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To: Tommaso who wrote (120049)	9/7/2001 4:19:32 PM
From: patron_anejo_por_favor	Read Replies (7) \| Respond to of 436258

<<How does VLCCF work? Do they distribute all their net income to shareholders? I had never heard of it and just took a quick look on Yahoo.>> They are a tanker firm that owns 4 VLCC's, and have long term leases with either RDP or Shell, I forget which. They pass through all of the earnings to shareholders. I like the concept in a bear market of getting the earnings passed through, less of a chance for management to f*ck things up. Unless the crude market completely collapses (which I doubt, but these are strange times), I like them as much as any natural resource royalty play or REIT.