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I agree with that and think it will happen. In the meantime Grindrod shipping have done some huge transactions that were released yesterday. Clearly both companies are VERY active which can only be a good think and continuing to beat the indexes is excellent
No need for apologies, as I mentioned it seems positive news but the global situation is one of turmoil. Out of all shipping companies TMIP in imho is better placed than most but I think it will be take a deep breath and hang in, I do have faith in the board but would like to see both companies joined to really get a grip on the potential savings.
Krusty and riverboy, apologies, your thoughts welcome as well ! Plus anybody else for that matter.
Positives . Dividend confirmed paid August 30. Charter rate again beating index by quite a margin. Debt down. Not bad given current macro economics. Mike, you are much better at shipping analysis than I am . Would welcome your thoughts
Its a good one, paid around August 25th. go to dividend max and you can calculate how much you will be getting
Yes, agreed the accounts are complex but like you was encouraged by the charter rate being beaten and the dividend cover. Not sure what the next dividend would likely be in view of reducing debt but buckle up for the next 9 months.
Following thoughts in no particular order
1. Accounts are far more complicated with he addition of Grindrod acquisition .
2. Charter rate beating index a superb achievement
3.Dividend cover at 2.6. Beata huge number of ftse companies
4. Good profit and continued focus on deleveraging
Not really much new from the Q4 factsheet so tomorrow will be interesting. I particular am pleased with Ed's comment. 20203 is a year of being defensive and taking a cautious approach. Particularly sensible post the large acquisition and what is going on. I for one will be reinvesting my healthy dividends.
Hi . Agreed re all points. The key is the cut off date for who will get the pay out . Keeping my fingers crossed .Am currently keeping a very close eye on every site re Taylor’s and grindrod . Sone our recommending latter as a strong buy . But tomorrow and Friday will be seriously interesting
Sam, interesting!, Thanks for the info, i usually look at the Nasdaq Grindrod press releases but it is not on there. but looking at the JSE Grindrod Shipping SENS it is on there. I suppose the $2.3/share is from your "contract" only which sounds an enticing carrot with the current share price around $9 but II suppose the devil is in the detail. The options for the minor shareholders with less than 17% of the total company are rather limited ,the dividend has not increased in 3 years and the share price is considerably lower than the $21+5 that they could have had in December.
Hi Mike, egm august 10 th to agree distribution of approx US dollar 2.3 per share re funds released from ship sales . Egm details to ge found on grindrod shipping webpage
Sam, Grindrod paid $0.03/share dividend on 19th June in respect of Jan- March Quarter results released on 17th May (see Nasdaq Grindrod-press releases). Grindrod made a loss of $4.3 m in Jan-March or $0.22/share.
Also have a look on Seeking Alpha on their Grindrod article on 5th July.
Hi . I wouldn’t disagree . Annoying but these are the first accounts post the acquisition so hopefully will learn from the experience and not repeated
Thanks for that Sam. Let's see what tomorrow brings.
Thanks Sam, that’s reassuring but disappointing that they never saw this issue coming and it gives them a black mark for not following their own guidance regarding the date they would be issuing the accounts.
Just spoken to a contact. Disappointing but annual report will be released tomorrow and nav on Friday. Issue has been marrying the grindrod accounts to Taylors which has been a complex exercise. I am assured nothing sinister, particularly as Grindrod are planning to return cash to shareholders later this year . Contact is reliable.
I think with all the speculation with this company and the ever sinking share price I am rather disappointed that they never released the financial statement first thing, have they got some bad news to tell us, I really hope not. Fingers crossed that my scepticism is misguided.
The board meeting last week was timed for 10 am for it to sign off the report. If they are following the same pattern with more success this week then yes could be. I am going to wait until 12.00 but will then contact the company.
Hmm....
Nothing on the website yet either - perhaps timed for the US opening?
Good morning all from a very wet Suffolk ! Certainly an interesting news week with Wednesdays and Fridays events and probably a conference call thrown in. Two things I believe are currently holding this share back. One are the low charter index's and two the level of debt following the acquisition. The former which is not in the control of the company will hopefully strengthen as China launches its new economic stimulus package . The latter is most definetly under the control of the company and I think this news is key. I understand that some excellent economies of scale are now being achieved but clearly we want the debt deleveraging to hit the targets set by Ed.
Regarding the subject of Grindrod I am expecting very limited news. It has an egm in August with a view to distributing some of the cash from vessel sales to shareholders. The issue is the company is registered in Singapore and regulations there for delisting are fraught with difficulties. Shareholders of Grindrod expected TMIP to have another go after the initial effort and when it did not the shares fell back as a result. At some point I think it will have another go as the business case for keeping two companies wholly separate and with such geographical distance doesn't stack up. I believe the company has intimated this as such in briefings. Personally I think we will see a pause why they achieve the economies of scale and get the measure of staff before moving. Given that the company has aspirations to grow further as debt is bought down I just don't see the two remaining indefinitely separate. But really hoping for good news. I would be buying more now but no spare cash with an imminent wedding to fund !
Yes, I saw that and got a bit excited but it did little to the SP. Just hoping this week brings some good news, it’s so frustrating to see a company as this producing profit but such a huge discount to NAV.
What I'm looking for, from the releases due this week, is an indication that TMIP management is having an impact on Grind, and a clearer vision of how the two will move forward (i.e. remain as separate entities or combine as (say) Taylor Grindrod). A reduction in the debt in line with forecast would be very positive in my view, unless funded by more vessel sales. Let's see, should be an interesting week. I'm going to wait for the news updates before any further purchases here, so that should guarantee good news and an sp rally lol.
Just noticed huge buy of plus 1 million shares on Friday. Presumably an institution buying in . Good all the same
...thar was changed at CD the last minute but I suppose better being slightly delayed rather than wrong or something missing!
Companies webpage changed to July 26th for the above.
I hope you are right on your two year cycle ! Lets see what tomorrow brings and a week tomorrow.