The Company is a Bermuda based shipping company that is engaged primarily in the ownership and operation of vessels and offshore related assets.
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Numbers look mostly good, and they're in a good industry. One item of concern is the 104m in current cash and over 2B in debt. Also recent 20% dip in quarterly earnings. However, the stock is paying a handsome dividend and isn't time-dependent like the REIT dividends. Gonna take a chance on this one.
Actually...stock has recently been falling. Will wait this one out until this trend reverses.
I'm bought into this one at $21. At the time, the dividend was topping 7%; at today's price, it's topping 12%. While the current global economy is a negative impact, I do see the company as being beaten down to an appropriate price and making competitive adjustments. I think you have good upside on capital growth once the economy comes back and in the mean time, can reap some nice dividend rewards. I would buy more, but doing so at this point would over-expose my portfolio and I don't want to do that, despite the attraction.