Nice find Lang,OCNF has forward dividend of 2.82,P/E in the 3's Wow! They recently added a thirteenth vessel to their fleet,adding revenue and further ability to increase their stated goal of providing strong steady dividends. Here are the comments from the CEO. Really battered down like everything.Although I have this sector covered with my NAT play these returns cannot be passed up! I am adding OCNF tomorrow,again nice find lang.
Anthony Kandylidis, OceanFreight's President and Chief Executive Officer, commented:
"The acquisition of our thirteenth vessel not only allows us to expand further into the tanker sector but also enhances a strategic relationship with a first class counterparty such as Heidmar. Our expansion in the tanker sector will allow us to capitalize on the positive fundamentals of the crude oil tanker market. In a span of just 18 months since we went public as a start up in 2007 at $19 per share, with no operating history and the aim to acquire seven vessels, we are close to doubling our initial fleet. We are maintaining an enviable operational track record, along with time charter coverage to reputable and well-established counterparties. Our fleet fixed contract coverage presently stands at 95% and 65% of our operating days for 2009 and 2010 respectively. We will continue our stated business strategy of strong fixed-rate time charter employment of these vessels which in turn enables us to pay attractive dividends to our shareholders as well as expand and diversify our fleet within multiple shipping sectors.
Well thats my lousy 3 posts for the day. G/N guys.
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