Millenium Seacarriers: Along for the Ride

by Matt McCleery

In a breathtaking example of a lofty initial yield, bond swapping and some last minute window dressing triumphing over simple arithmetic, Millenium Seacarriers was priced to yield 12-3/4% with an equity kicker of 5% thrown in for good measure. With an overvalued fleet, a plethora of fees, significant forward chartering risk, a dozen break-even charters and an oddball fleet that is moving awkwardly from advanced middle age into retirement, it’s time for investors to strap on their seat belts and get ready for the ride. We just wish we could invest in the management company.

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