Marketplace Roundtable

Latest Episodes:

The Value Investor's Edge Live #29: Navigating Product Tanker Markets With Ardmore Shipping (ASC) Jan 07, 2021

Show notes

Paul Tivnan, CFO of Ardmore Shipping (ASC), a leading product tanker shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 17, 2020, to discuss the product tanker markets and forward capital allocation priorities. Ardmore trades at a nearly 50% discount to net asset value, so their repurchase program is of particular interest. This interview and discussion of the underlying product markets is relevant for anyone with tanker investments or interests, including Diamond S (DSSI), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), International Seaways (INSW), Navios Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm (TRMD), and Tsakos Energy Navigation (TNP).
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The Value Investor's Edge Live #28: Containership Market Profits With Global Ship Lease (GSL) Jan 05, 2021

Show notes

The full management team of Global Ship Lease (GSL), a leading containership company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 12, 2020, to discuss the containership transport markets and forward opportunities and refinancing prospects into 2021. We were joined by Executive Chairman George Youroukos, CEO Ian Weber, CFO Tassos Psaropoulos, and CCO Thomas Lister. This interview and discussion of the underlying containership markets is relevant for anyone with interest in GSL or in related containership shipping companies, including Atlas Corp (ATCO), Capital Partners (CPLP), Costamare (CMRE), Danaos Corp (DAC), Euroseas (ESEA), Matson (MATX), MPC Containers (MPZZF), Navios Containers (NMCI), Navios Partners (NMM), and SFL Corp (SFL).
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The Value Investor's Edge Live #27: Surging LNG Markets: Flex LNG Insights (FLNG) Dec 21, 2020

Show notes

Oystein Kalleklev, CEO of Flex LNG (FLNG), a leading ultramodern LNG shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 24, 2020, to discuss the LNG shipping markets and forward opportunities and capital allocation priorities for Flex LNG. This interview and discussion of the underlying LNG global markets is relevant for anyone with LNG shipping or LNG export infrastructure investments, including Cheniere (LNG), Cheniere Partners (CQP), GasLog (GLOG), GasLog Partners (GLOP), Golar LNG (GLNG), Golar LNG Partners (GMLP), Hoegh LNG Partners (HMLP), Teekay LNG Partners (TGP), and Tellurian (TELL).
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The Value Investor's Edge Live #26: Teekay On The LNG Markets Dec 10, 2020

Show notes

Mark Kremin and Scott Gayton, CEO and CFO of Teekay LNG Partners (TGP) a leading LNG shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 13, 2020, to discuss the LNG shipping markets and forward opportunities and capital allocation priorities for Teekay. This interview and discussion of the underlying LNG global markets is relevant for anyone with LNG shipping or LNG export infrastructure investments, including Cheniere (LNG), Cheniere Partners (CQP), Flex LNG (FLNG), GasLog (GLOG), GasLog Partners (GLOP), Golar LNG (GLNG), Golar LNG Partners (GMLP), Hoegh LNG Partners (HMLP), and Tellurian (TELL).
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The Value Investor's Edge Live #25: Star Bulk Carriers (SBLK) And The Dry Bulk Shipping Outlook Dec 07, 2020

Show notes

Hamish Norton, President of Star Bulk Carriers (SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and SBLK Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on Nov. 19, 2020, to discuss the dry bulk markets and forward prospects and capital allocation priorities into 2021. Star Bulk Carriers is the largest US-listed dry bulk company with 116 vessels on the water.
This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), Genco Shipping (GNK), Golden Ocean (GOGL), Navios Maritime (NM), Navios Maritime Partners (NMM), Safe Bulkers (SB), Scorpio Bulkers (SALT), and Seanergy Maritime (SHIP).
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The Value Investor's Edge Live #24 Reviewing the crude tanker markets with Euronav (EURN) CEO Hugo De Stoop Dec 01, 2020

Show notes

Hugo De Stoop, CEO of Euronav (EURN), a leading crude tanker company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 10, 2020, to discuss the crude tanker markets and forward opportunities and capital allocation priorities for Euronav. This interview and discussion is relevant for anyone with crude tanker or product tanker investments, including Ardmore Shipping (ASC), Diamond S Shipping (DSSI), DHT Holdings (DHT), Frontline (FRO), International Seaways (INSW), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Tsakos Energy Navigation (TNP) and Torm (TRMD).
Topics Covered
(1:30) Latest market views, signs of optimism?
(5:40) Demolition dynamics? Chance of increased scrapping?
(8:50) Older vessels still selling? Economics of trading?
(12:20) Reduced scrapping due to over-optimism?
(17:30) Capital allocation priorities now?
(21:30) Internal calculations/logic for share repurchases vs. growth?
(24:30) Review of ULCCs and older Suezmaxes?
(29:50) FSO joint venture, economics and refinancing?
(35:40) Which assets are most attractive to buy today?
(38:10) How much of the $1.2B is required buffer?
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The Value Investor's Edge Live #23: Costamare On The Surging Containership Markets Nov 24, 2020

