GLG News by Offshore Rigs and Vessel Construction Experts

David LyonsPresidentR & D Lyons Consultants Limited

Financing ocean energy ventures in today's economic climate

September 20, 2011

The reality of today’s economic environment, combined with the world’s multiplying energy demand, creates enormous financial challenges for the offshore energy industry, governments and the investment community.  

Diran MajarianManaging DirectorAmalia Tankers Inc

Diamond S. a new business model for shipping?

August 17, 2011

Analysis of:Diamond S getting that OMI feeling | www.tradewindsnews.com

The Diamond S deal with Cido for a US$ 1 bn block purchase of product tankers has been the talk of the town, especially with the involvement of 'King of Bankruptcy' Wilbur Ross who has decided to enter shipping and bankroll a large portion of this project. From the feel of this venture backed by private equity First Reserve and Ross, it seems more likely to be a flip over asset play rather than an effort to create a long-term shipping business like TeeKay with intrinsic value.

Diran MajarianManaging DirectorAmalia Tankers Inc

NewLead in forced asset sales

August 17, 2011

Analysis of:NewLead in struggle to stay afloat | www.tradewindsnews.com

NewLead is reported to be offloading the 135,000-dwt Newlead Spartounta (built 1989) and the 34,700-dwt Newlead Prosperity (built 2003) after breaching a loan with FBB-First Business Bank. They recently hired the Moelis & Company and Fried, Frank, Harris, Shriver & Jacobson to help it fight its debts, which stand at US$ 581.9 mio. The bad news adds to an ever longer list of struggling shipping companies: TBSI, Omega, Top Ships, Zachello, etc. selling assets or fighting with their creditors.

Diran MajarianManaging DirectorAmalia Tankers Inc

TOP Ships: a lemon or an Apple?

August 4, 2011

Analysis of:Top issue on hold | www.tradewinds.no

Top Ships is probably the antithesis to Apple. Apple CEO Steve Jobs was a Reed College drop out who could not live in a structured environment and became a creative entrepreneur for new products. Jobs made millions for himself and his shareholders. Apple is now trades at US$ 384. Evangelos Pistiolis has gone from one ill fated business decision to another. TOPS is currently trading at US$ 2,59 after two reverse splits and just announced US$ 103 mio quarterly losses - a spectacular lemon!

Diran MajarianManaging DirectorAmalia Tankers Inc

Does the CIDO deal mean tanker values are on the upside?

August 3, 2011

Analysis of:Stevenson's spur | www.tradewinds.no

Jonathan Chappell argues that Craig Stevenson's massive US$ 1 bn product tanker acquisition deal to purchase the 30-vessel CIDO fleet is good news for tanker asset values. He estimates a US$ 40 mio price tag per vessel up from his previous US$ 36-37 mio valuation for a three year old tanker. He believes that supply and demand will improve in this sector this year and in 2012 seeing this a 'smart money' deal. I am more skeptical.

Diran MajarianManaging DirectorAmalia Tankers Inc

Omega in bankruptcy: Test case for other weak listed shipping companies

July 26, 2011

Analysis of:Omega filing stokes row about banks | www.tradewinds.no

Omega Navigation (NASDAQ: ONAV) is a product tanker play with fleet of 12 vessels plus a joint venture with Glencore . Most of its fleet is on time charter to Glencore. The fleet is divided between MR and LR 1 units all built in Korea. The company only had really one good year in 2007. It was hard hit by the 2008 meltdown. It had been filing for delays in publishing accounts, but known to be in protracted debt restructuring and suffering from high leverage.

Diran MajarianManaging DirectorAmalia Tankers Inc

TBSI: dry parcel liner service beleaguered by losses and financial problems

July 26, 2011

Analysis of:TBS boss going full out with $7.58m equity buy | www.tradewinds.no

TBSI has recently been under pressure with operating losses of US$ 16,7 the first quarter this year and senior lender pressure to increase capital by US$ 10 mio coming. When TBSI went public through Jefferies under John Sinders in 2005, its chequered history of its 2000 Chapter 11 reorganization surfaced. The company operates a parcel liner service with a large number of tween deckers and heavy presence in Latin American ports, an unusual trade largely superseded by container vessels.

Diran MajarianManaging DirectorAmalia Tankers Inc

Greek economic crisis in a nutshell

July 5, 2011

Analysis of:Partying on the Edge of the Eurozone Volcano | www.economonitor.com

The Greek crisis is a toxic mixture of politics and economics. The show case Eurozone project is in jeopardy by the looming sovereign default of one of their members. Greece made a Faustian Pact with the European Union that allowed its political elite to freeload the system, using EU transfer money and cheap credit to buy local political patronage rather than building a sound goods and services economy. The Euro destabilized the balance of payments. Local production waned and imports soared.

Diran MajarianManaging DirectorAmalia Tankers Inc

Top Ships revisited in recent bulker sale

July 5, 2011

Analysis of:US-listed Top Ships is said to have sold the 76,000-dwt Astrale (built 2000) to an undisclosed buyer for $23m. | www.tradewinds.no

Top Ships recently sold the 'Astrale' for US$ 23 mio, which seems low compared to the recent sale of a sister vessel. They bought this unit in August 2007 for US$ 72 mio (peak boom-era prices) in hopes of diversification to dry cargo in response to massive losses that they were taking on the tanker fleet. This company became a penny stock. I was among the first to signal the risks in an article in April 2008. Events so far appear to have vindicated my views.

Diran MajarianManaging DirectorAmalia Tankers Inc

Awilco LNG listing with promising business plan

July 4, 2011

Analysis of:Awilco readies LNG listing | www.tradewinds.no

The AWILCO LNG start-up is attracting investor interest from blue-chip investors. The Awilco Group of the Wilhelmsen family in Norway is well known for Wilhemsen Marine Services, a major ship management company as well as their investment in Royal Caribbean Cruises. The business plan to enter the LNG market was conceived last fall. They made a debut in March and April this year purchasing three elderly LNG units from NYK LNG. In June, they closed an order at Daewoo for two new LNG units.

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