This document provides an analysis of Navios Maritime Acquisition Corporation (NNA) by Sagehen Capital Management. It begins with an executive summary that outlines the investment thesis, the shipping industry, information about NNA, a valuation analysis, risks, and questions. The investment thesis is that tankers are in the early stages of a recovery, NNA is well-positioned to capitalize on opportunities, and NNA is undervalued. The document then provides details on the shipping industry environment, NNA's operations and competitive advantages, and financial analyses valuing NNA at $6.79 per share.
Cimarex Energy is an oil and gas exploration company with assets primarily in Texas, Oklahoma, and New Mexico. The company's stock price has declined in recent months due to falling energy prices. However, Cimarex has strong growth potential from its Permian Basin and Delaware Basin assets which have high oil weighting. Cimarex also has a competitive advantage through increased drilling efficiencies and a strong balance sheet, positioning it well for industry volatility. An analysis indicates the stock is undervalued and offers upside potential.
- The document discusses investing in Tesoro Corporation, an independent petroleum refining and marketing company. It is analyzing Tesoro as a potential buying opportunity following the decline in the energy sector.
- Tesoro has refineries located on the West Coast and in the Mid-Continent region of North America. The analysis sees potential for Tesoro to take advantage of increasing oil price spreads and higher utilization rates through its downstream refining and retail assets.
- A sum-of-the-parts valuation of Tesoro's refining, retail and logistics businesses points to 26% upside from the current share price, suggesting Tesoro is undervalued and represents an attractive investment opportunity.
The document provides an analysis and recommendation on energy company Peyto (TSX:PEY). Key points:
- The analyst initiates coverage with a BUY rating and C$34.95 target price, representing 23% upside from the current C$28.40 share price.
- Peyto has the lowest cost structure in the industry and a counter-cyclical approach that positions it well to outperform peers in the current bearish natural gas environment.
- Catalysts for outperformance include a strong management team, low cost operations, resource growth potential through its large undrilled inventory, and a counter-cyclical business strategy of increasing production during low commodity prices.
Cabot Oil & Gas Slide Presentation at Merrill Lunch Energy ConferenceMarcellus Drilling News
The slide presentation used by Cabot Oil & Gas at the November 2014 Merrill Lynch Energy Conference in Miami, FL. The slides provide an update on Cabot's Marcellus Shale drilling program in Susquehanna County, PA, along with details on their new and growing Eagle Ford drilling program.
An updated PowerPoint from COG presented at the Barclays CEO Energy/Power Conference 2015 in New York City, September 2015. Cabot is one of (perhaps THE) most successful drillers in the Marcellus Shale.
Teekay is a leading global marine energy transportation and offshore production company. In 2012, Teekay employed approximately 6,500 people worldwide, including 5,600 seafarers. Teekay is committed to the health and safety of its employees, achieving a total recordable case frequency of 2.45 in 2012. Teekay also provides training and development programs to support employees and create a learning culture.
The document discusses the Well Proximity Effect (WPE) where transistors located near the edge of a well will have different thresholds and currents compared to those located remotely from the edge. The WPE effect occurs for all types of MOS transistors including standard, high, low, and thick/thin oxide devices. It provides a diagram from an IC Mask Design course illustrating the WPE effect.
Cimarex Energy is an oil and gas exploration company with assets primarily in Texas, Oklahoma, and New Mexico. The company's stock price has declined in recent months due to falling energy prices. However, Cimarex has strong growth potential from its Permian Basin and Delaware Basin assets which have high oil weighting. Cimarex also has a competitive advantage through increased drilling efficiencies and a strong balance sheet, positioning it well for industry volatility. An analysis indicates the stock is undervalued and offers upside potential.
- The document discusses investing in Tesoro Corporation, an independent petroleum refining and marketing company. It is analyzing Tesoro as a potential buying opportunity following the decline in the energy sector.
- Tesoro has refineries located on the West Coast and in the Mid-Continent region of North America. The analysis sees potential for Tesoro to take advantage of increasing oil price spreads and higher utilization rates through its downstream refining and retail assets.
- A sum-of-the-parts valuation of Tesoro's refining, retail and logistics businesses points to 26% upside from the current share price, suggesting Tesoro is undervalued and represents an attractive investment opportunity.
