Marketplace Roundtable

GSL owns a large containership fleet. Management has strong insights into current market conditions.

Torm plc is one of the largest US-listed product tanker firms, with a $3.1B market capitalization. 

Star Bulk Carriers is the largest US-listed dry bulk owner with a roughly $2.6B market capitalization. Management discusses dry bulk market dynamics, including weaker Chinese data, ongoing Red Sea disruptions, and divergences between Capesize and Panamax rates.

Frontline is the largest US-listed crude tanker owner with a roughly $5B market capitalization. CEO Lars Barstad talks about current strategy and market insights.

International Seaways' (INSW) management discusses market dynamics, catalysts, and capital allocation, highlighting a shareholder return policy and an active repurchase program.

Latest podcast from J Mintzmyer from Value Investor's Edge.

Navigator Holdings (NVGS) was recently profiled as an emerging top pick at Value Investor's Edge.We recently followed up with the management team to discuss the current market conditions and their strategy into 2023.

Lars Barstad, CEO of Frontline, joined us to discuss the latest trends in the tanker markets along with specific company strategy and capital allocation priorities.

Gary Vogel, CEO of Eagle Bulk, joined us on 17 January 2023, to discuss the latest trends in the market along with specific company strategy and capital allocation priorities.

Jacob Meldgaard, CEO of Torm Plc (TRMD), joined J Mintzmyer on Value Investor's Edge Live on January 10, 2023, to discuss the product tanker markets, upcoming catalysts, company strategy, and capital allocation plans. Torm is a major US-listed product tanker company with a fully-delivered fleet of 78 vessels.

Danaos Corp. (NYSE:DAC) CFO, Evangelos Chatzis, joined Value Investor's Edge Live on 16 June 2022 to discuss the current containership leasing markets and capital allocation priorities going forward. DAC has been a massive winner from the ongoing supply chain crisis, but they have taken the long-term view with very responsible moves including comprehensive refinancing, massive deleveraging, and fixing their fleet onto medium- and long-term contracts to lock in sky-high rates. DAC has benefitted from a significant investment in Zim Integrated Shipping (ZIM), which they have partially monetized over the past six months.Despite executing in near-perfect form, DAC stock has been stagnant the past few months and has now fallen back to negative territory y/y. This position is one of our top ideas at Value Investor's Edge, and we were very encouraged by the recent authorization of a $100M share repurchase program. DAC short interest has increased this summer and now looks to be a coiled spring ahead of what is expected to be multiple years of consecutive earnings blowouts amidst surging free cash flows. Our current fair value estimate is $125/sh, which implies around 80% upside to recent trading ranges. This interview and discussion of the underlying containership markets is relevant for anyone with container shipping interests or investments, including firms such as Atlas Corp. (ATCO), Costamare (CMRE), Euroseas (ESEA), Global Ship Lease (GSL), Matson (MATX), Navios Partners (NMM), Textainer Group (TGH), Triton Intl (TRTN), and Zim Integrated Shipping (ZIM).Topics Covered(0:00) Intro/Disclosures(1:45) Update on overall containership leasing markets.(6:00) What is the market missing when selling off all these stocks?(8:15) Any restrictions with the share repurchase program? Available now?(10:15) Why $100M for the repurchase program (vs. more or less)?(11:30) Why not just take the company private?(14:15) Review of stock price vs. enterprise valuation.(17:45) Newbuild strategy and overall approach?(21:45) Target charter durations?(24:15) Planned leverage for newbuild assets?(27:30) When might more newbuilds be added?(33:30) Likely economic return from newbuild transactions (ROE, etc)?(36:15) Any potential for secondhand vessel purchases?(37:30) Potential for more vessel sales? Forward sales?(42:30) Dividend policy: potential for a special div or near-term raise?(44:45) Any changes to ZIM divestment policy?(46:00) Charter nuances with HMM extensions, CMA CGM options, etc.(49:00) Repurchase lock-up? Q2 reporting timeline?

