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Claytrader: It closed at $1.59.
After today's dilution, I believe we have all funds needed to fund 3 ships. Slow down with the rest of the dilution, it is not that important (or cancel the fourth ship option).
Stockwhale: Please explain furthee.
Thanks. I appreciate your time.
What do you think the value of all their current ships would be?
Looking forward to it.
It's time for consolidation in shipping.
All I am saying is it is looking better, but I want to see the next move. There was a shipping sector problem. Not all can be blamed on E.
25 year life of ship, yet you depreciate it in 6 years? Then make it look like the deal is negative? How about rerunning the numbers to reflect the true numbers of $3.2 million depreciation per year over 25 years?
Debt payment on $200 million is about $17 million per year, revenue from 4 Ships is $40 million.
Then revenue from all other ships looks good, because the 4 Ships are paying the debt.
Netman:more than $40 millon in the 4 VLGC annual revenue covers the revolver interest by a long shot.
Plus $113.9 million remains, not $130.
I sent an email to them last night asking that very question. Although I don't expect a response.
Thank you twosecure for all your posts.
The way I look at it: The new ships pay for all the debt, the dry ships revenue is gravy. Before, the dry ships had to carry the debt load. The thing I worry about is: How are they going to buy distressed property when they are using all their capacity for these "non-distressed" ships?
You switched topics. We WERE talking about the $70 million in extra debt. Now you are talking about total debt.
Excuse me. 6 of the 10.
5 of the 10 million will pay the interest on $70 million.
One ship will pay the interest. $10 million a year.
Does that open things up for lawsuits?
I disagree. When the $200 million dilution ends, drys will have $335 million extra assets(ships) with only $70 million extra of loans.
And it wasn't 69 million
You are just guessing.
That is not a true statement. Twisting wording.
What was that heavy volume Friday all about?
Could you be more specific please?
1.5 million per day wouldn't be so bad, but they seem to be in a hurry.
Talk about manipulation! 40 million shares and we close flat.
Wrong. It is over 50 million. Read the filings.
It is very confusing. Now is the time to be a fly in the office of anyone involved.
Read the prospsctus, where they just diluted 14 million shares for $42 million. Then read the part how they can dilute more to get $157 million more.
Zes, read the filings on the top of the page. It's all there.
I-man:"Issuer managed equity transaction" IS DILUTION!
I have NEVER had a problem buying shares thru Ameritrade.
My thoughts exactly.
About 50 million.
Claytrader: You know they're diluting to raise $200 million, right? They have about $150 million left to raise.
They won't have any shares to do that. They closed their position by "closing" their short position with newly bought shares. Balance=0.
Nice detailed post. For a fair price, I would give it a 4x multiple of asset value.
With today's PR DRYS has enough cash and credit to buy 2 ships. Revenue of $10 million yearly per ship.
Think about the Kilani $200 million dilution this way: If DRYS used it plus their credit line, DRYS would have 4 new ships and only $200 million of debt. All that extra revenue with on $70 million more debt than they have now.
The ships, which are currently under construction, have scheduled delivery dates in June, September, October, and December of this year.
So we have most of the money to buy 2 ships without using the $200 dilution option. Plenty of time. In that amount of time, a lot of things could happen (financing of the ships rather than the dilution option? BDI and VLG rates go up?)