The document provides an analysis and recommendation on energy company Peyto (TSX:PEY). Key points:
- The analyst initiates coverage with a BUY rating and C$34.95 target price, representing 23% upside from the current C$28.40 share price.
- Peyto has the lowest cost structure in the industry and a counter-cyclical approach that positions it well to outperform peers in the current bearish natural gas environment.
- Catalysts for outperformance include a strong management team, low cost operations, resource growth potential through its large undrilled inventory, and a counter-cyclical business strategy of increasing production during low commodity prices.
Cabot Oil & Gas Slide Presentation at Merrill Lunch Energy ConferenceMarcellus Drilling News
The slide presentation used by Cabot Oil & Gas at the November 2014 Merrill Lynch Energy Conference in Miami, FL. The slides provide an update on Cabot's Marcellus Shale drilling program in Susquehanna County, PA, along with details on their new and growing Eagle Ford drilling program.
An updated PowerPoint from COG presented at the Barclays CEO Energy/Power Conference 2015 in New York City, September 2015. Cabot is one of (perhaps THE) most successful drillers in the Marcellus Shale.
Teekay is a leading global marine energy transportation and offshore production company. In 2012, Teekay employed approximately 6,500 people worldwide, including 5,600 seafarers. Teekay is committed to the health and safety of its employees, achieving a total recordable case frequency of 2.45 in 2012. Teekay also provides training and development programs to support employees and create a learning culture.
The document discusses the Well Proximity Effect (WPE) where transistors located near the edge of a well will have different thresholds and currents compared to those located remotely from the edge. The WPE effect occurs for all types of MOS transistors including standard, high, low, and thick/thin oxide devices. It provides a diagram from an IC Mask Design course illustrating the WPE effect.
The purpose of this report is to provide a detailed example and analysis of a N_TN guard ring structure. This scheme could be used to separate the analogue and digital domains on chip, and thus used for noise attenuation and noise collection.
Furthermore this report will hypothesis additional noise performance improvements that could be made for added noise isolation.
This document discusses integrated circuit technology. It begins with an overview of the IC market breakdown by sector. It then discusses advantages of ICs such as smaller size, higher speed, lower power consumption compared to discrete components. The document provides a history of important IC inventions from 1904 to the present. It also discusses transistor scaling that has allowed achieving more complex ICs through reduced dimensions over time. Finally, it covers different IC design styles such as full custom, standard cell, gate array, and FPGA and their tradeoffs in terms of performance, cost, area, and time-to-market.
This document discusses electrostatic discharge (ESD) control in electronic assembly. It outlines how static charge is generated through contact and separation of dissimilar materials and the effects this can have, including physical damage, contamination, and automation issues. The key elements of an ESD control program are reviewed, including grounding conductors, eliminating insulators, and using ionizers to neutralize static charge on insulators and isolated conductors. Different types of ionizers are described, and maintenance of ionizers is discussed. The importance of ESD control is increasing as electronic devices become more sensitive.
This document provides an introduction to VLSI design. It discusses the evolution of integrated circuits from SSI to VLSI, CMOS transistor structure and logic gates, the VLSI design process involving different levels of abstraction, design styles including full custom, ASIC, programmable logic, and system-on-chip. It also covers trends in transistor size, interconnect delay becoming dominant, and issues like power consumption and noise. The objectives are to understand transistor operation, CMOS logic, power and delay estimation, and layout design rules.
Ic technology- diffusion and ion implantationkriticka sharma
The document discusses various methods of doping semiconductors, including diffusion and ion implantation. It provides details on Fick's laws of diffusion and their solutions, which describe how dopant concentration changes over time during diffusion. The effects of temperature, electric fields, and oxidation on diffusion are also covered. Ion implantation is introduced as an alternative doping technique that allows for precise control of dopant dose and depth but requires annealing. Key advantages and challenges of each method are highlighted.
Electrostatic discharge (ESD) occurs when two surfaces contact and separate, leaving one surface with a positive charge and the other with a negative charge. ESD can damage electronic components, even at voltages too low for humans to feel. Proper ESD control includes grounding conductors like people, equipment, and work surfaces; neutralizing insulators with ionizers; and shielding electrostatic sensitive items when outside protected areas. Following ESD safety procedures is important to prevent costly component damage.
