Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi , I have never seen any . It is a very new company and seems to be almost ignored by many financial outlets. I strongly feel this will change as it’s an exciting story . A 2 year old company buys a 100 year old company ….. and will not stop there . Mike, three things I think of interest re profit . 1. Rates higher in last part of quarter and since. 2. Debt costs reducing at pace 3. Delisting grindrod. Huge saving both in money and indeed time and effort . Good weekend all.
Are any of you guys aware of any broker forecasts for TMIP? I use Stockopedia and TMIP is certainly looking very interesting but there aren’t any broker forecasts for the next 2 years ie eps / profit etc.
......plus on TMI , which is the same share but just in USD rather than GBP $119k bought and $24k sold.
After some deep thought the profit for the quarter was still lower than the dividend payment so we are still relying on vessel appreciation rather than the the usual vessel depreciation or vessel sales so we need to break this trend, but the numbers are slowly moving upwards.
A better day for the share. One purchase of £137,680 . Wish it had been mine ! Buys £250,154 Sells £14813 . The company is being run with rigid financial discipline and objectives. Not sure when but at some stage the market will have to take note.
Hi Gonsan, thank you for your kind comments . Some of the boards are appalling but putting my own entries to one side, I share your view that this board really adds value .
Sam, I agree.
On your comment that the debt to asset ration has slightly increased this is largely due to the delivery of the new build Handysize in Feb to Grindrod costing $33.5m which pretty much offsets the money coming in from selling the older vessels. Interesting that Grindrod sold one Ultramax but with the option to repurchase back at a later stage.
I just wanted to say hello after a very long time and tell you again that this is the best chat in LSE by far.
I eagerly read your comments and I think you guys are not only knowledgeable but very balanced in your views. For those like me that do not have that capacity it is incredibly useful.
I am very happy with my position in TMIP and how things are going.
Smooth sailing to all the fellow investors
Hi Mike, I am hoping in the coming weeks to find out if they have a target fleet number. Will advise if I find out. Agree with all your points. The charter rate for the last part of the quarter is really good as rates have increased further since that time . Prudent to keep money for hopefully the grindrod shares. The next step now is the Grindrod egm with a date presumably being given once the Singapore and Jo berg authorities have given the go ahead to the proposal
Hi Sam, yes very good set of numbers. The NAV increase of 12c/share was above my expectation of 9-10c and the profit for the period of $0.01/share or about $3.3m, although still a relatively small number, was above my expectation of a slight loss to breakeven so they have done well in the charter rates.. The current share price of around 79p (99c) still represents a 33% discount to that NAV of 148c so it has marginally come in.
I agree the focus on reducing debt even further is great although it is at the expense on reducing the fleet number (generally selling the older/smaller vessels) which we cannot keep doing but I trust the management on this.
Hi all, not as good as Mike at analysing the figures but delighted with the dividend and also note the following.
1. NAV UP FROM US 1. 36 TO US 1.48
2.FLEET NET VLAUE UP FROM US743.4 TO US 793
3.MARKET CAP UP FROM £220 to £254.3
4. AVERAGE CHARTER COMBINED UP FROM US11997 TO US12430 . Really good news is the rate being achieved in the closing part of the quarter at US 13132
Pleased that debt to asset tmi has reduced further. In an ideal world would have liked the debt to asset for the two combined companies to not have slightly increased but prudent to hopefully prepare to pay for the remaining Grindrod shares. Will be fantastic if this is successful and will be voting for it with my admittedly small holding in Grindrod shares. Thats my attempt at analysing the figures. Over to my friends for comment.
...sorry Fat fingers again!
. ...improved level to share price but still a significant discount.
Hi Sam, thanks for the information.
I expect us to be profitable with the vessel appreciation but slightly loss making or break even without the vessel gain. Still a big step in the right direction.
Yes we have always beatthe indexes but the end of Q1/24 index was lower than the end of Q1 but as you say, fingers crossed.
I expect a close vote and we will probably just make it, again fingers crossed.
