The Shipping Stocks Blog

Nordic American Tanker results video

Tim — Tue, 16 Feb 2010 16:23:19 +0000

Cramer discusses Nordic American Tanker and chats with the CEO. Saves me the time to write up comments, since the covered the major points. NAT has done a great job of increasing the fleet during the downturn and the stock has held up well. Just need some of those $1.00+ quarterly distributions.

Frontline sells VLCC

Tim — Fri, 05 Feb 2010 10:11:33 +0000

Here is the press release:

The Board of Frontline Ltd. (the “Company” or “Frontline”) announces that it has agreed to acquire the VLCC “Front Vista” (the “Vessel”) from Ship Finance International Limited at a purchase price of USD 58.5 mill.

Frontline has furthermore agreed to sell the Vessel and the Buyer will settle the purchase price through the payment of instalments over a 10 year period. The Buyer has secured a 10 year time charter with a State owned oil company at a gross rate of USD 43,500 per day during the entire charter period.

The transaction reflects the Company’s goal of securing long term coverage for parts of its fleet.

I am not certain who is collecting the $43k per day: Frontline or the buyer? Hope Ship Finance made out OK as I own stock in SFL.

OK, just got the email from Ship Finance, here is a exerpt:

Ship Finance will receive net proceeds of approximately $22.1 million after prepayment of associated debt. The sale is expected to result in a book gain on sale of assets of approximately $1.8 million.

Teekay Tankers forecasts dividends

Tim — Thu, 04 Feb 2010 10:05:57 +0000

http://www.teekaytankers.com/index.aspx?page=tnk_news&article_id=727

Teekay Tankers is projecting a first quarter 24 to 27¢ dividend to be paid in March. The company uses a mixture of fixed contract and spot market hires to provide an ongoing dividend plus upside if the rates take off.

The company states that the total dividend for 2010 would be in the neighborhood of $1.30 if rates stay at the current level and about 90¢ if they fall back to the level of last quarter of 2009. Those are pretty good prospects for a stock trading at about $9.00 per share.

A Pair of Teekay Distribution Notices

Tim — Thu, 28 Jan 2010 12:40:18 +0000

Distribution notices out today:

Hamilton, Bermuda – January 27, 2009 – Teekay Offshore GP LLC, the general partner of Teekay
Offshore Partners L.P. TOO, has declared a cash distribution of $0.45 per unit for the quarter
ended December 31, 2009. The cash distribution is payable on February 12, 2010 to all unitholders of record.

February 5, 2010.Teekay GP LLC, the general partner of Teekay LNG Partners L.P. TGP, has declared a cash distribution of $0.57 per unit for the quarter ended December 31, 2009. The cash distribution is payable on February 12, 2010 to all unitholders of record on February 5, 2010.

These distributions remain the same for both companies. The payouts have been level for 6 consecutive quarters.Both TOO and TGP have current yields over 8%.

Navios Maritime Partners increases dividend

Tim — Tue, 26 Jan 2010 22:23:18 +0000

Navios Maritime Partners L.P. – Investors.

Navios Maritime Partners NMM has increased their dividend payout again. The distribution will be bumped half a cent to a quarterly 41¢ per share. NMM has been well managed throughout the shipping slowdown with long term, insured contracts for their dry bulk vessels. It also helps to be able to skim the cream of the crop of vessels and contracts from Navios Maritime NM -(in my opinion). Navios Maritime Partners seems poised to be able to maintain or increase the dividend for the foreseeable future. The stock still yields close to 9.5%.

Note: I own a personal position in NMM