Show notes

Greg Zikos, CFO of Costamare (CMRE), joined J Mintzmyer's Value Investor's Edge Live on Nov. 4, 2020, to discuss the containership markets and forward opportunities and capital allocation priorities for Costamare. This interview and discussion is relevant for anyone with containership sector or box lessor investments, including Atlas Corp (ATCO), CAI Intl (CAI), Capital Partners (CPLP), Danaos Corp (DAC), Global Ship Lease (GSL), Matson (MATX), Navios Containers (NMCI), Navios Partners (NMM), Textainer (TGH), and Triton (TRTN).
Topics Covered
(1:20) What's driving the strength in containership rates
(4:20) How much strength is related to disruptions vs. demand growth?
(8:30) Review of current rates, CMRE exposure to uplift?
(12:40) How far in advance can charter deals be locked in?
(14:10) Commentary on the secondhand market? Depressed values?
(16:50) Are there buying opportunities in the secondhand market?
(17:50) Is there meaningful interest in newbuilds with fixed charters?
(20:25) Commentary on preferred equity? Repurchase or call back?
(24:10) Dividend commentary, potential for a raise in the near-term?
(27:20) How are rates performing for the larger ships vs. midsized?
(31:00) Can you submit a new presentation/disclosure in December?
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The Value Investor's Edge Live #22: Time To Bet Heavily On Energy With J Mintzmyer and Michael Boyd Nov 23, 2020

Show notes

Michael Boyd, Head of Research at Energy Income Authority, joined J Mintzmyer's Value Investor's Edge Live on November 6, 2020, to discuss the post-election energy market prospects and opportunities into 2021 and beyond. This interview and discussion is relevant for anyone with interest in the broad energy sectors, including the overall SPDR Energy ETF (XLE) and income-focused funds such as the Alerian (AMLP). Specifically in this interview, we discuss several individual names including Altus Midstream (ALTM), Calumet Specialty Products (CLMT), Cimarex Energy (XEC), DCP Midstream (DCP), Diamondback Energy (FANG), Energy Transfer (ET), ExxonMobil (XOM), Plains All American (PAA), RPC Inc (RES), Schlumberger (SLB), and Targa Resources (TRGP).
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The Value Investor's Edge Live #21: Dorian LPG And The Liquid Petroleum Gas Shipping Sector Nov 17, 2020

Show notes

Value Investor's Edge Live returns with this latest episode focused on the liquid petroleum gas (LPG) sector of the shipping industry. Ted Young, CFO, and John Lycouris, CEO of Dorian LPG USA, discuss the LPG shipping industry, their company outlook, and capital allocation priorities. Dorian has been enjoying a strong run in rates and is in the midst of a $50M repurchase program, but the stock hasn't responded much yet.
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Marketplace Roundtable 93: 'Insane' Growth Vs. 'Crazy' Valuations: A Bottom-Up View Of The Tech Sector Nov 12, 2020

Show notes

On the latest episode of the Marketplace Roundtable Podcast, long-time contributor to Seeking Alpha, Chaim Siegel, aka Elazar Advisors, takes listeners through his unique bottom-up approach of stock picking in the tech space. Before setting out on his own and launching his Nail Tech Earnings investing service, Chaim spent years honing his craft, working directly with Steve Cohen as an analyst at SAC Capital as well as serving as a portfolio manager at Morgan Stanley and JLF Asset Management. His proprietary tech sector earnings estimates - available to subscribers of Nail Tech Earnings - are included in consensus Thomson Reuters and FactSet earnings estimates.
Chaim believes that based on his current growth projections for his favorite tech names, investors should continue overweighting the sector despite what appear to be frothy valuations on a historical basis.
Show notes:
3:00 - Chaim's unique investing backstory
9:15 - Chaim's proprietary earnings models: How does he arrive at his projections
15:00 - 2 top tech sector ETFs go head to head: The Invesco QQQ ETF (QQQ) vs. The Technology Select Sector SPDR ETF (XLK)
21:15 - Hedging tech sector downside via ETFs: Shorting outright vs. inverse leveraged ETFs vs. ETF options
25:45 - Using momentum/trend following as a secondary decision-making factor
32:00 - Bottom-up analysis of top picks: Why Tesla (TSLA) and Zoom's (ZM) current valuations are besides the point
45:30 - Are we in a tech bubble? Why the current period is not a late 90's redux
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