They are giving it away - Time to help yourself to some?
Here is a link to the newsletter from DCIX showing their balance sheet as of June 31, 2011.
http://www.dcontainerships.com Go here and click on News.
This is unaudited, but probably fairly accurate.
This is a "spin off" from DSX and even though a completely "stand alone" company, it is run by the same people running DSX, which is one of the most conservative shippers in the bulk sector.
They reported yesterday before the market opened, and showed a loss for Q2 and for 1st half, but that is somewhat misleading, since there were a lot of things going on during Q2, including the purchase of 3 used vessels to go with the 2 new builds they had, so the results are basically for the 2 new builds.
They issued new shares, and now have just over 23m outstanding. Based on the Shareholders equity shown on the balance sheet, the book value as of June 31, was just under $9.00 per share.
They had a current ratio of over 15 to 1, and a debt to worth ratio of almost 1 to 70.
They showed cash of $46M, 5 vessels with a book value of 161M, and basically no debt.
Even though they showed a small loss for the quarter (depreciation and financing during the quarter) of about $600K, they still authorized a dividend of $.03 per share.
They advised in an earlier statement that the August dividend would not be realistic for determining forward annualized dividends. Their dividends will be variable, and based on 70% of available cash.
Since they dropped over 50% after announcing the new offering earlier this year, many previous share holders got a "bad taste" in their mouths, so the trading activity has been mostly "day traders" playing among themselves with less than 1% of the outstanding shares.
With this panic market going on, shippers currently viewed as "dog poop", and the announcement of a loss for the quarter and half year, the bottom has fallen out of it.
If you are looking for a great value, don't panic easily, and feel comfortable after doing your own DD, this might just be one of the "bright spots" available among the shippers.
I currently own this stock ( at an even higher price than yesterdays close ) so will add if it keeps going down.
As always, the above is JMO and worth exactly what I am charging for it.