kab60 Posted July 9, 2015 Share Posted July 9, 2015 Dry bulk shipper with 36 ships (31 Supramax). HK based but listed in Norway since 1994. Owner operated. Marketcap of 950m NOK or 115m USD. Equity just below 800m USD for PB around 0,17. Net debt around 250m USD. They took a big impairment charge FY2015 but are cash flow positive with historic low dry bulk rates. Sold two ships in 2014 at book value. They don't seem to hedge oil prices and are using cash flows to pay down debt which seems very manageable. Did 19m ebitda Q1 2015, but there was a big gain from an old dispute. Even without they would have been cash flow positive. Can't say I know where dry bulk rates should go, but atm they are 'converting' ships into cash and the ships are less than 20 cent on the dollar it seems. Anyone taken a look? Their new build program is almost nonexistant and they are in 'defensive' mode. Recent quarter presentation here: http://www.jinhuiship.com/news/jst/eng/jst20150529N1721.pdf No position. Link to comment Share on other sites More sharing options...
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