Ocean Wilsons (holdings)... Share Discussion Threads

[meanreverter] 11/10/2024 12:45

Edison report valuing OCN at 2275p:

[cousinit] 09/10/2024 10:32

It might, although I guess the free float would be low, so limiting the index weighting.

[flyfisher] 08/10/2024 12:36

OCN is very close to the market cap which would give ftse 250 eligibility. It is about 340th in the official list by market cap and about 4 places away from automatic entry.

So,if a transaction occurs that lifts the OCN stock price, would OCN satisfy eligibility criteria other than mkt cap and become ftse 250 listed ?

[last of the mohicans] 03/10/2024 22:04

Preliminary Data for the container terminals has been published for September.

Even with Major issues at both terminals during the month TEU numbers were up 42% & 24% to give a combined increase of 35.6% on the September 2023 numbers.

Year to date increase is 26.6% 972K against 768K TEU

Which will translate into a lot more revenue coming in for sure.

LOTM

[zoolook] 01/10/2024 07:16

Good article. I needed reminding why I bought in!

[cousinit] 30/9/2024 10:32

Livingstone - there has been a write up on hxxp://valueandopportunity.com which rates the chances of a positive outcome for the strategic review as 75%.

I'm slightly more positive of some capital being returned than is posited in the article, so there being a bit more scope for actual cash returns rather than it being purely a re-rating of the shares to deliver some upside. My baseline would be using some of any Wilsons proceeds to tender shares at maybe 20% discount to NAV with associated proposal for closer ties to Hansa/some form of merger.

[baronet bill] 30/9/2024 08:49

Another leak from Brazil.

[livingstone20] 30/9/2024 08:20

Big jump - anyone seen any news?

[xxx] 25/9/2024 12:57

Hansa agm, some good questions: Jeff just asked a key question: pointing out that Oceans + Hansa share 9 of their top 10 holdings.
Come on someone and ask why Hansa IM effectively gets to double dip on the fees...

WS also indicated there s a review of the osv business which is in a jv with a Chilean family. I hope we keep it. osv rates are good now and v little new supply coming on.

[livingstone20] 24/9/2024 07:18

Looks like more good news i think? I’d far rather company took time to get max price themselves for all non core assets than sold off as whole to someone else who got the benefit of that. Hopefully a clean core business then gets max premium offer.

[flyfisher] 24/9/2024 06:14

Rio de Janeiro, 23 September 2024 - Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company”;), pursuant to the regulations in force, hereby informs that its offshore support vessel joint ventures, Wilson, Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A. (collectively “WSUT”), have engaged Pareto Securities AS (“Pareto”;) as their financial adviser to assist in exploring strategic opportunities, which may include the disposal of the equity interests held by the Company and the Ultranav Group in WSUT. This evaluation of strategic opportunities is at an early stage and there can be no certainty as to its outcome.

[piedro] 20/9/2024 12:29

FWIW ...


[charted on ShareScope]

[xxx] 11/9/2024 15:32

Thanks for the heads up.Let's see, but doubt that marks D day.

[cousinit] 11/9/2024 06:55

I see that Hansa have scheduled an investor call on 25th September.

Does thar suggest the OCN strategic review may be completed by then? Would be a fair sized elephant in the room otherwise.

[last of the mohicans] 05/9/2024 22:57

August Data All time Container Terminal High ............

Operational Data - August 2024 (year-over-year comparison):

1. CONTAINER TERMINALS:
Aggregate volumes increased 19.8% in August, reaching an all-time high of 124.2 thousand TEU for the period, boosted by exceptional performances at both terminals. Rio Grande reported a remarkable 217.0% increase in transshipment. Similarly, Salvador reported a record-breaking monthly performance for the third time in 2024, with growth in most trade flows. 8M24 volumes increased 27.3% in Rio Grande and 22.3% in Salvador.

1.1. Rio Grande terminal:
- Total volumes increased 17.6% mainly due to higher transshipment and import flows;
- Exports decreased 12.9% with lower volumes of tobacco, frozen chicken and pork;
- Imports increased 5.7% with higher volumes of spare parts, chemicals and machinery;
- Cabotage decreased 11.4% with lower volumes of rice, powdered milk and coal;
- Inland navigation decreased 1.2% with lower volumes of wood;
- Transshipment and shifting increased 217.0% driven by strong regional market share gains and
off-schedule ship calls;
- Empty container volumes decreased 1.2%; and
- 40 ships were attended in the period (Aug/23: 42 ships).

1.2. Salvador terminal:
- Total volumes increased 23.7% driven by higher transshipment and shifting, cabotage, export and
empty container flows;
- Exports increased 26.3% with higher volumes of chemicals, ores and cotton;
- Imports decreased 4.7% with lower volumes of solar panels, chemicals and electronics;
- Cabotage increased 27.6% with higher volumes of plastics, beverages and chemicals;
- Transshipment and shifting increased 41.5% mainly due to higher transshipment of cargoes from China
and the ports of Pecém and Navegantes, as well as volumes bound for Singapore and the ports of
Paranaguá and Pecém;
- Empty container volumes increased 15.5%; and
- 42 ships were attended in the period (Aug/23: 42 ships).


