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Politics : Ask Michael Burke

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To: AuBug who wrote (99344)	6/28/2003 5:32:34 PM
From: Joan Osland Graffius	Read Replies (1) of 132070

eumenides, >>Did you snag some of that sub $9 VLCCF? Unfortunately no, by the time I was going to put in a buy the stock was trading around $9. Guess we should have put in some low ball bids at $5 and $6 ahead of the announcement. <g> Edit. Forgot the lesson from Richard Russell. He was buying stocks during a low in a bear market and put in low ball bids. He picked up some equities during the period as people would come in with market sell orders and he was the only buy order on the floor. Looks to me like the low end of the range for liquidation would be around $9. >>I suspect the experiment failed. IMO, it is all about the cost and use of capital. These oil companies need to use their capital for finding or buying new reserves, but at the moment with the cost of capital so low the trade off between leasing and ownership could have changed. The reason I am thinking this way is we did not get information that Shell put a contract proposal on the table. >>However, with more new tankers due for delivery than scheduled for scrapping I'm ambivalent. I do not understand how these guys are doing replacements. TK shipping has a bunch of single hull tankers that need replacing, but for some reason or other do not seem to be in a hurry. The CEO was giving the EU gold stars for not allowing single hull tankers, yet he has a bunch in his fleet.

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