The document discusses electrostatic discharge (ESD) and provides information on controlling ESD in electronics manufacturing environments. Some key points:
- ESD occurs when a charged object discharges to another object, which can damage electronic components. Static electricity builds up from friction and movement.
- ESD costs the electronics industry millions annually in damaged parts. Despite efforts, ESD still affects production yields and costs.
- Controlling ESD involves designing products to withstand ESD, reducing charge generation, grounding conductive materials to dissipate charges, and neutralizing charges that do occur.
Ic technology- chemical vapour deposition and epitaxial layer growthkriticka sharma
This document discusses chemical vapor deposition (CVD) and epitaxial layer growth techniques used in integrated circuit technology. It begins with an overview of CVD, describing the basic process and steps involved, including transport of reactants, adsorption, surface reactions, and removal of byproducts. It then covers various types of CVD systems like atmospheric pressure CVD, low pressure CVD, and plasma-enhanced CVD. The document also discusses epitaxial growth techniques like vapor phase epitaxy and molecular beam epitaxy. It explains concepts like lattice matching and defects that can occur during heteroepitaxial growth when the film and substrate materials have different lattice constants.
The document provides an overview of analog layout design. It discusses that analog circuits require careful attention to geometry during layout due to process variations. The analog design flow includes electrical design, physical design involving layout, and fabrication/testing. Key considerations for analog layout include minimizing parasitic resistances and capacitances, reducing noise, and ensuring matching between identical components using techniques like common-centroid layout. Resistors and capacitors must be carefully laid out to minimize non-ideal effects and provide accurate values.
The document discusses layout challenges at the 90nm technology node. It covers analog layout challenges including shallow trench isolation (STI) stress and well proximity effects that can degrade transistor performance. For RF layout, it discusses the importance of minimizing interconnect and device parasitics. Interconnect parasitics like resistance and capacitance can be reduced by shorter lengths, wider widths, and using higher metal layers. Device parasitics are also discussed and how optimizing the drain area of differential pairs by folding can help minimize parasitic capacitance effects.
Global Petroleum Corporation is facing challenges including decreased demand and revenues that are squeezing profit margins. To address this, GPC is pursuing cost reduction opportunities across procurement, vessels and shore base support. For vessels, GPC aims to optimize capacity utilization and rationalize vessel numbers. For shore bases, GPC will evaluate outsourcing options and implementing new software. The proposals estimate annual savings of 30% for vessels and 18% for shore bases. Risks include demand variability and supplier reliance, which GPC plans to mitigate through contracts and disaster preparedness.
The document discusses the challenging times currently facing ship owners due to high operating costs and low freight rates. It notes that while shipping markets are historically volatile and able to recover, the current downturn is unsettling for the industry. The key factors for ship owners to survive include sourcing finance, optimizing costs, managing risk, and employing commercial strategies. Significant details are provided on capital costs, voyage costs, operating costs such as crew, stores, and consumables, and strategies for optimizing costs like crew retention and training. While crew costs are a major operating expense, connectivity has been shown to positively impact safety and retention.
Maersk Oil delivered solid financial results in 2013 and is on track to achieve its growth targets. Production grew from 226,000 boepd in 2013 to an estimated 235,000 boepd in 2014. Maersk Oil aims to further grow production to 400,000 boepd by 2020 through its portfolio of projects, which is expected to maintain a double digit return on invested capital. Major projects that will contribute to near-term production growth include Tyra Southeast in Denmark, which is scheduled to start production in late 2014 or early 2015.
This document provides an analysis of several companies in the consumer discretionary sector, including Starbucks (SBUX), McDonald's (MCD), Royal Caribbean Cruises (RCL), Southwest Airlines (LUV), Amazon (AMZN), and Tesla (TSLA). For each company, it discusses the business, provides a SWOT analysis, identifies competitors, discusses the macroeconomic and company-specific catalysts and risks, performs a sensitivity analysis on the stock price, and presents an investment thesis. The analysis finds that most of the stocks are currently undervalued compared to their estimated intrinsic value.
Atwood Oceanics is an offshore drilling company that owns technologically advanced rigs. The presentation recommends Atwood as a buy with a 12-month price target of $63, representing 36.6% upside. It cites Atwood's premium ultra-deepwater assets, unsurpassed margins, and organic EPS growth driven by investments in new "A-class" drillships as reasons for the positive outlook despite a downward trend in the overall offshore drilling industry. A discounted cash flow valuation ranges from $64.97 to $87.04 per share based on projections of Atwood's contracted backlog and operating margins.