John Wobbensmith, CEO of Genco Shipping (GNK), joined J Mintzmyer's Value Investor's Edge Live on June 14, 2022, to discuss the dry bulk markets and forward prospects and capital allocation. Genco Shipping is a major US-listed dry bulk company with 44 vessels on the water. We discussed overall dry bulk fundamentals, ranging from China's impact on markets to the impact of the Ukraine invasion on midsize trade routes in grain and coal. We also reviewed the economics of GNK's scrubber program and the updated shareholder returns program. Genco will pay out nearly 100% of free cash flow going forward and aims to be net debt free by next year.This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), EuroDry (EDRY), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), Seanergy Maritime (SHIP), and Star Bulk Carriers (SBLK).Topics Covered(0:00) Intro/Disclosures(1:45) Dry bulk market overview(6:00) Additional color on China dynamics and Ukraine impacts?(10:45) Updated views on market vs. early-2022 expectations?(14:30) Will elevated opex levels remain going forward, or just a one-off?(17:45) Update on scrubber spreads and company strategy?(21:30) Any interest in secondhand vessel acquisitions?(23:30) Desire to further reduce debt or still targeting net debt zero?(25:30) Any interest in repurchases?(27:30) Discussion on the merits of zero net debt strategy.(35:45) Review of newbuild markets, any interest here?(39:00) Why invest in GNK vs. other dry bulk peers?

Hamish Norton, President of Star Bulk Carriers (NASDAQ:SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on June 8, 2022, to discuss the dry bulk markets and forward prospects and capital allocation. Star Bulk Carriers is the largest US-listed dry bulk company with 128 vessels on the water. We discussed overall dry bulk fundamentals, ranging from China's impact on Capesize markets to the impact of the Ukraine invasion on midsize trade routes in grain and coal. We also reviewed the economics of SBLK's scrubber program and current capital allocation priorities.This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), EuroDry (EDRY), Genco Shipping (GNK), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), and Seanergy Maritime (SHIP).Topics Covered(0:00) Intro/Disclosures(1:00) Current dry bulk market conditions and prospects?(5:30) More net optimistic or concerned about China developments?(7:30) Midsize has been steady - will Ukraine disruptions threaten rates?(10:00) More bullish vs. our last discussion in January 2022?(11:30) Are asset values getting overextended?(13:45) Are demolition values sustainable or too high?(16:45) How long would it take to order newbuild vessels?(18:00) Scrubber economics? Any desire to lock in the profit spread?(22:00) Capital allocation priorities: Will SBLK be paying down more debt?(25:15) Which dry bulk vessels are currently the most attractive?(27:00) Logic behind the share sale and repurchase arbitrage?(29:00) Any share issuance planned outside of direct asset purchases?(30:00) Potential to repurchase shares? Needed criteria?(32:00) What differentiates SBLK from peers? Why invest here?(36:45) Promising propulsion technologies or other ESG projects?(39:00) Risk of significant share overhang due to large Oaktree position?

International Seaways (INSW) CEO Lois Zabrocky and CFO Jeff Pribot joined Value Investor's Edge Live on Jan. 12, 2022, to discuss the crude tanker and product tanker markets and company prospects for 2022. INSW has survived the horrible COVID-19 related downturn in the sector and has completed a major merger along with strengthening the balance sheet and improving liquidity. INSW is prepared for almost any market and they should benefit from a significant catalyst by mid-2022 as they plan to either sell or refinance a joint venture, which should unlock $150M+ in free cash flow. Topics Covered(2:00) What is the current state of the tanker markets?(4:15) Updates on the product tanker side of the business?(6:45) Concerns about the heavy delivery schedule in 2022?(9:30) Impact of EEXI to INSW and the overall market?(11:30) Any concern about middle-aged tonnage, 2006-2008 types?(14:15) Updates on the niche Panamax business?(15:15) Any interest in secondhand purchases or newbuilds?(17:15) Capital allocation balance: potential for more repurchases?(21:00) Leverage and liquidity targets?(22:30) FSO JV discussion: potential for cash-out refinance or sale?(25:15) Valuation targets for FSOs and refinancing potential?(27:15) Why does INSW still trade at a massive discount? Any actions?(30:45) Any interest in conducting a tender offer later this year?(33:45) Why invest with INSW as opposed to other tanker plays?

Genco Shipping (GNK) CEO, John Wobbensmith, joined Value Investor's Edge Live on Jan. 12, 2022, to discuss the dry bulk shipping markets and company prospects for 2022. GNK has spent the past few years renewing the fleet and rapidly deleveraging the balance sheet to prepare for a new dividend policy of near-100% free cash flow payouts. The dividends will be variable, and will depend on underlying market conditions, but I am bullish on the company structure and I believe the valuations are attractive at this juncture.Topics Covered(1:45) Current market balance and setup for dry bulk?(6:30) China dynamics in 2022: potential headwind?(11:00) How long would it take to order new dry bulk vessels?(14:15) Impact of EEXI to GNK and overall market?(19:00) Discussion of dividend policy: reserve amount?(23:00) How will repurchases factor into capital allocation?(26:30) Why does Genco trade at a significant discount to peers?(30:15) What if the high dividend fails to improve valuations?(32:00) Growth if GNK trades at a premium to NAV?(34:00) Largest risk factors in the current dry bulk market?(37:45) Why invest in Genco versus other dry bulk names?

