Use access key #2 to skip to page content.

IBDvalueinvestin (99.66)

DryBulk Stocks fell all week, but today they are rallying

Recs

1

May 14, 2009 – Comments (0)

One stock that reports next Thursday is up +.82 to $5.72 its symbol is SB

SB Fleet and Employment Profile

 
-- The Company's operational fleet is comprised of 12 drybulk vessels with
an average age of 3.33 years as of December 31, 2008. The Company has also
contracted for additional drybulk carriers with deliveries scheduled
through the second half of 2010.

-- As of February 1, 2009, the contracted employment of the Company's
fleet under period time charters is as follows: 95% of fleet ownership days
for 2009, 75% for 2010 and 48% for 2011. This includes vessels which will
be delivered to us in the future but have already been chartered-out as of
their delivery date.

Management Commentary

Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the Company, stated: "Our chartering policy aims to increase chartering coverage of our fleet for the coming periods. I believe our Board has acted prudently in declaring a reduced dividend for the quarter ended December 31, 2008 of $0.15 per share. I would like to reiterate that management owns approximately 80% of the total shares outstanding, and the decision to leave additional cash in the business as a result of the lower dividend payout indicates our commitment and belief in the long term prospects of the dry bulk sector and our company. We will continue to closely monitor the financial and charter markets during the current recession, as the depth and the extent of this unprecedented crisis are not yet understood. Our decision on dividend policy will continue to be shaped by what better serves the long-term interests of our Company and all our shareholders."

 

0 Comments – Post Your Own

Featured Broker Partners


Advertisement