The document provides an overview of the offshore oilfield services industry and the company Seamec Ltd. It summarizes Seamec's financial performance in June 2023, with net sales up 68.72% YoY to Rs 211.57 crore and quarterly net profit up 13.02% to Rs 25.60 crore. While Seamec shows some positives like revenue growth and improved EBITDA margin, its negative interest coverage ratio of -165.1 is a major concern, indicating it may not be able to cover interest expenses from earnings. A more detailed analysis is needed before making an investment decision.
SEAMAC LTD is a leading provider of offshore oilfield services in India, with a diversified portfolio of offerings that includes offshore vessel chartering, marine engineering, and offshore logistics. The company has a strong track record of growth and profitability, and is well-positioned to benefit from the continued expansion of the offshore oil and gas industry in India.
Royal Caribbean Cruises Ltd is the second largest cruise company operating about 43 ships carrying nearly 4 million passengers annually. The report discusses Royal Caribbean's business overview including key metrics, growth strategies, and industry analysis. Specifically, it notes Royal Caribbean's double-digit revenue and earnings growth targets, expanding loyalty programs, and opportunities from easing Cuba travel restrictions. Additionally, it analyzes the cruise industry and Royal Caribbean's position using Porter's Five Forces, finding competition disadvantages outweigh advantages with threats from the external environment and strong industry rivalry limiting growth potential.
Royal Caribbean is a global cruise company founded in 1968. It currently operates three cruise brands - Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises. Innovation is key to Royal Caribbean's success, as it has introduced many cruise industry firsts across its 25 ship fleet. The company focuses on strategies like strengthening its brands, investing in new ships, and deploying ships efficiently to optimize returns. It also prioritizes environmental sustainability through initiatives like its Save the Waves program. Royal Caribbean faces risks from factors like economic conditions, fuel prices, and cyber threats. It manages these risks through diversification, hedging, and investment in cybersecurity.
The purpose of this report is to provide a detailed example and analysis of a N_TN guard ring structure. This scheme could be used to separate the analogue and digital domains on chip, and thus used for noise attenuation and noise collection.
Furthermore this report will hypothesis additional noise performance improvements that could be made for added noise isolation.
This document discusses integrated circuit technology. It begins with an overview of the IC market breakdown by sector. It then discusses advantages of ICs such as smaller size, higher speed, lower power consumption compared to discrete components. The document provides a history of important IC inventions from 1904 to the present. It also discusses transistor scaling that has allowed achieving more complex ICs through reduced dimensions over time. Finally, it covers different IC design styles such as full custom, standard cell, gate array, and FPGA and their tradeoffs in terms of performance, cost, area, and time-to-market.
This document discusses electrostatic discharge (ESD) control in electronic assembly. It outlines how static charge is generated through contact and separation of dissimilar materials and the effects this can have, including physical damage, contamination, and automation issues. The key elements of an ESD control program are reviewed, including grounding conductors, eliminating insulators, and using ionizers to neutralize static charge on insulators and isolated conductors. Different types of ionizers are described, and maintenance of ionizers is discussed. The importance of ESD control is increasing as electronic devices become more sensitive.
This document provides an introduction to VLSI design. It discusses the evolution of integrated circuits from SSI to VLSI, CMOS transistor structure and logic gates, the VLSI design process involving different levels of abstraction, design styles including full custom, ASIC, programmable logic, and system-on-chip. It also covers trends in transistor size, interconnect delay becoming dominant, and issues like power consumption and noise. The objectives are to understand transistor operation, CMOS logic, power and delay estimation, and layout design rules.
Ic technology- diffusion and ion implantationkriticka sharma
The document discusses various methods of doping semiconductors, including diffusion and ion implantation. It provides details on Fick's laws of diffusion and their solutions, which describe how dopant concentration changes over time during diffusion. The effects of temperature, electric fields, and oxidation on diffusion are also covered. Ion implantation is introduced as an alternative doping technique that allows for precise control of dopant dose and depth but requires annealing. Key advantages and challenges of each method are highlighted.
