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: Giveans Mar 31, 2022

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Value Investor's Edge Live #47 Mar 01, 2022

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Value Investor's Edge Live #46 Feb 28, 2022

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Value Investor's Edge Live #48 Feb 28, 2022

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Value Investor's Edge Live #48: International Seaways Preparing For The Tanker Market Recovery Feb 18, 2022

Show notes

International Seaways (INSW) CEO Lois Zabrocky and CFO Jeff Pribot joined Value Investor's Edge Live on Jan. 12, 2022, to discuss the crude tanker and product tanker markets and company prospects for 2022. INSW has survived the horrible COVID-19 related downturn in the sector and has completed a major merger along with strengthening the balance sheet and improving liquidity. INSW is prepared for almost any market and they should benefit from a significant catalyst by mid-2022 as they plan to either sell or refinance a joint venture, which should unlock $150M+ in free cash flow.
Topics Covered
(2:00) What is the current state of the tanker markets?
(4:15) Updates on the product tanker side of the business?
(6:45) Concerns about the heavy delivery schedule in 2022?
(9:30) Impact of EEXI to INSW and the overall market?
(11:30) Any concern about middle-aged tonnage, 2006-2008 types?
(14:15) Updates on the niche Panamax business?
(15:15) Any interest in secondhand purchases or newbuilds?
(17:15) Capital allocation balance: potential for more repurchases?
(21:00) Leverage and liquidity targets?
(22:30) FSO JV discussion: potential for cash-out refinance or sale?
(25:15) Valuation targets for FSOs and refinancing potential?
(27:15) Why does INSW still trade at a massive discount? Any actions?
(30:45) Any interest in conducting a tender offer later this year?
(33:45) Why invest with INSW as opposed to other tanker plays?

Value Investor's Edge Live #47: Genco Shipping Preparing For Large Dividends In Dry Bulk Feb 03, 2022

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Genco Shipping (GNK) CEO, John Wobbensmith, joined Value Investor's Edge Live on Jan. 12, 2022, to discuss the dry bulk shipping markets and company prospects for 2022. GNK has spent the past few years renewing the fleet and rapidly deleveraging the balance sheet to prepare for a new dividend policy of near-100% free cash flow payouts. The dividends will be variable, and will depend on underlying market conditions, but I am bullish on the company structure and I believe the valuations are attractive at this juncture.
Topics Covered
(1:45) Current market balance and setup for dry bulk?
(6:30) China dynamics in 2022: potential headwind?
(11:00) How long would it take to order new dry bulk vessels?
(14:15) Impact of EEXI to GNK and overall market?
(19:00) Discussion of dividend policy: reserve amount?
(23:00) How will repurchases factor into capital allocation?
(26:30) Why does Genco trade at a significant discount to peers?
(30:15) What if the high dividend fails to improve valuations?
(32:00) Growth if GNK trades at a premium to NAV?
(34:00) Largest risk factors in the current dry bulk market?
(37:45) Why invest in Genco versus other dry bulk names?

Value Investor's Edge Live #46: Danaos Ready To Boost Shareholder Returns Jan 27, 2022

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Danaos Corp (DAC) CFO, Evangelos Chatzis, joined Value Investor's Edge Live to discuss the containership leasing markets and prospects for 2022. DAC has been a massive winner from the ongoing supply chain crisis, but the 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.
Topics Covered
(2:15) Update on ocontainership markets: how long can strength last?
(6:00) Liners gladly taking ships 2023-2028, what is the market ‘missing?’
(9:15) Potential to sell any more older ships?
(11:15) Further appetite to add growth deals in this market?
(12:45) What about newbuilds with long-term charters attached?
(15:15) Will cash be wasted on bad growth deals?
(18:00) How can Danaos close the massive valuation gap?
(20:45) Dividend policy and future payout policy?
(22:30) Balance sheet: leverage target and use of funds?
(27:30) Danaos plans for ZIM stake? Structure to reduce taxes?
(31:00) Share repurchase program on the table?
(34:45) What are the key risks to this market and to DAC?
(36:45) Potential for future contract rolls? CMA CGM “market rate”?
(40:30) Interest in a share split? Potentially 5-1?
(42:15) Why invest in DAC versus other containership peers?

