+ Watch OCNF
on My Watchlist
The Company was formed to initially acquire a fleet of seven secondhand drybulk carriers engaged in the seaborne transportation of commodities.
I'm torn on this one... I own in real life at a cost basis of around 1.46.I believe there is alot of potential here, and I like the dividend history. On the flip side I also am worried that management might get too aggressive. For those that don't know the CEO and major holders are all closely tied to George Economou (sp?) CEO of DryShips. Some articles I have read paint him as having alot of contempt for shareholders. Couple that with the recent approval of authorization of issuance of a boatload (pun intended) of new shares and I think the risk of abuse/dilution to common shareholders is a very real possibility.In the end, we've got a company that has been making money. Is aggressive in pursuing growth. And has major shareholders at the helm. That's more than I can say for most Fortune 500 companies where the CEO barely knows how his bread is buttered. So I'm sticking with this one for now.
Post earnings update... Glad I peeled off some at 1.71 to fund other endeavors... My broker had temporary issues in the after-market today otherwise I would have closed out after getting spooked by earnings, so needless to say tonight's action hurts... I've not yet made up my mind how big of a deal this loss is. It seems to be largely attributable to one time items related to ship turnover. Does this represent poor management or recklessness? I don't know and I've not yet decided whether to stick around and find out...
Currently trading at $1.35 - Seriously considering a small stake at these levels. Are you still holding on to some shares?
Yes but for the time being I have other priorities... I'm going to watch this and see if it warrants more attention. I don't see a real compelling reason to act soon though.
Now actively pursuing again... looking to add to positions today before earnings release... The price action recently suggests there is a floor here, so I'm adding to bring down my cost average.Please bear in mind I am a small time player and this stake is but one part of a larger portfolio.
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