Adam Shaikh

[Adam Shaikh @Shaikhisms]

@contang_o @Wattwurm73

[Adam Shaikh @Shaikhisms]

@contang_o Negotiators and Mediators are protected under international law, no?

[Adam Shaikh @Shaikhisms]

@contang_o Doing your time in the mines, one might say?

[Adam Shaikh @Shaikhisms]

@ed_fin "This is my desert. My Arrakis. My Dune.

[Adam Shaikh @Shaikhisms]

@contang_o Will provide a very interestingly illustrative example when I've got the numbers down pat!

[Adam Shaikh @Shaikhisms]

@contang_o I admit to being easily baited on any Dry Bulk conversation 😂😂😂

[Adam Shaikh @Shaikhisms]

@contang_o Because Earnings and Asset Prices are very misaligned. Especially on Sub-Capes (in my humble opinion)

[Adam Shaikh @Shaikhisms]

@contang_o We also find that the available in Dry Dock upgrades bring existing "ECO" 63.5k DWT UMXs very close to the new UMX designs coming out of the Yards. We don't find the same on KMXs or Capes!

Further, the implementation of Future fuels is MUCH more realistic on the big gals.

[Adam Shaikh @Shaikhisms]

@contang_o An 8% reduction in Cons for an UMX doing 12Kn/24MT is 2MT, but they on sail 55% of the time as port operations are generally slower and you go to smaller ports. The same 8% reduction on a Cape doing 12Kn/40MT is almost 5MT, but she sails 75% of the time. (basic concept I know)

[Adam Shaikh @Shaikhisms]

@contang_o The JOLCO facilities they are using for Post-Delivery Finance are very cheap due to a tax efficient structure (for Japanese Investors), but is very inflexible in that you simply cannot exit early (other than extreme circumstances which are very expensive). Requires balance

[Adam Shaikh @Shaikhisms]

@contang_o When the bank is offering you 150 Bps + SOFR, you only ask "How far can we crank the LTV?"

[Adam Shaikh @Shaikhisms]

@contang_o @InvestsCletus An unnamed big owner/operator was looking to sell 2x Nukes (2017/2016) and 3x KMXs (2026) but pulled away after the board pushed the wait till Q4 to remarket and expecting to get much higher prices. These guys are famous for manipulating with their opinions/news tho.

[Adam Shaikh @Shaikhisms]

@contang_o @InvestsCletus We saw many operators fighting over a JNS40 in WAFR looking to fix for 2yrs. Ultimately tucked away at 15,150 less 5% bss delivery in July.

[Adam Shaikh @Shaikhisms]

@contang_o New type of Laundry 👀

[Adam Shaikh @Shaikhisms]

@contang_o These yards are so random it's hilarious. Imagine buying Tangshan Offshore built Nukes for Scrap in 15 years when the market implodes 😭

[Adam Shaikh @Shaikhisms]

@contang_o Crude Tanker proponents will tell you it's fine since there are 350 VLCCs of 15+ years. I agree that it won't completely crash from the heavens but still puts a question mark on '29 Earnings (especially considering the Cost of Ordering these NBs). Thoughts?

[Adam Shaikh @Shaikhisms]

@contang_o That's some Fantastic Financial Wizardy. 135 BPS!?

[Adam Shaikh @Shaikhisms]

@contang_o And worry not, I'm not talking up our book 😂

[Adam Shaikh @Shaikhisms]

@contang_o True, Continent is difficult atm. But that's the case for Geared, specific areas trade very differently which is why you can get operators who outdo or under perform the index. Thats why I think it a good space for IPOs of good operators who can show good (inexpensive) management