Editor: Matador Beware the Bull

Back in April Marine Money gave a valuation of General Maritime (Genmar) with the pronouncement that the deal would be priced by the middle of May. Well, we were wrong about the timing, pricing is due 11th -12th June.

The timing for Mr. Georgiopulos could not be better. Marine Money believes this IPO is good for the market. Tanker shares are at all time highs. Tanker earnings for Q1 and Q2 look set to be very strong. Energy shares are all the rage on Wall Street. Tanker earnings multiples remain, even for cyclical shares, rather low. Time is ripe to go public in tankers and others seem likely to follow Stelmar (of March of this year) and Genmar: American Eagle Tankers (AET) for one, but Frontline is likely to follow with its NY based listing soon. MIF has been mentioned as considering doing the same. Anangel-American looks set to absorb ACOL tankers under their shares. The Aloufouzos controlled Kyklades Maritime has $661m in assets that may also be being considered for a NY float.

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