Danaos Corp (DAC) CFO, Evangelos Chatzis, joined Value Investor's Edge Live to discuss the containership leasing markets and prospects for 2022. DAC has been a massive winner from the ongoing supply chain crisis, but the have taken the long-term view with very responsible moves including comprehensive refinancing, massive deleveraging, and fixing their fleet onto medium- and long-term contracts to lock in sky-high rates.Topics Covered(2:15) Update on ocontainership markets: how long can strength last?(6:00) Liners gladly taking ships 2023-2028, what is the market ‘missing?’(9:15) Potential to sell any more older ships?(11:15) Further appetite to add growth deals in this market?(12:45) What about newbuilds with long-term charters attached?(15:15) Will cash be wasted on bad growth deals?(18:00) How can Danaos close the massive valuation gap?(20:45) Dividend policy and future payout policy?(22:30) Balance sheet: leverage target and use of funds?(27:30) Danaos plans for ZIM stake? Structure to reduce taxes?(31:00) Share repurchase program on the table?(34:45) What are the key risks to this market and to DAC?(36:45) Potential for future contract rolls? CMA CGM “market rate”?(40:30) Interest in a share split? Potentially 5-1?(42:15) Why invest in DAC versus other containership peers?

Zim Integrated Shipping (ZIM) was one of my top picks during 2021 and I have heavily covered the company privately and publicly dating back to last February after their IPO. My most recent full-length report was shared in early-December and I have further increased my earnings expectations since then due to the remarkably persistent freight rates. (1:30) Outlook for the containership business in 2022?(5:15) Risk of a near-term drop in rates? Largest risks in 2022?(8:30) Update on LA/LB service, still diverting ships?(11:00) Current freight negotiations, contract mix going forward?(18:15) Status of 2M Alliance negotiations, any changes?(20:30) Dividend policy: what determines 30-50% payout range?(24:30) What to do with remaining cash: capital allocation priorities?(33:15) Why not have an active share repurchase? Block purchases?(39:00) Update on potential tax rate reduction?(44:15) Results of digital ventures and investments? Valuation potential?(52:00) Potential for FY22 earnings to be even higher than FY21?

The Textainer Group (TGH) management team joined Value Investor's Edge Live on January 10, 2022, to discuss the container box leasing markets and prospects for 2022. TGH spent most of the past 18-months prioritizing growth capex, but they have also been actively repurchasing shares, and they re-launched their dividend last quarter. As we shift into 2022, higher shareholder returns appear likely as growth capex will eventually slow down. TGH has signed most of their recent growth on 12-year to 14-year contracts, so once the forward growth slows, TGH will have enormous resources available to either pay large dividends or repurchase more shares.This interview and discussion of the underlying LNG global markets is relevant for anyone with container shipping interests or investments, including firms such as Atlas Corp (ATCO), Costamare (CMRE), Danaos Corp (DAC), Euroseas (ESEA), Global Ship Lease (GSL), Matson (MATX), Navios Partners (NMM), Triton Intl (TRTN), and Zim Integrated Shipping (ZIM). Topics Covered(2:00) How are box leasing prospects shaping up for 2022?(4:45) Is capex slowing in 2022, or might volumes be similar to last year?(6:45) Current economics in growth projects? Still near record levels?(9:00) When will free cash flow shift towards higher shareholder returns?(11:00) Balance sheet update? Still targeting 75-80% leverage?(16:00) Preferred equity discussion- potential for more?(17:30) When will lower legacy contracts roll to new deals at higher rates?(21:00) Penalty rate on old contracts vs. current market rates?(26:00) Potential for dividend raises going forward?(29:30) Timeline for shifting into heavier shareholder returns?(33:30) How should investors value a business like Textainer Group?(37:00) What else can TGH do to close the massive stock valuation gap?(38:30) What are the key risks and concerns for 2022 and beyond?(42:30) Counterparty risk and contract strength/structure?(48:45) What is the risk if we have huge inflation in the coming years?(51:45) Why should investors choose TGH as an investment vs. peers?