2. TOWAGE:
- Harbour manoeuvres increased 1.6% mainly driven by a higher number of ships carrying iron ore and
steel products. 8M24 manoeuvres increased 4.8%.
- The average deadweight of ships attended increased 2.6% due to a higher proportion of manoeuvres
involving iron ore carriers.

3. OFFSHORE SUPPORT BASES:
- Vessel turnarounds decreased 11.6% in August and were up 1.1% in 8M24.

4. OFFSHORE SUPPORT VESSELS:
- Days in operation increased 6.9% due to enhanced fleet utilisation driven by new hires and contract
renewals. 8M24 operating days increased 7.0%.

LOTM

[piedro] 04/9/2024 12:22

LOTM,

To put it in perspective, more than 2 mt of sediment collected at the mouth of the river {the draft reached a minimum depth of 11.9mt from 14.2mt}

[last of the mohicans] 02/9/2024 09:10

Hi Piedro,

Thanks

That would help explain it then :)

Pity OCN disposed off (sold) its dredge years ago, otherwise it could be earning some $$$ with it by giving a hand to speed up the task.

LOTM

[piedro] 02/9/2024 07:20

LOTM.
Re:"there seems to be something going on at RG again"

They are having to redredge the the entrance channel etc., due to the massive amount of sediment deposited by the flood.

[xxx] 28/8/2024 21:00

@LOTM how do you follow the comings and goings at RG ?

[last of the mohicans] 28/8/2024 18:17

On an aside, there seems to be something going on at RG again, ships delayed from berthing for hours & days now :( not sure of the cause, the barges still seem to be working pretty much ok for now.

So this has had the knock on effect of hitting August's TEU numbers, which are still good but not where they might have been!

At the last count, 10 ships that should have arrived in the last few days of August are now due at the beginning of September.

To put it in context there are 8 ships currently due to arrive on 3rd September! I don't think I've ever seen more than 5 arrive in the same day before so it will cause a bit of a back-log that's for sure.

LOTM

[xxx] 28/8/2024 17:18

@LOTM if my view is a decent summary, it is largely because you have spent time understanding the company and posting about it for all to read.The history is important imv.

In terms of the bidding issues:

I have not seen a pe bid that I have not rejected. They simply want to buy assets at too cheap a price and as there are no synergies to extract this exacerbates that element versus an existing player who can extract synergies. The valuation decrement is exacerbated, as if they bid , Wilson's is likely to get an expert valuation, which uses the last set of figures and so undervalues the growth that the company is experiencing and will use the figures from the the last upswing to argue for a more modest multiple.Hence my comment about flushing out a competitor and I have heard of DP's aspirations.
[I just lost a shipping company to PE who bid x 4 EBITDA , it was a large premium,so people took it, not realising the remarkable acceleration in day rates, so a significant loss to my eyes.]

PE are also lazy annd risk averse so, to @varies point, very difficult to see them buying the whole company.That takes the type of corporate flair last seen in the 1980's !

If there was a bid accepted for the OCN Wilson's stake, I think the families would find it difficult to resist putting Hansa Trust together with the remnant OCN, as they will see it as a succesful outcome and be brimming with self confidence. I would not want to be part of this looking at costs and their allocations.


Whilst I understand the arithmetic of a buyback,I would still far rather cash returns, which I can then do as I wish with. There are 2 elements to this. IMV the BOD paying a dividend to shareholders is an important habit not to break as once they start tweaking, they cant stop, which impairs the flow of dividends ie it is a behavioural issue.

I think the latitude for OCN is governed by the LSE listing rules for some matters and Bermuda Law for the others, but that is only my presumption.

Finally, whatever happens, I hope the Ocean Wilsons name is retained. I remember seeing it as a child in the city pages and my mind pleasantly wandered around the globe.

ps. What happened to MTGlass ? I remember him as a goodun'

[last of the mohicans] 27/8/2024 03:04

samsj,

You're asking some questions that I'm not able to answer.

You would need lawyers & advisers to get involved & be able to answer such questions & what falls under which jurisdiction etc.

You also need to remember they are NOT bidding for OCN, they are bidding for its majority ownership of a listed subsidiary.

If it were not a Bermuda registered company but UK incorporated etc & it tried to sell of a material part of itself, the rules of the LSE etc require significant shareholder approval to do so. Does the same apply with Bermuda registered ones ? who knows

In some such cases they are classed as requiring a special resolution being passed ie over 75% need to vote in favour for the deal to go ahead. will that apply here ? who knows

These are things I know a little about but I'm sure there are other's that I don't know anything at all about.

LOTM