cash cow.

In time to come, we will see the potential of this company.

It can also mean there may not be many sellers.