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Strategies & Market Trends : Value Investing
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To: jeffbas who wrote (3697)3/31/1998 1:28:00 AM
From: Alex Greenland   of 78651
 
First from the release:
Day rates for all the Company's offshore vessels, both domestic and international,
continue to show firmness, which indicates an improving performance in the quarters
ahead as the Company continues the process of integrating new vessels into its fleet.

The Company's other business segments - offshore & harbor towing, chemical
transportation and petroleum product transportation -- are meanwhile performing
satisfactorily.

Well since dayrates seem to be strong there goes one problem.
Secondly there has been concern about a dropping of day rates in the gulf with all the new boats coming online. Since HMAR has 67 boats in the gulf and 117 internationally they would be hit somewhat less than TMAR or TDW in this respect. These declines would hopefully be offset by a continued increase in international day rates. Also there is more to HMAR than just oil service vessels. Their consolidation and leadership in chemical transportaion and harbor tug service are also interesting in a longer term setting. And finally here is a link that will put you to sleep but will give you more insight into this comapny than I could.
sec.gov

Alex G.
Long HMAR, NE, RIG, and MIND.

ps also check out post 330 on hmar thread for more info re: new builds
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