| Shipping Also Faces Potential Write-Downs Vincent Fernando submits: In an email note, Charles de Trenck of research firm Transport Trackers highlights how shipping companies could face substantial write-downs. In a similar fashion to banks right now, some of their assets are being carried on the balance sheet at far higher values than the current market value. So expect their balance sheets to be far worse than they look right now. Transport Trackers: Brokers have highlighted a new all-time low for container charter rates this week (and the BDI traded back below 4,000...psychology playing its role here both on up and down sides...though some tankers did better this week).Complete Story » seekingalpha.com |
Toyota, GM and the U.S. Transportation Secretary Market Blog submits: By David BermanThe sputtering of Toyota Motors Corp. (TM) shares on Wednesday is fascinating to watch. If another round of safety concerns (this time over the brakes on the Prius model) wasn’t enough to send the out-of-favor stock exploring new depths, then off-the-cuff comments from U.S. Transportation secretary Ray LaHood did the trick.Complete Story » seekingalpha.com |
YRC Worldwide Q1 2010 Earnings Call Transcript YRC Worldwide (YRCW)Q1 2010 Earnings CallMay 04, 2010 9:30 am ETComplete Story » seekingalpha.com |
Volcanic Ash to Curtail Air Traffic Into Midday Friday The plume of ash from a volcano in Iceland forced aviation authorities to order the restrictions, affecting thousands of flights in a wide arc from Ireland to Scandinavia. nytimes.com |
Quick Thoughts on Costamare's Q1 Earnings Here are my notes from Costamare's (CMRE) 3Q 2010 earnings call: The share price trades at a discount to NAV of 16 USD per share. The dividend is well covered and currently stands at 9% or 1 USD per share. The company is not in breach with any covenants nor does it expect to be. The strength of its counter parties is good as 76% of total exposure is with Danish shipping and oil giant A.P. Moller Maersk (AMKAF.PK) and Cosco (COST). CMRE has 622 mln USD available cash for acquisition and is looking at both new buildings and second hand vessels. The split is cash and cash equivalents: 228, unencumbered vessels: 200 and undrawn credit facilities: 194. It recently turned down offers for 3-5 year charters of its newly acquired second hand vessels of 3351 TEU for 13-14000 USD/day and instead went for short term charters. CMRE expects charter rates to rise in 2011 as they are currently below historic averages and demand expected to outstrip supply as per Clarkson The dividend will grow as new deals are adding to the results. All in all the management team sounded very confident and bullish about its prospects.Complete Story » seekingalpha.com |