Marketplace Roundtable

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**Marketplace Roundtable**

The Marketplace Roundtable Podcast features interviews with our Marketplace authors about their investing approach, views on the market today, and some of their favorite investing ideas. The Seeking Alpha Marketplace is a platform for investing services that helps investors take their investing to the next level. Authors provide exclusive ideas, subscriber chat rooms, model portfolios, and one-on-one access with subscribers. In these interviews, you’ll hear how these authors approach their investing and how they try to improve their process and results over time, and hopefully it will give you a few ideas for how to raise your investing game.

Latest Episodes:

Value Investor's Edge Live #59: TORM - Product Tanker Markets Primed For Recovery Oct 09, 2024

Show notes

Torm plc is one of the largest US-listed product tanker firms, with a $3.1B market capitalization.

Value Investor's Edge Live #58: Star Bulk Carriers Interview Sep 24, 2024

Show notes

Star Bulk Carriers is the largest US-listed dry bulk owner with a roughly $2.6B market capitalization. Management discusses dry bulk market dynamics, including weaker Chinese data, ongoing Red Sea disruptions, and divergences between Capesize and Panamax rates.

Value Investor's Edge Live #57: Frontline: Tanker Market Strategy Sep 17, 2024

Show notes

Frontline is the largest US-listed crude tanker owner with a roughly $5B market capitalization. CEO Lars Barstad talks about current strategy and market insights.

Value Investor's Edge Live #56: International Seaways - Seasonal Upside Ahead Sep 10, 2024

Show notes

International Seaways' (INSW) management discusses market dynamics, catalysts, and capital allocation, highlighting a shareholder return policy and an active repurchase program.

Latest Podcast: Value Investor's Edge Jun 21, 2024

Show notes

Latest podcast from J Mintzmyer from Value Investor's Edge.

Value Investor's Edge Live #55: Navigator Holdings - A Key Updates On A Top Pick Feb 15, 2023

Show notes

Navigator Holdings (NVGS) was recently profiled as an emerging top pick at Value Investor's Edge.We recently followed up with the management team to discuss the current market conditions and their strategy into 2023.

Value Investor's Edge Live #54: Frontline, Dynamic Tanker Markets, Ongoing Merger Drama Feb 08, 2023

Show notes

Lars Barstad, CEO of Frontline, joined us to discuss the latest trends in the tanker markets along with specific company strategy and capital allocation priorities.

Value Investor's Edge Live #53: Eagle Bulk - Midsize Dry Bulk Market Update Feb 02, 2023

Show notes

Gary Vogel, CEO of Eagle Bulk, joined us on 17 January 2023, to discuss the latest trends in the market along with specific company strategy and capital allocation priorities.

Value Investor's Edge Live #52: Torm PLC Jan 23, 2023

Show notes

Jacob Meldgaard, CEO of Torm Plc (TRMD), joined J Mintzmyer on Value Investor's Edge Live on January 10, 2023, to discuss the product tanker markets, upcoming catalysts, company strategy, and capital allocation plans. Torm is a major US-listed product tanker company with a fully-delivered fleet of 78 vessels.

Value Investor's Edge Live #51: Danaos - Massive Undervaluation And Strong Returns Ahead Jul 27, 2022

Show notes

Danaos Corp. (NYSE:DAC) CFO, Evangelos Chatzis, joined Value Investor's Edge Live on 16 June 2022 to discuss the current containership leasing markets and capital allocation priorities going forward. DAC has been a massive winner from the ongoing supply chain crisis, but they have taken the long-term view with very responsible moves including comprehensive refinancing, massive deleveraging, and fixing their fleet onto medium- and long-term contracts to lock in sky-high rates. DAC has benefitted from a significant investment in Zim Integrated Shipping (ZIM), which they have partially monetized over the past six months.
Despite executing in near-perfect form, DAC stock has been stagnant the past few months and has now fallen back to negative territory y/y. This position is one of our top ideas at Value Investor's Edge, and we were very encouraged by the recent authorization of a $100M share repurchase program. DAC short interest has increased this summer and now looks to be a coiled spring ahead of what is expected to be multiple years of consecutive earnings blowouts amidst surging free cash flows. Our current fair value estimate is $125/sh, which implies around 80% upside to recent trading ranges.
This interview and discussion of the underlying containership markets is relevant for anyone with container shipping interests or investments, including firms such as Atlas Corp. (ATCO), Costamare (CMRE), Euroseas (ESEA), Global Ship Lease (GSL), Matson (MATX), Navios Partners (NMM), Textainer Group (TGH), Triton Intl (TRTN), and Zim Integrated Shipping (ZIM).
Topics Covered
(0:00) Intro/Disclosures
(1:45) Update on overall containership leasing markets.
(6:00) What is the market missing when selling off all these stocks?
(8:15) Any restrictions with the share repurchase program? Available now?
(10:15) Why $100M for the repurchase program (vs. more or less)?
(11:30) Why not just take the company private?
(14:15) Review of stock price vs. enterprise valuation.
(17:45) Newbuild strategy and overall approach?
(21:45) Target charter durations?
(24:15) Planned leverage for newbuild assets?
(27:30) When might more newbuilds be added?
(33:30) Likely economic return from newbuild transactions (ROE, etc)?
(36:15) Any potential for secondhand vessel purchases?
(37:30) Potential for more vessel sales? Forward sales?
(42:30) Dividend policy: potential for a special div or near-term raise?
(44:45) Any changes to ZIM divestment policy?
(46:00) Charter nuances with HMM extensions, CMA CGM options, etc.
(49:00) Repurchase lock-up? Q2 reporting timeline?

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