TBS gets high yield fever

by Matt McCleery

Executive Summary
If single B-rated companies are known as “story credits” in Wall Street parlance, then we think that the stories of TBS Shipping, and its recent trip to Wall Street, are both worth listening to.

Despite a thin equity base and high advance rate against mortgaged vessels, we are impressed by this tweendecker owner/operator’s strong relationships with blue chip clients, 1-2 year contracts, excellent operating history, and long term commitment to the high level of customer service required in running a liner transportation company.

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