Electrostatic discharge (ESD) occurs when two surfaces contact and separate, leaving one surface with a positive charge and the other with a negative charge. ESD can damage electronic components, even at voltages too low for humans to feel. Proper ESD control includes grounding conductors like people, equipment, and work surfaces; neutralizing insulators with ionizers; and shielding electrostatic sensitive items when outside protected areas. Following ESD safety procedures is important to prevent costly component damage.
The document discusses electrostatic discharge (ESD) and provides information on controlling ESD in electronics manufacturing environments. Some key points:
- ESD occurs when a charged object discharges to another object, which can damage electronic components. Static electricity builds up from friction and movement.
- ESD costs the electronics industry millions annually in damaged parts. Despite efforts, ESD still affects production yields and costs.
- Controlling ESD involves designing products to withstand ESD, reducing charge generation, grounding conductive materials to dissipate charges, and neutralizing charges that do occur.
Ic technology- chemical vapour deposition and epitaxial layer growthkriticka sharma
This document discusses chemical vapor deposition (CVD) and epitaxial layer growth techniques used in integrated circuit technology. It begins with an overview of CVD, describing the basic process and steps involved, including transport of reactants, adsorption, surface reactions, and removal of byproducts. It then covers various types of CVD systems like atmospheric pressure CVD, low pressure CVD, and plasma-enhanced CVD. The document also discusses epitaxial growth techniques like vapor phase epitaxy and molecular beam epitaxy. It explains concepts like lattice matching and defects that can occur during heteroepitaxial growth when the film and substrate materials have different lattice constants.
The document provides an overview of analog layout design. It discusses that analog circuits require careful attention to geometry during layout due to process variations. The analog design flow includes electrical design, physical design involving layout, and fabrication/testing. Key considerations for analog layout include minimizing parasitic resistances and capacitances, reducing noise, and ensuring matching between identical components using techniques like common-centroid layout. Resistors and capacitors must be carefully laid out to minimize non-ideal effects and provide accurate values.
The document discusses layout challenges at the 90nm technology node. It covers analog layout challenges including shallow trench isolation (STI) stress and well proximity effects that can degrade transistor performance. For RF layout, it discusses the importance of minimizing interconnect and device parasitics. Interconnect parasitics like resistance and capacitance can be reduced by shorter lengths, wider widths, and using higher metal layers. Device parasitics are also discussed and how optimizing the drain area of differential pairs by folding can help minimize parasitic capacitance effects.
Global Petroleum Corporation is facing challenges including decreased demand and revenues that are squeezing profit margins. To address this, GPC is pursuing cost reduction opportunities across procurement, vessels and shore base support. For vessels, GPC aims to optimize capacity utilization and rationalize vessel numbers. For shore bases, GPC will evaluate outsourcing options and implementing new software. The proposals estimate annual savings of 30% for vessels and 18% for shore bases. Risks include demand variability and supplier reliance, which GPC plans to mitigate through contracts and disaster preparedness.
The document discusses the challenging times currently facing ship owners due to high operating costs and low freight rates. It notes that while shipping markets are historically volatile and able to recover, the current downturn is unsettling for the industry. The key factors for ship owners to survive include sourcing finance, optimizing costs, managing risk, and employing commercial strategies. Significant details are provided on capital costs, voyage costs, operating costs such as crew, stores, and consumables, and strategies for optimizing costs like crew retention and training. While crew costs are a major operating expense, connectivity has been shown to positively impact safety and retention.
Maersk Oil delivered solid financial results in 2013 and is on track to achieve its growth targets. Production grew from 226,000 boepd in 2013 to an estimated 235,000 boepd in 2014. Maersk Oil aims to further grow production to 400,000 boepd by 2020 through its portfolio of projects, which is expected to maintain a double digit return on invested capital. Major projects that will contribute to near-term production growth include Tyra Southeast in Denmark, which is scheduled to start production in late 2014 or early 2015.
This document provides an analysis of several companies in the consumer discretionary sector, including Starbucks (SBUX), McDonald's (MCD), Royal Caribbean Cruises (RCL), Southwest Airlines (LUV), Amazon (AMZN), and Tesla (TSLA). For each company, it discusses the business, provides a SWOT analysis, identifies competitors, discusses the macroeconomic and company-specific catalysts and risks, performs a sensitivity analysis on the stock price, and presents an investment thesis. The analysis finds that most of the stocks are currently undervalued compared to their estimated intrinsic value.
