Constructing & Destructing Balance Sheets

With earning’s season reporting upon us, companies are disclosing the steps they are taking to bolster their balance sheets as well as recording the destructive efforts of the accountants. Companies are trying to strengthen their balance sheets in light of macro events, weak markets, leverage as well as future capex obligations. On the other hand, investments by shipping tycoons have also proved unsuccessful leading to mark to market write downs proscribed by accountants which diminish equity although they are non-cash charges. In no specific order, we highlight the following:

•   Frontline’s 4th quarter dividend has been reduced further to $0.25 from the prior quarter’s $0.50. For the moment, it no longer can follow its high dividend payout model.
•    Ship Finance declared a dividend of $0.30 per

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