The Marketplace Roundtable Podcast features interviews with our Marketplace authors about their investing approach, views on the market today, and some of their favorite investing ideas. The Seeking Alpha Marketplace is a platform for investing services that helps investors take their investing to the next level. Authors provide exclusive ideas, subscriber chat rooms, model portfolios, and one-on-one access with subscribers. In these interviews, you’ll hear how these authors approach their investing and how they try to improve their process and results over time, and hopefully it will give you a few ideas for how to raise your investing game.
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The Marketplace Roundtable Podcast features interviews with our Marketplace authors about their investing approach, views on the market today, and some of their favorite investing ideas. The Seeking Alpha Marketplace is a platform for investing services that helps investors take their investing to the next level. Authors provide exclusive ideas, subscriber chat rooms, model portfolios, and one-on-one access with subscribers. In these interviews, you’ll hear how these authors approach their investing and how they try to improve their process and results over time, and hopefully it will give you a few ideas for how to raise your investing game.
Value Investor's Edge Live #49: Star Bulk Carriers And Update On Dry Bulk Markets
Marketplace Roundtable
43 minutes
3 years ago
Value Investor's Edge Live #49: Star Bulk Carriers And Update On Dry Bulk Markets
Hamish Norton, President of Star Bulk Carriers (NASDAQ:SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on June 8, 2022, to discuss the dry bulk markets and forward prospects and capital allocation. Star Bulk Carriers is the largest US-listed dry bulk company with 128 vessels on the water. We discussed overall dry bulk fundamentals, ranging from China's impact on Capesize markets to the impact of the Ukraine invasion on midsize trade routes in grain and coal. We also reviewed the economics of SBLK's scrubber program and current capital allocation priorities. This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), EuroDry (EDRY), Genco Shipping (GNK), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), and Seanergy Maritime (SHIP). Topics Covered
(0:00) Intro/Disclosures
(1:00) Current dry bulk market conditions and prospects?
(5:30) More net optimistic or concerned about China developments?
(7:30) Midsize has been steady - will Ukraine disruptions threaten rates?
(10:00) More bullish vs. our last discussion in January 2022?
(11:30) Are asset values getting overextended?
(13:45) Are demolition values sustainable or too high?
(16:45) How long would it take to order newbuild vessels?
(18:00) Scrubber economics? Any desire to lock in the profit spread?
(22:00) Capital allocation priorities: Will SBLK be paying down more debt?
(25:15) Which dry bulk vessels are currently the most attractive?
(27:00) Logic behind the share sale and repurchase arbitrage?
(29:00) Any share issuance planned outside of direct asset purchases?
(30:00) Potential to repurchase shares? Needed criteria?
(32:00) What differentiates SBLK from peers? Why invest here?
(36:45) Promising propulsion technologies or other ESG projects?
(39:00) Risk of significant share overhang due to large Oaktree position?
Marketplace Roundtable
The Marketplace Roundtable Podcast features interviews with our Marketplace authors about their investing approach, views on the market today, and some of their favorite investing ideas. The Seeking Alpha Marketplace is a platform for investing services that helps investors take their investing to the next level. Authors provide exclusive ideas, subscriber chat rooms, model portfolios, and one-on-one access with subscribers. In these interviews, you’ll hear how these authors approach their investing and how they try to improve their process and results over time, and hopefully it will give you a few ideas for how to raise your investing game.
