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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (37247)	4/8/2010 5:40:01 AM
From: anializer	Read Replies (2) \| Respond to of 78750

Ever since Walter's post, I've been sorting thru the shipping stocks and reviewing the industry. Walter brought up a lot of good points in general about the industry, and across the board I find a great deal of undervaluation in the stocks. While that doesn't remove the dangers from investing in the sector, I still find what one might deem timely plays here and there. OSG to me looks like the highest quality in the sector, clearly undervalued on a balance sheet examination basis, having suffered its worst year in 2009 so I ask myself, do stocks bottom against a backdrop of bad news or good news. Do they peak against the best news and best earnings ever? In general I agree that stocks often bottom when the news is bleakest and the market begins to anticipate less bad news and some improvement going forward. While OSG is undervalued, when things improve, if they improve, the undervaluation will shrink. This is not a recommendation to buy, although I have a tad. For the more venturesome among us, I think FREE could be a timely speculation. With a tangible book value of $4.62 a share, and recent PR about short term charters at increased prices, it has potential for some percentage gains. Below is the link where one can find the 4th qtr and 2009 full report by navigating their site. Below that is the PR from April 1. More interesting to me, below that is the chart where the indicators in the lower windows look poised. Click on the actual chart when it comes up to clarify the view. freeseas.gr finance.yahoo.com i40.tinypic.com

To: Paul Senior who wrote (37247)	8/16/2010 11:01:41 AM
From: E_K_S	Read Replies (2) \| Respond to of 78750

Ultrapetrol (Bahamas) Ltd. (ULTR) out with Q2 2010 earnings. Stock up 5%. Ultrapetrol Reports Financial Results for Second Quarter 2010 finance.yahoo.com From the article:..." Highlights: * Recorded revenues of $60.6 million in the second quarter 2010; * Recorded adjusted EBITDA of $17.6 million for the second quarter of 2010; and * Recorded total adjusted net income and adjusted EPS of $1.7 million and $0.06, respectively, in the second quarter of 2010, which include the effect of a net gain on FFAs of $1.3 million corresponding to the second quarter of 2010 and exclude the effect of a $0.2 million income tax benefit for unrealized foreign exchange rate losses on U.S. dollar-denominated debt of our Brazilian subsidiary in the Offshore Supply Business. * Revenues, adjusted EBITDA, adjusted net income and adjusted EPS for the first half of 2010 were $114.8 million, $37.2 million, $6.0 million and $0.2 per share, respectively...." -------------------------------------------------------------------------- Pretty good report. They continue to expand their River Business. From the report: "...In our River Business, we began operations at our new yard which has already launched five jumbo tank barges which will commence service in the third quarter and will continue to deliver new barges into our fleet on a regular basis. We are pleased that our new 8,300BHP heavy fuel powered pushboat Zonda I started service in May and that her operational performance has exceeded expectations. Before year's-end, we expect three additional re-engined pushboats to commence service and anticipate completing eleven units by the end of 2011...". Their offshore business should get traction when their new boats get placed in service ( their offshore fleet is expected to double in size in the next two years). The next 24 months should see them growing earnings. Not too sure we will test the highs from 2007 ($16.00/share-$25.00/share) but we should test the $10.00/share - $15.00/share range if management can deliver on their multi-year growth strategy. That's a 1-2 bagger from current levels. EKS