Chris DeMuth discusses his best idea for 2022, RENN. RENN was on a previous podcast pitched by Ian Bezek as a legal play; since then, RENN settled with minority shareholders for a record payout. However, in December, RENN's shares sold off massively as a judge rejected their proposed settlement with minority shareholders and ruled the payout should instead go to former shareholders; Chris explains why he thinks that ruling is wrong and likely to be overturned.Chapters0:00 Intro1:50 RENN background4:20 What's happened since the last RENN podcast8:20 The settlement announcement in October12:35 What happens in December / why the stock craters19:45 Why are current shareholders appealing the judge's ruling?24:00 What does a derivative suit mean and why is that important?30:00 Were there any precedents for former shareholders getting the settlement payout?35:30 Discussing the unique minority shareholder only payout38:50 Could the settlement be recut to pay directly to the company?44:50 What does the timeline going forward look like?46:30 What happens to the "excess legal fees"?54:30 Why a quick decision on the appeal could be good57:35 What odds does Chris give for the appeal winning?1:00:10 Bear push back: The Sprint / TMUS precedent1:05:40 Closing thoughts

Oeystein Kalleklev, CEO of Flex LNG (FLNG), a leading ultramodern LNG shipping company, joined J Mintzmyer's Value Investor's Edge Live on June 10, 2021, to discuss the LNG shipping markets and capital allocation priorities for Flex LNG. Flex has set an upsized dividend level of $0.40/qtr and appears set to support this payout, and potentially even higher payouts, due to excellent time charter fixtures. Despite this progress, FLNG still trades at a significant discount to NAV if we utilize newbuild asset parity, which I estimate at nearly $20/sh. This implies over 45% of equity upside in addition to a nearly 12% income yield. FLNG is likely to raise the dividend even further by late 2021!This interview and discussion of the underlying LNG global markets is relevant for anyone with LNG shipping or LNG export infrastructure investments, including Cheniere (LNG), Cheniere Partners (CQP), GasLog Partners (GLOP), Golar LNG (GLNG), Hoegh LNG Partners (HMLP), Teekay LNG Partners (TGP), and Tellurian (TELL).Topics Covered(3:00) What is driving the strength in LNG markets?(9:00) What is the spread between MEGI/XDF and TFDE rates?(12:00) Any additional charter coverage planned?(14:00) Any appetite or opportunity for fleet growth?(17:30) Potential to increase share purchase authorization levels?(21:00) Commentary on dividend program and sustainability.(23:45) What are the primary risks in this market?(28:00) Any impacts/risk to upcoming regulations? Any benefits?(33:00) Technical difference between ME-GI, ME-GA, and X-DF designs?(38:30) Any concern about the LNG orderbook? Qatar orders?(47:15) Commentary on recent interest rate swap transactions?(52:30) What differentiates FLNG from peers and other shipping firms?Learn more about your ad choices. Visit megaphone.fm/adchoices

Hugo De Stoop, CEO of Euronav (EURN), a leading crude tanker company, joined J Mintzmyer's Value Investor's Edge Live on June 9, 2021, to discuss the crude tanker markets, recovery trajectory, and capital allocation priorities for Euronav. This interview and discussion is relevant for anyone with crude tanker or product tanker investments, including Ardmore Shipping (ASC), Diamond S Shipping (DSSI), DHT Holdings (DHT), Frontline (FRO), International Seaways (INSW), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Tsakos Energy Navigation (TNP) and Torm (TRMD).Although it may seem a bit dated since this interview was conducted about two months ago, very little has changed in the crude tanker markets since we last chatted, so the content should be useful for all investors interested in Euronav or the overall sector. It's worth noting that the emergence of the Delta variant has effectively pushed back the crude tanker recovery scenario by at least 2-3 months so far, so even though the big picture situation is similar, the turnaround timing has been pushed back a bit further.Euronav is set to report Q2-21 results on Thursday, Aug. 12, with a conference call at 0800 EST. This interview should act as a useful primer before these results.Topics Covered(2:00) Current state of the crude tanker market? Past the bottom yet?(5:00) Impact of Iran sanctions coming off soon?(9:00) Any concerns about the current tanker orderbook?(13:45) How do current environmental proposals impact EURN?(19:45) Economics of investing in environmentally friendly upgrades?(24:00) Are scrubber retrofits attractive here with larger spreads?(25:45) Environmental impact from copper-oxide hull paints?(27:30) Will 2023 EEXI impact EURN? Risks of divesting older ships?(33:45) Any risk of exposure to future ‘green recycling’ requirements?(36:30) What are Euronav’s current capital allocation priorities?(41:30) Any plan to address adverse tax-withholding from dividends?(44:45) Update on ULCC assets?(47:00) Commentary on FSO JV? Any divestment potential?(50:30) Why invest in EURN versus peers? Differentiation?Learn more about your ad choices. Visit megaphone.fm/adchoices

