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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (34483)	5/15/2009 3:46:34 AM
From: anializer	Read Replies (1) of 78751

Even without alot of long term charters, some companies like FREE have performed exceptionally well with spot time charters in a niche of smaller vessels capable of handling smaller and shallower ports. FREE brings that to light in its last report. finance.yahoo.com They beat estimates last qtr. doing 30 cents vs. 25 cent estimate, and I think there is enough of a price differential between stated tangible book value of 5.70 a share and current price at 1.60 a share to mitigate the fact that things could go sour. The Co. would have to lose quite a pile of money or devalue its assets by a significant amount in order to make it worth less that 1.60. ULTR is one where the valuation on its vessels has actually increased and at 33% of book with the River barge niche, still holds some promise. In the end we have to rely on the financial statements and hope for management integrity when the value vessels. Its alot to ask, but I certainly can not truly assess the value of each ship. In general, everything seems to be subject to general market vagaries as they dip and oscillate like a yo yo. When things run up, traders take gains regardless of the fundamentals and longer term analysis.

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