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Hi Mike , a great post from you . I have been hugely down on this like many but have continued buying as believed in company. Was obviously concerned about huge losses on paper but always felt it was going to come good. This is very much the start of that so all rather exciting.next figures should be such that the city cannot ignore
In their weekly summary 2 days ago Hellenic Shipping News reported that 10 year old Supramax had increased a massive 3.0% in value and Handysize 0.5%. If that is replicated throughout our solely owned fleet of 30 Handysize and 7 Supramax (ignoring the 3 chartered in vessels) this means the vessel values have increased around $6m in 7 days, equivalent to 1.8 cents/share.
BHSI now up for the last 21 days in a row.
Yes, linked to what Sam has said about the current state of the London market I think family buying reflects the belief that the share is currently mispriced & represents a bargain. Who knows how long this will persist (the current trajectory is very encouraging) so they're buying cheap whilst they can. Just my view though, not based on anything factual.
Hi riverboy , yes I do . Debt has been paid down which releases more money and the integration of grindrod is really going well and gathering pace . Personally I am very positive about the future . The sad fact is the London stock market does not reward a company growing, it is only interested in immediate results. Secondly it prefers a share issue to fund acquisition's where it can make money which is at the cost of existing shareholders . Taylor’s did not do that . This is a VERY young company which I am convinced from their statements they have the intention of growing . The London market is only interested in today but stronger and stronger results will be impossible to ignore .
Hi Krusty and Sam do you think that the family are buying on the knowledge that the end of year figures are going to beat market expectations?
All good news and share price improving
Chris Buttery has been buying again today, taking his personal holding to over 1 million shares now.
Agreed, and I topped up Friday on the back of the director buys recently. I prefer not to average up, but I should have invested a bit more when I started buying!
Sam, totally agree and good to see 2 directors buying recently.
By my rough calculations ,10 year old Handysize vessels have increased in value by 2.4% since the end of the last quarter and Supramax by 4.3% and if they remain at these levels then even allowing that the vessels are 3 months older , this should add around $13m to total vessel values at the end of March which bodes well for our NAV with the end of March also being the end of our financial year.
One can’t accuse the family of not putting skin in the game. They will be determined to make a success of this given their huge family investment . Continues to give me added confidence
Hi Krusty , I certainly hope they do . I have two investment property mortgages coming up for renewal in late June but that could possibly be too early for any fall . Am awaiting charter rates at 2 pm
Ha ha, good work Sam! The new NED has been buying a few too which never does any harm. Let's hope the positivity here continues, we could certainly do with a boost. Off topic, I'm in LGEN for the dividend but holding tight for now ahead of the inevitable re-rate once interest rates start to fall, hopefully later this year.
Good morning krusty, so yes this time it is me. In my view this is only going one way. so bought more this morning. Given my uncomfortable feeling about the UK I moved some money out of 'safe' financial companies such as L and G into Taylors this morning.
And let’s remember that in every update since the company was founded they have beaten the indexes .
Hi Krusty, "the trend is my friend" .
Both The Baltic Handysize Index and the Baltic Supramax Index are up 14 days in a row, by 33% and 24% respectively.
This should be sufficient to maintain the dividend.
Unfortunately the SP is always going to come under pressure when you've got determined sellers like FIL and whoever is disposing of £60k lots today. Fortunately the market seems to be shrugging them off and the month has started on a positive upswing. If the buyer(s) can outlast the seller(s) we might just be on to something at long last, fingers crossed.
Hi Krusty , don’t I wish lol !!!!! But definitely interesting tunes ahead . I went over the figures yesterday . In a very short space of time the debt pay down from the acquisition has been astonishing, esp given poor charter rates . Let’s also remember that existing holders did not have their share holding diluted by any share issue, quite a rare event these days . We are now have a fleet of very modern all Japanese vessels with the addition of a couple of newly built vessels that have greater carrying capacity overall . Personally I feel the London market valuation of such a well run and growing company is a joke .
Finally a bit of positive SP action in response to our big buyer, I'm sure there are interesting times ahead here. Looks like your buying was well times rylidan.
That's not you is it Sam? lol
Joking aside, 15% is a chunk of the company, let's hope their interests are aligned with those of the Buttery family or this could get awkward.
Agreed . As a result share price held and now hopefully upwards with Charter rates improving by the day
Looks like most of FIL was hovered up by someone, who said "thank you very much!!"
Good observations all.
TMIP down 0.30% today but TMI up 1.78% today so they are slightly out of cinc so that TMIP is the equivalent of 2.7p lower (an arbitrage possibility if you have millions to trade).
BHSI is up 12.7% since the start of the week, if this continues then in 2 weeks we will be back to December levels.
FIL Limited seem to sold out, now down to 0.08% from previous notification of 5.42%
Yes indeed Krusty.