Constantin Baack, CEO of MPC Containers (OTCPK:MPZZF), a leading small-sized containership lessor, joined J Mintzmyer's Value Investor's Edge Live in June 2021 to discuss the surging containership markets and company strategy to benefit from these elevated market levels.Although MPCC is not currently listed in the US markets, there's sufficient trading liquidity on the Oslo Exchange under the stock symbol "MPCC" and they're considering a potential US-listing if market conditions remain favorable and their market capitalization exceeds $1B.For more particular information on MPC Containers, I highly recommend reviewing their latest investor presentation, which was updated on June 22. MPCC is set to publish Q2-21 earnings results on Aug. 19.For readers and listeners primarily interested in US-listed names, the primary comps include Atlas Corp. (ATCO), Costamare (CMRE), Danaos Corp (DAC), Euroseas (ESEA), Global Ship Lease (GSL), and Navios Maritime Partners (NMM). Included market content should be relevant for investors in all of these names.Topics Covered(1:45) What is primarily driving the market strength? How long can it last?(4:15) What are the primary risks for investors to watch?(10:45) How large is the discount for 2-3 year charters versus 1y quotes?(12:45) The Harpex index is due for a massive upward revision?!(15:15) How far in advance are you fixing your vessels?(18:00) Are there any opportunities to acquire more secondhand tonnage?(21:00) Any clear negatives to recent containership transactions?(23:45) Plans for a dividend? Expected timeline for first payout?(26:15) Current economics for newbuild tonnage for feeders/midsize?(30:30) Upcoming impact from 2023 EEXI and/or bunker fuel tax?(34:30) Any impact/concern due to the increased focus on ‘green recycling?’(37:15) Current economics from scrubbers? Any plans to add more?(41:15) What differentiates MPCC? Why choose this stock over others?(44:00) Future plans for a US listing?Learn more about your ad choices. Visit megaphone.fm/adchoices

Ted Young, CFO of Dorian LPG (LPG), joined J Mintzmyer's Value Investor's Edge Live on June 11, 2021, to discuss the LPG shipping markets and specific company prospects and capital allocation potentials. This interview and discussion is relevant for anyone with LPG sector investments, including Avance Gas (OTCPK:AVACF), BW LPG (OTCPK:BWLLF), Navigator Holdings (NVGS), and Stealth Gas (GASS).Topics Covered(1:45) Overview of the current and mid-term LPG markets.(7:00) Any concern about the increasing VLGC orderbook?(9:45) Discussion about impending environmental regulations.(11:15) Interest in LPG dual-fuel retrofits? Economics?(15:30) Are rising steel prices impacting newbuild costs?(19:30) Will US LPG production, inventory, and export levels improve?(22:30) Update on scrubber program economics.(24:15) Are you interested in divesting the oldest 3 vessels?(26:45) Views on target leverage and minimum cash balance?(30:15) Appetite for more repurchases? Tender offer?(31:30) Any concern about share liquidity?(34:45) Potential for a new repurchase authorization?(35:45) Any additional impact from EEXI or other initiatives?(40:30) Any impact from the removal of Iran sanctions?(42:30) Impact from more OPEC oil and NGL exports?(45:00) Potential for a dividend? Structure? Special vs. regular?(49:15) Why choose Dorian over other VLGC peers?Learn more about your ad choices. Visit megaphone.fm/adchoices

