MYDemaray Posted December 7, 2012 Share Posted December 7, 2012 "A value investor is actually working the hardest when he/she appears to be doing nothing." Great quote Link to comment Share on other sites More sharing options...
rjstc Posted December 7, 2012 Share Posted December 7, 2012 This I would normally put in the books section, but since it pertains to shipping I thought I'd add it here. Dynasty's of the Sea, a new book about some biggies in the shipping business. Link to comment Share on other sites More sharing options...
MYDemaray Posted December 7, 2012 Share Posted December 7, 2012 Excellent -- I also recommend "The Box" and "Maritime Economics" for anyone interested in this space Link to comment Share on other sites More sharing options...
rjstc Posted December 7, 2012 Share Posted December 7, 2012 Thanks for the book ideas Link to comment Share on other sites More sharing options...
gaf63 Posted December 14, 2012 Share Posted December 14, 2012 Anyone interested in buying the D series pfd., they are trading over the counter with symbol of SSWPF Traded today from 24.9 to 25 Link to comment Share on other sites More sharing options...
zippy1 Posted January 2, 2013 Share Posted January 2, 2013 New 8A12B/A form. Are they thinking of taking it private? http://ir.seaspancorp.com/secfiling.cfm?filingID=1193125-12-516334 The description and terms of the Rights are now set forth in the Amended and Restated Rights Agreement, as amended by Amendment No. 1 and Amendment No. 2. Amendment No. 2: • eliminates certain existing exclusions from the calculation of the beneficial ownership percentages of Excluded Persons (as defined in the Amended and Restated Rights Agreement), which exclusions apply to (a) Series A preferred shares (“ Series A ”) and related securities issued or to be issued to Excluded Persons in connection with the Corporation’s 2009 financing and (b) Common Shares issued or to be issued to certain Excluded Persons in connection with the Corporation’s January 2012 acquisition of Seaspan Management Services Limited; • adds a new exclusion from the calculation of the beneficial ownership percentages of Excluded Persons for any Common Shares acquired by the Excluded Persons following January 1, 2013 pursuant to their participation in the Corporation’s dividend reinvestment plan with respect to any cash dividends paid on the Common Shares or Series A through and for the quarter ending March 31, 2015; and • increases the aggregate beneficial ownership percentage general trigger for Excluded Persons under the Amended and Restated Rights Agreement from 30% to 70%. In connection with the Amendment No. 2, members of the Washington Family have agreed with the Corporation that they will participate in the Corporation’s dividend reinvestment plan with respect to any cash dividends paid on the Corporation’s Common Shares or Series A through and for the quarter ending March 31, 2015, which participation will reduce the amount of cash otherwise distributable to shareholders by the Corporation. Link to comment Share on other sites More sharing options...
MYDemaray Posted January 2, 2013 Share Posted January 2, 2013 No position here, but thought you guys might be interested in this: http://www.lloydslist.com/ll/sector/containers/article414317.ece Link to comment Share on other sites More sharing options...
JEast Posted January 4, 2013 Author Share Posted January 4, 2013 Update on the previous comments by management. Looks like they have a new major liner to join the team with Yang Ming Marine of South Korea. Five (5) new 14k TEU vessels on 10-year contracts with option for 5 more. http://www.reuters.com/article/2013/01/04/yangming-seaspan-idUSL4N0A91LU20130104?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43 The company has stated their plan, stuck to the plan, and has executed the plan wonderfully over the last five years. Cheers JEast Link to comment Share on other sites More sharing options...
zippy1 Posted January 4, 2013 Share Posted January 4, 2013 Update on the previous comments by management. Looks like they have a new major liner to join the team with Yang Ming Marine of South Korea. Five (5) new 14k TEU vessels on 10-year contracts with option for 5 more. http://www.reuters.com/article/2013/01/04/yangming-seaspan-idUSL4N0A91LU20130104?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43 The company has stated their plan, stuck to the plan, and has executed the plan wonderfully over the last five years. Cheers JEast Hi, actually, Yang Ming is from Taiwan and my understanding is owned by Taiwanese government. I think the ships probably will be built by a South Korean ship yard. Link to comment Share on other sites More sharing options...
JEast Posted January 4, 2013 Author Share Posted January 4, 2013 Thanks for the correction zippy1 on my fat fingers as the ships are rumored to be built in South Korea and Yang Ming Marine is indeed Taipei based. Cheers JEast Link to comment Share on other sites More sharing options...
zippy1 Posted January 4, 2013 Share Posted January 4, 2013 JEast, It should be me thanking you for this idea that works out so beautifully. Zippy... Link to comment Share on other sites More sharing options...
JEast Posted January 16, 2013 Author Share Posted January 16, 2013 Another report on the recent rumor of five (5) new ships to be chartered by Yang Ming Marine and built by South Korea's Hyundai Heavy Industries. At $120m each for the 14k TEU ships, the cheapest purchase price I recall in sometime for container vessels. http://www.reuters.com/article/2013/01/16/hyundaiheavy-seaspan-order-idUSL4N0AL0C120130116?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43 Cheers JEast Link to comment Share on other sites More sharing options...
