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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (35908)	11/12/2009 9:54:29 AM
From: E_K_S	Read Replies (1) of 78774

ULTR reported earnings (actually a small loss) earlier this week. If not for the continued drought and subsequent low river levels their River/barge business reported a loss (a 36% drop in cargo business). Their offshore supply business continues to grow w/ new Petrobras service contracts. The new supply ships placed in service are now all on long term contracts. There were some one time charges expensed as they expand this line of their business. finance.yahoo.com * During the third quarter of 2009, UP Rubi commenced its 4-year time charter with Petrobras, as announced. A one time $1.5 million charge was realized in the third quarter of 2009 to account for a possible contractual penalty associated with the late delivery of this vessel under its charter party; * During the third quarter of 2009, the Company entered into 3-year time charters with Petrobras for UP Agua-Marinha, UP Diamante and UP Topazio, which was repositioned in Brazil to serve this contract. =============================================================== I am still somewhat bullish on the shipping sector but trying to stay with companies that have a solid balance sheet and good cash flow. Those companies that have exposure to China and Brazil are a plus. That's why I continue to add to SFL. I will hold ULTR and wait for the rains to hit which should allow their River business to run barges at normal levels. You were right with ULTR's growth in their offshore business. They continue to ink more contracts w/ Petrobras and as a result are adding more ships to their fleet (two more to be placed in service in 2012). I missed adding NOBGF (Nobel Group Ltd) but it appears that they are benefiting from China's continued growth. They broke out to new highs this week (above $2.00/share) after trading in the $0.60/range for most of 2008/2009. EKS

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