John Wobbensmith, CEO of Genco Shipping (GNK), a dry bulk shipping company, joined J Mintzmyer's Value Investor's Edge Live on 25 June 2021 to discuss the strong market outlook and company specific plans for capital allocation and shareholder returns.GNK is benefiting from surging rates and is expected to report a strong Q2 earnings report followed by an even stronger showing in Q3. Although market conditions can change and dry bulk is notoriously volatile, the supply side is the most bullish we have seen in 20-plus years and the signals from demand are also encouraging, particularly in the midsize and smaller segments, which are reviewed in detail in this update.Perhaps of most interest to shareholders is Genco's plan to begin massive dividend payouts once target leverage is achieved. GNK's officially stated plan is to begin these large payouts after Q4-2021 results (i.e. in early-2022). However, market conditions have been very strong, so there's a potential for GNK to start to move even faster. With current market rates and GNK's stated dividend policy, we could theoretically see yields of 30% or higher against current share prices.This interview contains relevant insights for investors in all other dry bulk companies, including 2020 Bulkers (Oslo: 2020), Diana Shipping (DSX), Eagle Bulk (EGLE), Eurodry (EDRY), Golden Ocean (GOGL), Grindrod Shipping (GRIN), Navios Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), Seanergy Maritime (SHIP), and Star Bulk Carriers (SBLK).Topics Covered(2:00) Dry bulk market overview(8:00) Differences between midsize and Capesize markets?(12:30) Any clear impact from upcoming environmental regulations?(15:45) Views on ammonia or LNG-dual fuel designs?(17:15) Any interest in newbuild assets or resale tonnage?(19:15) Any other growth potential?(22:30) Potential to raise the dividend sooner due to strong markets?(25:15) Dividend structure? Potential to pay even in weak markets?(27:45) Views on low leverage? Optionality to increase it?(30:15) Any desire to add time-charter coverage in this market?(32:00) Review of scrubber program and economics.(34:30) Why choose Genco Shipping (GNK) as the favored dry bulk play?Learn more about your ad choices. Visit megaphone.fm/adchoices

The CEO and CCO of Global Ship Lease (GSL), Ian Webber and Tom Lister, joined J Mintzmyer's Value Investor's Edge Live on 11 June, 2021, to discuss the containership transport markets and forward opportunities in the markets. We also covered GSL's major acquisition of 12 containerships, which took place in early June. GSL guided for at least $1.09 in annualized EPS contribution from this latest purchase. However, with containership rates continuing to surge, I suspect GSL guided too low on the first deal and I would anticipate a minimum of $1.50 in annualized earnings contribution from those ships once they are fully delivered by the end of Q3 2021.This interview and discussion of the underlying containership markets is relevant for anyone with interest in GSL or in related containership shipping companies, including Atlas Corp (ATCO), Capital Partners (CPLP), Costamare (CMRE), Danaos Corp (DAC), Euroseas (ESEA), Matson (MATX), MPC Containers (OTCPK:MPZZF), Navios Partners (NMM), SFL Corp (SFL), and Zim Integrated Shipping (ZIM).Surging Containership RatesContainership leasing rates have been on a surge over the past year and we have seen subsequent all-time record highs set for each of the past six weeks. The latest Harpex Index is shown below, which reflects the benchmark rates for one-year charters:Source: Harper Petersen, Harpex Index, 5-Year ChartMassive Earnings Growth, Stock Stuck in Neutral?Subsequent to this interview (which was conducted on 11 June), Global Ship Lease announced yet another vessel acquisition deal on 16 June, which added four more vessels to their fleet. GSL anticipates the four latest ships will add an additional $0.88 in annual EPS, which is in addition to the $1.09 they guided from the first major acquisition in early June (but I expect closer to $1.50 contribution). Altogether, these latest two deals in June alone should add up to $2.40/sh in annualized earnings potential on top of GSL's organic fleet contribution levels.However, despite this fleet and earnings growth, GSL stock has been stuck in neutral over the past six months, up just 15% since January and down more than 20% from peaks in mid-June. This may present a phenomenal opportunity for investors who are interested in this sector, but either way, I hope the interview will help add additional color about this firm. Source: Google Finance, GSL 6-month chart, 8 July 2021Topics Covered(2:00) What is driving the surge in rates, how sustainable are they?(6:30) What charter durations are preferable? Discount rates?(9:00) Any potential for forward fixtures into 2022?(12:30) What assumptions play into the economics of the new purchase?(18:45) Target leverage for the latest acquisition?(20:45) Any appetite for further vessel acquisition deals?(24:00) Not many public company buyers… Private asset buyers?(26:30) Split between charter-free values and charter discounts?(30:15) Economic tradeoff between secondhand and newbuilds?(33:00) Do smaller and midsize ships play a viable role in the future?(38:15) Will environmental regulations threaten middleaged tonnage?(47:45) What is your target balance sheet leverage?(51:00) GSL has a higher average cost of debt: savings potential?(55:30) Any appetite for more preferred equity?Learn more about your ad choices. Visit megaphone.fm/adchoices

