Spek,
You think a form filed in 2008 supersedes the year end 2009 report?
I'll agree the Co. has issues, but major issues look resolved for now, and each short term charter has been taking full advantage of higher day rates in spot charter market.
If tangible book is stated at $4.62, how much overstatement on the value of ships would you say is appropriate. As long as they are employed and bringing in money, they must be worth something and the stock already sells at a 70% discount to stated book. That equates to 30 cents on a dollar worth of ship value. Should they be valued at 20 cents, 10 cents? I have no idea.
I have to remember we are talking about a speculation here, not a blue chip. And we're not talking about some long term holding, but rather a trade. So I'm thinking worthy spec. and took some. It may not pan out, but at these prices, I'm willing to take a stab that large volume upside days could drive this into a decent percentage trade. Small caps and microcaps appear the place to be, and you know how it goes when they get hot, value or not.
A bunch of traders ganging up on a stock like this could move it and usually a catalyst like a good report of earnings might do it. Expectations are quite low on it. |
