Hellenic Carr. Share Discussion Threads

[g2am] 21/10/2009 09:19

Well let's hope it keeps hope the positive response continues

[sivadnoj] 20/10/2009 16:02

Dry shipping investor conference today. Perhaps some response to that. Foodcritic posted this link a while back.

[g2am] 20/10/2009 15:16

85p - Don't know whats prompted the rise today but hopefully it's the market starting to recognise it's value

[g2am] 16/10/2009 10:07

eelanguilla - i'd agree with it being undervalued. I think this rally is overdue. I can't get trade data live at work so i've not managed to watch any

[eelanguilla] 15/10/2009 23:43

this was undervalued and in a better overall position when you compare it to some of its peers

[koolio] 15/10/2009 17:31

I would guess that there are some very good reasons for the sentiment change, not only the fact that they are oversold.
It would be nice to see a bit of news, long term charter or similar.
Has anyone been watching the trades?

[g2am] 15/10/2009 13:07

I was going to say, just checked today and can't believe the rise. Is it possibly what you posted above that's help drive this Stemis?

[stemis] 15/10/2009 11:21

Up 18% in 8 days. That's some change of sentiment.

[g2am] 13/10/2009 09:59

On a roll it would appear....

[stemis] 12/10/2009 11:38

Interestingly there is a new forecast from Charles Stanley (dated 28-9). The 2009 forecast is a bit lower (EPS 16.99 cp to 18.86p) but the 2010 much higher (18.23p cp to 7.91p). That's a forward P/E of 3.9.

[foodcritic] 07/10/2009 14:38

Capital Link, Inc. Announces Scheduled Presenters at Annual "Invest in International Shipping" Forum in London on October 20, 2009

[kinbasket] 17/9/2009 13:17

flying today.

Can barely contain myself in the excitement ...

[sebass] 10/9/2009 11:43

Stemis,
Thanks for that it seems the average life of the fleet is 13 years as of last year. I think the cut in the interim dividend is management being extremely cautious (since they own most of the company) given the high level of volatility in the last year.

[stemis] 10/9/2009 08:30

Sebass,

The generally accepted life expectancy of vessels is 25 years and HCL depreciate the acquisition cost over their remaining lifes (e.g. depending how old they are when acquired) - see note 2m in the 2008 accounts (p 32). Of course they may well last longer than 25 years depending on refurbishment etc.

[eelanguilla] 09/9/2009 21:25

big trade when through today .... 1.7% ... guess we will find out in time

[sebass] 09/9/2009 15:01

Seems undervalued. What is the life expectancy of their Handymax and Panamax ships? Would I be right in saying that each ship would cost 25 and $40 million to build? Overall on a risk/reward basis this is a good play, if the economy recovers there is signicant upside

[sivadnoj] 07/9/2009 12:21

Some coverage from Lloyds List:

Hellenic pulls interim dividend as profits dip.
Nigel Lowry
361 words
4 September 2009
Lloyd's List
LL
5
English
(c) 2009 Informa PLC
HELLENIC Carriers has decided against paying an interim dividend this year in order to maintain a strong cash position following first half financial results, which were solid but inevitably weaker than last year.

The Greek dry bulk carrier owner, which is listed on London's AIM market, saw net income fall by 38% to $12.5m compared with the first half of 2008.

The bottom line reflected a larger fleet that raised Hellenic's depreciation charges and was the source of higher finance costs, the company reported.

However, revenues of $32.4m for the period marked a decrease of just 5% in comparison with last year, thanks to the growth of the fleet to six bulk carriers from an average of 4.8 vessels operated in the first six months of last year.

In the first half this year, Hellenic's vessels earned an average time charter rate of $28,297 per day, whereas last year the average daily rate across the fleet was $38,800.

Chief executive Fotini Karamanlis said dry bulk demand during the first half of the year had been "much stronger than anticipated mainly due to a resilient growth trend in China."

Hellenic saw a possible gradual increase in imports of raw materials from the West and Japan during the second half of 2009. "Although volatility will continue to prevail in the short term, we remain optimistic about the long-term outlook of the dry bulk sector," said Ms Karamanlis.

"Hellenic is well placed to deal with both challenges and acquisition opportunities that may arise."

Earlier this year Hellenic restructured its bank debt with a reduction of instalments for 2009 and 2010 and waivers for financial covenants until January 2011.

At mid-year net debt to book capitalisation was 44% and the company had cash reserves of $64m.

Not distributing an interim dividend fortified the company to potentially swoop on acquisition opportunities on the one hand, or meet challenges stemming from the volatile freight market, it said.

In May, Hellenic's board approved a final dividend of £0.02 per share for the 2008 financial year.

[g2am] 04/9/2009 13:45

Wow, Stemis you really know your stuff. Thanks

[lonrho] 04/9/2009 11:07

stemis thanks for new enhanced thread,digital look have had a forecast of 25p earnings as an average of two brokers for a while but turnover and next years profit figure compared to earnings look very strange.

[g2am] 04/9/2009 10:33

Thanks for the new thread and the graphs above

[stemis] 04/9/2009 09:40

I've set up a new thread with more links and Baltic Freight Index graphs

[stemis] 04/9/2009 09:30

Blimey your quick! I'm just finalising things here. Yes I wrote the article.

Cheers,

[foodcritic] 04/9/2009 09:29

SteMis, great looking new thread. Forgot to ask, did you write the article you posted from fool.com? If so thanks, great read and helped me confirm my research.

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