Gary Vogel, CEO of Eagle Bulk Shipping (EGLE), a dry bulk shipping company focused on the mid-sized segments, joined J Mintzmyer's Value Investor's Edge Live on 9 June 2021 to discuss the rapidly improving market outlook and company specific plans.EGLE is benefiting from surging rates and is expected to report a blow out Q2 earnings report followed by an even stronger showing in Q3. Although market conditions can change and dry bulk is notoriously volatile, the supply side is the most bullish we have seen in 20+ years and the signals from demand are also encouraging. Gary talks through the markets in our interview as well as about capital allocation specifics and strategy for Eagle Bulk in particular. This interview contains relevant insights for investors in all other dry bulk companies, including: 2020 Bulkers (Oslo: 2020), Diana Shipping (DSX), Eagle Bulk (EGLE), Eurodry (EDRY) Genco Shipping (GNK), Golden Ocean (GOGL), Grindrod Shipping (GRIN), Navios Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), Seanergy Maritime (SHIP), and Star Bulk Carriers (SBLK).Topics Covered(0:00) Introductions and disclosures(1:40) What is driving the steady strength in midsize dry bulk markets?(4:15) What is the impact of the Australia-China coal shifts?(5:30) Why are Capesizes far more volatile at this time?(7:15) Why are 2022 FFAs still considerably below current market levels?(9:30) Any activity or inquiries in the longer-term charter market?(12:15) Discussion on rate hedging via derivatives.(13:45) Capital allocation priorities? Target leverage?(16:30) Commentary on ATM facility? Usage here?(19:00) Potential for a dividend policy/program?(21:00) Improving share liquidity? Lack of options trading?(23:00) Potential for further sector consolidation?(24:45) Impact from EEXI or tonnage tax?(28:30) Current scrubber spreads? Plans to hedge savings?(32:00) Discussion on proper benchmark for rates.(34:15) What are the major risk factors at this point?(38:30) When are potential newbuild yard slots available?(40:30) Any desire to lock in 1-year rates yet?(42:30) Why choose to invest in EGLE vs. peers?Learn more about your ad choices. Visit megaphone.fm/adchoices

Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), joined J Mintzmyer's Value Investor's Edge Live on June 11, 2021, to discuss the crude and product tanker markets and forward prospects. We also reviewed company-specific plans and capital allocation priorities after they complete the merger with Diamond S Shipping (DSSI). International Seaways will then become one of the largest publicly-traded tanker companies and is poised to increase repurchases as part of a balanced capital allocation program. INSW is also preparing a $1.10/sh special dividend as part of their merger program. This interview and discussion is relevant for anyone with crude or product tanker investments, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Hafnia Tankers (Oslo: HAFNI), Navios Acquisition (NNA), Nordic American Tankers (NAT), Pyxis Tankers (PXS), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm Plc (TRMD), Tsakos Energy Navigation (TNP), or Okeanis Eco Tankers (Oslo: OET). Topics Covered(0:00) Intros/Disclosures(2:00) Crude tanker market update, are we past the worst?(6:00) Outlook for product tanker market vs. crude?(10:30) Potential impact from EEXI and/or bunker tax proposals?(14:00) Any risks from ‘green recycling’ requirements?(19:00) Overall commentary on DSSI merger.(21:15) Why does INSW trade at a massive discount to peers?(26:45) Potential for repurchase after the DSSI merger closes?(30:15) Potential for a tender offer?(32:00) Commentary on future dividend potential/plans?(34:45) Plans/potential for the FSO joint-venture?(40:30) Review of the dual-fuel LNG economics.(49:00) Why buy INSW vs. other tanker peers?Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special edition of the Marketplace Roundtable, Daniel Shvartsman interviews J Mintzmyer, Head of Research at Value Investor's Edge. J reviews the containership sector, the latest market conditions, and outlines the bullish thesis in the containership sector. The discussion reviews sector dynamics along with several top picks in the sector. The shipping sector is off to a very strong start in 2021, with YTD model portfolio returns of 136.6% (Speculative Plays) and 69.4% (Best Risk/Reward) on J's exclusive research platform: Value Investor's Edge.Topics Covered2:30 – Catching up on the containership market5:30 – The myths around containerships10:00 – The impact of the underlying ZIM stake on Danaos Corp (DAC)12:00 – Supply chain gives and takes for the containership sector17:30 – Not anchoring on the price19:00 - Why containership stocks don’t directly follow rates22:30 – Interest rate risk and inflation risk for containership lessors26:30 – Valuing these companies given the cyclical nature of the business32:00 – Favorite names for investors and traders35:00 – Bear case scenarios for containerships37:30 – Broad review of other shipping segmentsLearn more about your ad choices. Visit megaphone.fm/adchoices

