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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (34093)4/7/2009 3:31:55 AM
From: Paul Senior  Read Replies (1) of 78794
 
NM my favorite now in the sector. It's a similar lottery ticket as with SBLK. SBLK reports 93% chartered on available days in '09 and 63% in '10. Navios reports that for them in '09 it's 89%, and in '10 it's 68%. (54% in '11) So both companies similar in this way.

Why I tip the balance toward NM:
1. It's being recommended at around current levels by Seth Glickenhaus, the octogenarian investor mentioned here before. I'm a fan: his public recommendations often seem to work out okay. His value proposition for NM seems straight-forward enough.

2. NM claims some sort of credit default insurance coverage where their contracts with customers are insured somehow/somewhat by a third party (government entity).

3. I have heard the ceo and 'chairman', Angeliki Frangou interviewed a couple of times on Bloomberg, and she is very impressive. (Of course, as discussed today, I view her role also as chief salesperson for the firm: I don't necessarily know that she is honest or has integrity. And further, I admit to being easily impressed.)

I take everything I see about NM as a package, and for me, NM gets the nod as the best bulk shipper bet. Not that I'm looking closely at all the other competitors, or that I'm any expert in the sector.

Here's a link to a recent company presentation which gives some details of their strategy and operations:
library.corporate-ir.net@capital%20link%202009vtcp.pdf

For us who are interested in Brazilian barge business (i.e. ULTR) note that NM has a presence in Brazil's Hidrovia region with some barge operations and a port facility:
naviosterminals.com
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