Value Investor's Edge Live #45: Zim Integrated Shipping: Update For 2022 Jan 21, 2022

Show notes

Zim Integrated Shipping (ZIM) was one of my top picks during 2021 and I have heavily covered the company privately and publicly dating back to last February after their IPO. My most recent full-length report was shared in early-December and I have further increased my earnings expectations since then due to the remarkably persistent freight rates.
(1:30) Outlook for the containership business in 2022?
(5:15) Risk of a near-term drop in rates? Largest risks in 2022?
(8:30) Update on LA/LB service, still diverting ships?
(11:00) Current freight negotiations, contract mix going forward?
(18:15) Status of 2M Alliance negotiations, any changes?
(20:30) Dividend policy: what determines 30-50% payout range?
(24:30) What to do with remaining cash: capital allocation priorities?
(33:15) Why not have an active share repurchase? Block purchases?
(39:00) Update on potential tax rate reduction?
(44:15) Results of digital ventures and investments? Valuation potential?
(52:00) Potential for FY22 earnings to be even higher than FY21?

Value Investor's Edge Live #44: Textainer Group: Updates On Container Leasing Markets Jan 14, 2022

Show notes

The Textainer Group (TGH) management team joined Value Investor's Edge Live on January 10, 2022, to discuss the container box leasing markets and prospects for 2022. TGH spent most of the past 18-months prioritizing growth capex, but they have also been actively repurchasing shares, and they re-launched their dividend last quarter. As we shift into 2022, higher shareholder returns appear likely as growth capex will eventually slow down. TGH has signed most of their recent growth on 12-year to 14-year contracts, so once the forward growth slows, TGH will have enormous resources available to either pay large dividends or repurchase more shares.
This interview and discussion of the underlying LNG global markets is relevant for anyone with container shipping interests or investments, including firms such as Atlas Corp (ATCO), Costamare (CMRE), Danaos Corp (DAC), Euroseas (ESEA), Global Ship Lease (GSL), Matson (MATX), Navios Partners (NMM), Triton Intl (TRTN), and Zim Integrated Shipping (ZIM).
Topics Covered
(2:00) How are box leasing prospects shaping up for 2022?
(4:45) Is capex slowing in 2022, or might volumes be similar to last year?
(6:45) Current economics in growth projects? Still near record levels?
(9:00) When will free cash flow shift towards higher shareholder returns?
(11:00) Balance sheet update? Still targeting 75-80% leverage?
(16:00) Preferred equity discussion- potential for more?
(17:30) When will lower legacy contracts roll to new deals at higher rates?
(21:00) Penalty rate on old contracts vs. current market rates?
(26:00) Potential for dividend raises going forward?
(29:30) Timeline for shifting into heavier shareholder returns?
(33:30) How should investors value a business like Textainer Group?
(37:00) What else can TGH do to close the massive stock valuation gap?
(38:30) What are the key risks and concerns for 2022 and beyond?
(42:30) Counterparty risk and contract strength/structure?
(48:45) What is the risk if we have huge inflation in the coming years?
(51:45) Why should investors choose TGH as an investment vs. peers?

Chris DeMuth's Best Idea for 2022: Renren Jan 13, 2022

Show notes

Chris DeMuth discusses his best idea for 2022, RENN. RENN was on a previous podcast pitched by Ian Bezek as a legal play; since then, RENN settled with minority shareholders for a record payout. However, in December, RENN's shares sold off massively as a judge rejected their proposed settlement with minority shareholders and ruled the payout should instead go to former shareholders; Chris explains why he thinks that ruling is wrong and likely to be overturned.
Chapters
0:00 Intro
1:50 RENN background
4:20 What's happened since the last RENN podcast
8:20 The settlement announcement in October
12:35 What happens in December / why the stock craters
19:45 Why are current shareholders appealing the judge's ruling?
24:00 What does a derivative suit mean and why is that important?
30:00 Were there any precedents for former shareholders getting the settlement payout?
35:30 Discussing the unique minority shareholder only payout
38:50 Could the settlement be recut to pay directly to the company?
44:50 What does the timeline going forward look like?
46:30 What happens to the "excess legal fees"?
54:30 Why a quick decision on the appeal could be good
57:35 What odds does Chris give for the appeal winning?
1:00:10 Bear push back: The Sprint / TMUS precedent
1:05:40 Closing thoughts

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