I am still expecting the NAV to be at an improved level to shaprodpri
Hi Mike , 25 agm grindrod shipping , 26 Taylor’s nav . I am hopeful that the company will be in profit as has always beaten the indexes . Re Grindrod vote it has to be 75 percent of those who vote . I would expect them to have visibility of the share register and to have spoken to any major share holders . Fingers crossed they succeed
.....So what is happening next week on the 25th? Is that the date of the extraordinary AGM for the Grindrod minority shareholders? Seems to be too early for me. The buy-out still might not go through as minimum 75% of the minority shareholders have to vote in favour. Or do you mean fri 26th when the quarterly TMI NAV and trading update are out?
the share price has had a good recovery in the first 3 months of the year and as reported by a few of you has had a few weird gyrations. At the moment it seems to be in a holding pattern waiting for the NAV news next week. I am less gung-ho than most of you and expect the operating performance still to be loss making but a good increase in vessel values to give a healthy increase in the NAV and provide a good platform for further improvement in this quarter.. BHSI is now advancing again.
On a different note, Pacific Basin has just announced a share buy back of up to $40m by the end of the year and all share bought will be cancelled rather than being held by the company. Sadly at TMI we are probably not cash rich enough to do this at the moment.
That is a superb entry level . As I have said before I have a very large investment in this company but have always felt very confident about its future given its excellent ceo and team . The London market is a disgrace that penalises a growing company . Grindrod agm is next week which is very important , particularly as the current price is getting near to the buy out offer price. Then the 25th which I am positive about . In the meantime , enjoy the dividend . Very best of luck to all . But lastly , agreed . Share price movements have been bizarre
This was mentioned on another bulletin board a short while ago. I investigated, liked the finances, and the business but not the big seller. Its a nice bit of diversity for me. So waited patiently until it looked like they were almost finished and bought a few times around 65p. Very lucky. Didn't buy enough, so topped up early 70s and recently in high 70s. Average around 71p so very happy.
See this as a long term dividend hold for me. Would gladly top up again if given the chance at my average (can't see it though!).
GLA
Hi Rylidan, fingers crossed I have to say this has been one of my most frustrating, intriguing and puzzling shares I have held in many years and I am 73 so a fair few years. I watch recently loads of sells and no movement, prior to that loads of buys and the SP is reduced, still with the loss I currently hold I am hoping that the kick upwards will begin sooner rather than later. I see this past three weeks the BHSI has remained flat so any gain will come hopefully from the update so as you say interesting times. Good luck to all share holders here we have seen some torrid times but with the family purchases it is beginning to look more positive.
Looks like the most likely date for the next update is next Thursday, the 25th. Should be interesting.
Sam, now that I have had time to go through this, if successful then both the primary listing on NADAQ and secondary listing on the Johannesburg Stock Exchange will be delisted. As you say that will cut costs.
Hi Mike, yes . I believe delisting is the ultimate objective to simplify the structure of the company and further reduce costs . Very expensive to have three listings. Let’s hope they get the votes . Not easy this sort of thing under Singapore law.
Sam I totally agree. If it goes ahead TMIP will own all of Grindrod. I am not sure if it automatically means a delisting? But that might be next.
At USD 14.25 for each Grindrod share that is 35% premium to the closing share price yesterday of USD 10.54 and probably a 5 to 10% premium to NAV.
This is really good news if successfully complete. Will simplify the company structure and also save substantial monies by delisting . Excellent way to start a Friday
Sam is right, the Quarterly NAV and trading update is out on 26th April. Although I am expecting an operational loss , I calculate that vessel values have actually increased by over $23 m giving a Quarterly increase in NAV of 9 to 10 cents share so that the current share price is trading at a 28% discount to NAV and good enough to protect the dividend. So to answer Rylidan's comment I think the share price is at the right value at the moment.
Grindrod took delivery of the brand new Handysize vessel in late Feb so it will be interesting to see how that is performing.
Although the BHSI has traded down in the last 7 sessions, yesterday according to Hellenic Shipping , 10 year old Handysize values were up a massive 3.3% in a week. The full Year accounts to 31st March 2024 are out on 19th July.
GLA
Thanks Sam, it all appears to me to be moving in the right direction. I do feel that the SP is pushing to go much higher, hoping the update will provide that impetus.
Hi all , update is later this month and important as nav should be up and charter rates although fallen a little are still much better than at start of year . I am hopeful that the figures will further boost the share price…. Plus of course another good dividend