http://www.marine-money.com The Ship Finance Publication Of Record Mon, 16 Jan 2012 04:04:51 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://www.marine-money.com/archive/orphan-adopted-with-added-benefit-of-a-back-door-listing-of-ocean-rig-shares http://www.marine-money.com/archive/orphan-adopted-with-added-benefit-of-a-back-door-listing-of-ocean-rig-shares#comments Thu, 28 Jul 2011 18:59:50 +0000 marinemoney http://www.marine-money.com/?p=10520 http://www.marine-money.com/archive/orphan-adopted-with-added-benefit-of-a-back-door-listing-of-ocean-rig-shares/feed 0 http://www.marine-money.com/archive/george-jumps-into-a-convertible http://www.marine-money.com/archive/george-jumps-into-a-convertible#comments Thu, 19 Nov 2009 15:58:20 +0000 carisk http://marine-money.com/?p=7667 http://www.marine-money.com/archive/george-jumps-into-a-convertible/feed 0 http://www.marine-money.com/archive/waived http://www.marine-money.com/archive/waived#comments Thu, 15 Oct 2009 15:41:36 +0000 carisk http://marine-money.com/?p=6380 Seanergy Maritime Holdings announced that it 50% owned affiliate, Bulk Energy Transport (Holdings) Limited had signed a supplemental agreement with its lenders receiving a reduction of the security requirement and minimum equity ratio for the period up to July 1, 2010. DryShips also announced that it had finalized its previously agreed waivers with the German banks, Nord LB and West LB covering their respective loans of $116 million and $67 million. According to Mr. Economou, “We are now left with $187.5 million of outstanding debt]]> http://www.marine-money.com/archive/waived/feed 0 http://www.marine-money.com/archive/earnings-season-continues http://www.marine-money.com/archive/earnings-season-continues#comments Thu, 13 Aug 2009 16:01:41 +0000 carisk http://marine-money.com/?p=6209 http://www.marine-money.com/archive/earnings-season-continues/feed 0 http://www.marine-money.com/archive/misperception http://www.marine-money.com/archive/misperception#comments Thu, 04 Jun 2009 16:31:26 +0000 carisk http://marine-money.com/?p=6017 DryShips and it may be deserved. Rightly or wrongly, we have viewed the purchase of shares as an investment and expect a duty of care by management. But what if we have it wrong.  We recently heard a story about a tradesman who by his own admission knows little about shipping but has done extremely well in the market by alternately buying and shorting DryShips. If it is just a trade, Mr. Economou has provided the market with an ideal vehicle. Mr. Economou has always been ahead of]]> http://www.marine-money.com/archive/misperception/feed 0 http://www.marine-money.com/archive/the-world%e2%80%99s-greatest-salesman http://www.marine-money.com/archive/the-world%e2%80%99s-greatest-salesman#comments Thu, 07 May 2009 14:37:59 +0000 carisk http://marine-money.com/?p=5531 Dryships first quarter report and give you their insights and recommendations. We were however intrigued by a number of points that Mr. Economou makes in his presentation. Proclaiming Dryships as poised “…to go after distressed assets and drive the long awaited consolidation of the industry,” Mr. Economou describes Dryships as having a healthy liquidity position of approximately $1.7 billion consisting of $722 million in cash and $948 million in undrawn debt capacity. As of this reporting period, the facts, as provided in the financials, do not quite bear him out. Working capital is]]> http://www.marine-money.com/archive/the-world%e2%80%99s-greatest-salesman/feed 0 http://www.marine-money.com/archive/poor-uncle-needs-cash-what%e2%80%99s-a-good-nephew-to-do http://www.marine-money.com/archive/poor-uncle-needs-cash-what%e2%80%99s-a-good-nephew-to-do#comments Thu, 05 Feb 2009 20:59:41 +0000 carisk http://marine-money.com/?p=5137 Oppenheimer’s Scott Burk for highlighting OceanFreight’s plan to issue up to $147.9 million of common shares as part of an Standby Equity Purchase Agreement with YA Global Master SPV (“YA Global”) arranged by DVB Capital Markets. The transaction would be extremely dilutive to shareholders. If all $147.9 million of shares were sold at $3.83, the last reported price prior to the announcement, the company would have approximately 57.2 million shares outstanding which represents an increase of 208% in issued and outstanding shares. Mr. Burk’s suggests that although these proceeds could be used to shore up the balance sheet and increase the LTV covenant cushion it is not necessary. The company’s cash flow is sufficient to cover mandatory debt repayment obligations in 2009. Furthermore, he estimates]]> http://www.marine-money.com/archive/poor-uncle-needs-cash-what%e2%80%99s-a-good-nephew-to-do/feed 0 http://www.marine-money.com/archive/mr-economou-continues-discussions-with-a-cautionary-note http://www.marine-money.com/archive/mr-economou-continues-discussions-with-a-cautionary-note#comments Thu, 16 Oct 2008 19:45:58 +0000 carisk http://marine-money.com/?p=4573 Mr. Economou, Top Ships announced last week that it had extended its exclusivity agreement for two weeks through October 22. However, the earlier price indication of $6 has gone by the wayside. The potential acquirer has informed the company that the purchase price will be subject to further negotiations and will reflect prevailing market conditions. At today’s levels, we expect shareholders and management may be less inclined to move forward]]> http://www.marine-money.com/archive/mr-economou-continues-discussions-with-a-cautionary-note/feed 0 http://www.marine-money.com/archive/dry%e2%80%9crigs%e2%80%9d-credit http://www.marine-money.com/archive/dry%e2%80%9crigs%e2%80%9d-credit#comments Thu, 24 Jul 2008 21:31:15 +0000 carisk http://marine-money.com/?p=4841 Mr. Economou’s DryShips announced on Monday the closing of a $1.125 Billion senior secured credit facility jointly arranged by Deutsche Bank AG – Global Principal Finance, London and Dexia Credit Local, New York Branch for the financing of the two ultra-deep water drillships to be constructed at Samsung Heavy Industries.  Based upon an estimated construction cost of $800 million each, the loan to]]> http://www.marine-money.com/archive/dry%e2%80%9crigs%e2%80%9d-credit/feed 0 http://www.marine-money.com/archive/that-was-the-week-that-was http://www.marine-money.com/archive/that-was-the-week-that-was#comments Thu, 19 Jun 2008 11:30:29 +0000 carisk http://marine-money.com/?p=3487 http://www.marine-money.com/archive/that-was-the-week-that-was/feed 0