Hamish Norton, President of Star Bulk Carriers (SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and SBLK Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on June 8, 2021, to discuss the dry bulk markets and forward prospects and capital allocation. Star Bulk Carriers is the largest US-listed dry bulk company with 128 vessels on the water. With rates surging, SBLK is focused on the '2 Ds' of dividends and deleveraging. We expect to see substantial payouts throughout there year. This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), Eurobulk (EDRY), Genco Shipping (GNK), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime (NM), Navios Maritime Partners (NMM), Pangea Logistics (PANL), Safe Bulkers (SB), Scorpio Bulkers (SALT), and Seanergy Maritime (SHIP).Topics Covered(

The launch of the ARK Space Exploration ETF (ARKX) in late March was one of the most hyped ETF launches in recent memory. Of course there's the Cathie Wood component to the excitement, with the fund manager she runs, ARK, crushing markets and growing AUM eleven-fold in 2020. But there's something about space as a sector that has many investors particularly excited at this moment in time.Cestrian Capital Research's Alex King has been following the space sector very closely for years now, He even enrolled at the Space University, completing his executive education there in 2018. The following year, he launched his Seeking Alpha Marketplace service, The Fundamentals, with a focus on space and cloud computing names. We cover the space sector from top to bottom in this episode of The Marketplace Roundtable Podcast. Show Notes3:00 - Alex's general approach to investing7:45 - Why the space sector?13:15 - Why is space a theme investors should be paying attention to at the current moment in time?17:00 - Cathie Wood and ARK's investing style22:00 - ARKX Under the Hood: Too much concentration in the top holdings?24:30 - Analyzing top holding Trimble (TRMB)28:45 - A head to head comparison: The ARK Space Exploration ETF (ARKX) vs. the Procure Space ETF (UFO)Learn more about your ad choices. Visit megaphone.fm/adchoices

Accelerate Funds' Julian "The SPAC King" Klymochko join's Margin of Safety Investing's Kirk Spano to talk all things SPAC.Learn more about your ad choices. Visit megaphone.fm/adchoices

2020 was the year of the SPAC, with money raised through "blank check" companies outpacing traditional IPOs for the first time. With so many SPACs listing, finding the right ones to invest in them can be an often-times confusing and overwhelming process. Sifting the World's Chris DeMuth Jr. has been investing in SPACs, through the hedge fund he founded, Rangeley Capital, for more than a decade. In the latest episode of The Marketplace Roundtable Podcast, DeMuth and host Jonathan Liss take investors through the SPAC "alphabet", going under the hood of each of the three currently available SPAC ETFs. Chris also discusses his favorite individual SPAC. Show Notes3:00 - What are SPACs and why are they so hot right now?10:00 - Chris' early and ongoing involvement with SPACs12:30 - Specifics of the SPAC structure16:45 - The case of DraftKings, the third most successful SPAC listing of all time26:30 - Chris' favorite SPAC ETF43:45 - What's an individual SPAC Chris is currently excited about?50:00 - Sifting the World: Chris' investing processLearn more about your ad choices. Visit megaphone.fm/adchoices

Cambria Funds co-founder, CEO and CIO Meb Faber joins Margin of Safety Investing's Kirk Spano to discuss his firm's tail risk and shareholder yield ETF suites. Funds covered include: TAIL, FAIL, SYLD, FYLD and EYLD. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this inaugural episode of “Investing 2020s”, host and analyst Kirk Spano interviews Matt Tuttle, the manager of the SPAC & New Issue ETF (SPCX). This is a timely episode as it covers the red hot SPAC market segment and identifies a low risk, high potential reward way to use SPACs to your advantage.Kirk and Matt discuss how SPACs near IPO prices offer rare asymmetric investment opportunity of large potential upside with limited risk as SPACs are backed by a cash trust. Along the way, they also touch on hot markets, Reddit investors and an option trading idea. Of interest to smart investors is the segment on how family offices and institutions are using the SPAC & New Issue ETF as an alternative asset sleeve to manage market correlation. They conclude discussing the ETF with how you can use this ETF in your asset allocation. This medium form (20-30 minutes) interview ends with a discussion of macro tail risk and a coming ETF that offers a potential solution to that portfolio asset allocation issue. To read more about the SPAC & New Issue ETF visit their website and follow Kirk Spano’s articles.Learn more about your ad choices. Visit megaphone.fm/adchoices