First Ship Lease Trust
On the contrary, Mr. Market sees it as a bad news and have pushed the stock down to 8.2 cents as of 9.30am.
With 3 more months to go, it depends a lot if FSL is able to rollover its debts otherwise I think sale of some vessels should tide it over
03-10-2017, 10:59 AM
Imo, the best course of action is to rollover the debts. The second one is to sell down some vessels to pare off the debt partially. I actually think the termination with the navios is a good one because the terms are just so unfavourable. I have started putting some funds in this company yesterday as a result of that. Just felt that there's a higher chance to make some good profits at this price, of course there is also a chance of a loss. Let's see how it goes in the next few months.
03-10-2017, 11:34 AM
(03-10-2017, 10:59 AM)money Wrote: Imo, the best course of action is to rollover the debts. The second one is to sell down some vessels to pare off the debt partially. I actually think the termination with the navios is a good one because the terms are just so unfavourable. I have started putting some funds in this company yesterday as a result of that. Just felt that there's a higher chance to make some good profits at this price, of course there is also a chance of a loss. Let's see how it goes in the next few months. At least the TM did not accept the US13cts per share buyout. Maybe they felt that the NCUHs are going to give them hell if they go down the Navios path..haha.
06-10-2017, 06:10 PM
http://infopub.sgx.com/FileOpen/20171006...eID=473244
Query 1 Please disclose the reasons why the Proposed Transaction did not proceed. Response: Following the execution of the Term Sheet, the Trustee-Manager consulted with its professional advisers regarding the proposed transaction (as described in the 28 April Announcement) (the “Proposed Transaction”) and taking into account, inter alia, the input of its advisers and feedback received from certain Unitholders, the Trustee-Manager was of the view that the Proposed Transaction would not be feasible. The Trustee-Manager sought to negotiate terms with Navios. However, as no definitive structure was agreed to, nor definitive documentation executed, prior to the end of the exclusivity period granted under the Term Sheet, the Term Sheet was automatically terminated in accordance with the terms thereof. The Trustee-Manager is and will be considering all options available, including any further proposals from Navios and/or any other person. The last sentence is pretty mysterious to include Navios. Another deal from Navios on the table?
06-10-2017, 09:04 PM
FSL TM could be holding out for a better deal with navios. This is because nordbank is supposed to be wound up according to EU regulations. Eventually Nordbank stake in FSL has to be sold but at conditions beneficial to its wounding up.
17-11-2017, 03:10 PM
(20-05-2017, 11:51 AM)wonghw12 Wrote: I did some calculations, and found the following to give very similar NAV/share, which are way higher than today's share price. Based on latest set of result, FSL HK and FSL Shanghai valuation of 21mn maybe too high IMO. These 2 oil tankers only generated a revenue of USD0.1mn and USD0.3mn on revenue share. Same for the 2 LR2 tankers, TORM Margethe and TORM Marie which generated revenue of USD0.8mn for 3Q. Hence valuation of USD 21mn seems too high. However, YM Eminence, YM Elixir & YM Enhancer, I would assign a higher value because of Yang Ming contract which ends in 2020. If I remember correctly, I thought I saw somewhere where the contract states that Yang Ming may buy over the vessels at USD30mn each. Unless the market recovers, I am not surprise if there is more impairments next quarter, taking into consideration the revenue for FSL HK and FSL Shanghai have dropped from over USD1 million/q to a pathetic low.
17-11-2017, 09:11 PM
/yang-ming-eyes-orders-20-boxships
http://splash247.com/yang-ming-eyes-orders-20-boxships/
You can find more of my postings in http://investideas.net/forum/
17-11-2017, 09:17 PM
(17-11-2017, 03:10 PM)Millionfaith Wrote:(20-05-2017, 11:51 AM)wonghw12 Wrote: I did some calculations, and found the following to give very similar NAV/share, which are way higher than today's share price. I think the Aframax and LR2s are probably worth USD16m each now. However, the MRs might be worth slightly more. The figures are assumed to be without contracts, so we could see another ~USD40m upside from the containers. Agree that there should be a lot more impairments. Reason being the book NAV is way above where the real NAV should be, though this should still be way higher than today's share price.
29-11-2017, 12:20 AM
According to the earnings call, management is confident of refinancing. Wonder what the next steps will be...
30-11-2017, 10:53 AM
Hi Wonghw12,
Thanks for the observation. I wont put so much weight to the words "Confident of refinancing". Such intangible words cannot be compared to the tangible results/actions of the mgmt. In addition, it seems you had listened in to the earnings conference call. Will like to enquire if there were other gems of information you found on; such as mgmt plans for the ageing feeder containers ships or how long more does HSH Nordbank have to remain as TM and as a major shareholder of FSL |
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