JEast Posted January 23, 2013 Author Share Posted January 23, 2013 SSW goes on a spending spree. Eight (8) more ships, four new construction and 4 second hand containerships. http://finance.yahoo.com/news/seaspan-signs-newbuilding-contracts-fuel-133000748.html Cheers JEast Link to comment Share on other sites More sharing options...
Uccmal Posted January 30, 2013 Share Posted January 30, 2013 Hey Jeast, Another article... Probably says the same thing: http://www.bloomberg.com/news/2013-01-29/seaspan-may-buy-15-more-ships-as-prices-hit-4-year-low.html I need to spend some time catching up on this one when the 10 k comes out. I have sort of ignored it and just collected the dividends for the last year. Link to comment Share on other sites More sharing options...
JEast Posted January 30, 2013 Author Share Posted January 30, 2013 As a foreign equity, they file a 20-F on EDGAR and in the past they have filed around the end of March. These guys continue to surprise. If I only knew the management better and the supporting cast back in 2008-09 I would have gone much bigger than I did. Even after the run-up and all those dividends paid, the company is in better shape today than since the IPO. Look for an increased dividend in the May, or sooner. Cheers JEast Link to comment Share on other sites More sharing options...
zippy1 Posted March 6, 2013 Share Posted March 6, 2013 Yearend result out. Up dividend by 25%. In March 2013, Seaspan's board of directors approved a 25.0% increase in the quarterly common share dividend to $0.3125 per share, which dividend will be subsequently declared for the quarter ending March 31, 2013. This $0.0625 per share increase to Seaspan's quarterly common share dividend represents the fourth increase since March 31, 2010 for an aggregate increase of 212.5%. Seaspan expects common share dividends for the four quarters ending December 31, 2013 to total $1.25 per share. http://seekingalpha.com/news-article/5842701-seaspan-reports-financial-results-for-the-quarter-and-year-ended-december-31-2012?source=email_portfolio&ifp=0 Link to comment Share on other sites More sharing options...
Uccmal Posted March 6, 2013 Share Posted March 6, 2013 Thanks Zippy. As a foreign equity, they file a 20-F on EDGAR and in the past they have filed around the end of March. These guys continue to surprise. If I only knew the management better and the supporting cast back in 2008-09 I would have gone much bigger than I did. Even after the run-up and all those dividends paid, the company is in better shape today than since the IPO. Look for an increased dividend in the May, or sooner. Cheers JEast Yeah well, me too. Hindsight is 20/20. Irwin Michael must be thrilled. He has held since the IPO. Link to comment Share on other sites More sharing options...
Phaceliacapital Posted March 6, 2013 Share Posted March 6, 2013 Thoughts on Diana shipping (US) and CMB (belgium)? Haven't gone through the thread here but think it's an interesting business so will try to read up. Link to comment Share on other sites More sharing options...
LC Posted March 6, 2013 Share Posted March 6, 2013 Thoughts on Diana shipping (US) and CMB (belgium)? Haven't gone through the thread here but think it's an interesting business so will try to read up. I looked at Diana shipping before...the numbers are good but there are so many cheap shipping companies out there that I want to do a more comparative analysis. There are two Greek shipping companies (Danaos Corp, Navios Maritime) that I am looking at side-by-side. They're just so cheap I feel they deserve some analysis. Link to comment Share on other sites More sharing options...
Uccmal Posted March 6, 2013 Share Posted March 6, 2013 I have looked at several and none has the same model as SSW. None is remotely as well run. Diana, Overseas SH, Genco, and a few others. All are totally dependent on spot rates. SSW is more like a REIT. Link to comment Share on other sites More sharing options...
Packer16 Posted March 6, 2013 Share Posted March 6, 2013 The other LT leasors are Rickmar's Maritime, GSL, Danos and Costemare. Due to the LT leases they are more like REITs than spot rate senstive shippers. Packer Link to comment Share on other sites More sharing options...
Phaceliacapital Posted March 6, 2013 Share Posted March 6, 2013 How many details are in this thread? Or do you have other good material for a quick catch up? I find so many interesting ideas nowadays help me :D Link to comment Share on other sites More sharing options...
tengen Posted March 7, 2013 Share Posted March 7, 2013 Yeah well, me too. Hindsight is 20/20. Irwin Michael must be thrilled. He has held since the IPO. IPO price was $21 so maybe not too thrilled unless he averaged down when the stock was trading below $10. Link to comment Share on other sites More sharing options...
JEast Posted March 8, 2013 Author Share Posted March 8, 2013 not too thrilled -- not so fast. The devil is always in the details as they say. As for the IPO of SSW, one should recognize that over $8 has been returned to shareholders as return of capital implying that your IPO cost basis is $13 and now yielding over 11% on your investment. Give management and Irwin Michael their due. :) Cheers JEast Link to comment Share on other sites More sharing options...
MYDemaray Posted March 8, 2013 Share Posted March 8, 2013 These guys are definitely best positioned in what I see is most attractive segment of shipping, in this part of the cycle. Their access to capital will benefit them greatly. That said, I still only hold GSL. Link to comment Share on other sites More sharing options...
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