Xanadu,
I will definately take your advice. I may just pick up some Knightsbridge. Paragon (PRGN) Declared their dividend yesterday. .50 cents a share. They currently have somewhere in the area of 700,000 dead weight tons on the oceans. Mostly panamax vessels. Their charter book looks to be very well managed. This quarterly dividend was a 14 percent increase over last quarter.
I agree with your assessment of the BRIC countries as this seems to just be the tip of the iceberg with them as far as growth is concerned. We must not forget Vietman in all of this. I think BRIC is going to have to become BRICV. As the letters get added to that jarble our dividends will pile up as well. Funny thing about this is the every time the so called market experts make a analysis they always seem to be way off base.
Your right on the money about the cancellations of new ship buildings. What they fail to mention in these reports is that when small shipyards dont get paid the chances are they will be out of business in no time. They may eventually be purchased by another ship builder but that takes time. Some may never get back in business. Thats another trickle down effect of lack of liquidity. I see the effect of that as less shipyards. That combinded with high costs and much less tonnage than they are predicting will be available in 2009 and even less in 2010.. I look to see an industry consolidation as a direct result of that. Maybe not on a large scale but there will be some.
Its all good for us though...
Good day my friend....
Joe
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