Atwood Oceanics is an offshore drilling company that owns technologically advanced rigs. The presentation recommends Atwood as a buy with a 12-month price target of $63, representing 36.6% upside. It cites Atwood's premium ultra-deepwater assets, unsurpassed margins, and organic EPS growth driven by investments in new "A-class" drillships as reasons for the positive outlook despite a downward trend in the overall offshore drilling industry. A discounted cash flow valuation ranges from $64.97 to $87.04 per share based on projections of Atwood's contracted backlog and operating margins.
The document provides an overview of the offshore oilfield services industry and the company Seamec Ltd. It summarizes Seamec's financial performance in June 2023, with net sales up 68.72% YoY to Rs 211.57 crore and quarterly net profit up 13.02% to Rs 25.60 crore. While Seamec shows some positives like revenue growth and improved EBITDA margin, its negative interest coverage ratio of -165.1 is a major concern, indicating it may not be able to cover interest expenses from earnings. A more detailed analysis is needed before making an investment decision.
SEAMAC LTD is a leading provider of offshore oilfield services in India, with a diversified portfolio of offerings that includes offshore vessel chartering, marine engineering, and offshore logistics. The company has a strong track record of growth and profitability, and is well-positioned to benefit from the continued expansion of the offshore oil and gas industry in India.
Royal Caribbean Cruises Ltd is the second largest cruise company operating about 43 ships carrying nearly 4 million passengers annually. The report discusses Royal Caribbean's business overview including key metrics, growth strategies, and industry analysis. Specifically, it notes Royal Caribbean's double-digit revenue and earnings growth targets, expanding loyalty programs, and opportunities from easing Cuba travel restrictions. Additionally, it analyzes the cruise industry and Royal Caribbean's position using Porter's Five Forces, finding competition disadvantages outweigh advantages with threats from the external environment and strong industry rivalry limiting growth potential.
Royal Caribbean is a global cruise company founded in 1968. It currently operates three cruise brands - Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises. Innovation is key to Royal Caribbean's success, as it has introduced many cruise industry firsts across its 25 ship fleet. The company focuses on strategies like strengthening its brands, investing in new ships, and deploying ships efficiently to optimize returns. It also prioritizes environmental sustainability through initiatives like its Save the Waves program. Royal Caribbean faces risks from factors like economic conditions, fuel prices, and cyber threats. It manages these risks through diversification, hedging, and investment in cybersecurity.
This document provides an investor presentation for SandRidge Energy. It summarizes the company's strategic focus on increasing capital efficiency through well cost reductions and expanded use of multilaterals. SandRidge plans to reduce 2015 capital expenditures to $700 million while still guiding for 6% production growth. The presentation highlights recent operational successes in increasing reserves by 37% and improving type curves. It also outlines opportunities in appraising new zones like the Chester and Woodford formations while defending the company's strong position in the Mississippian play.
UBS Investment Banking Challenge - Campus Final pitch bookOscar Haman
Case study competition on past M&A transactions between Qube and the target company Asciano.
Completing this case involved:
- Valuing Asciano
- Computing an appropriate DCF based on economical assumption
- Computing a merger model between Qube & Asciano
- Devising an appropriate rationale to acquire Asciano
- Creating a strategic bidding and funding process
- Understanding the stevedoring, railway and freight industry
- Quantitative and qualitative analysis of synergies
Delta Airlines pitch document outlines the investment rationale for investing in Delta. It summarizes that Delta will benefit from increasing disposable income and air travel demand. Lower oil prices also reduce Delta's fuel costs. The document values Delta using comparable company analysis and a discounted cash flow valuation model. It sets a target price of $65.10 per share based on the models, representing a total implied return of 33.10% from the current stock price.
Teekay Tankers (NYSE: TNK) Investor Day Presentation September 30 2014Teekay Tankers Ltd
This document provides an overview of Teekay Tankers' investor day presentation. The summary includes:
1) Teekay Tankers discussed the tanker market fundamentals, noting improving market conditions in 2014 and projections for continued recovery through 2016 as tanker demand growth outpaces supply growth.
2) The presentation highlighted Teekay Tankers' strategy to position itself to benefit from the expected tanker market recovery, including increasing its spot market exposure and growing its fleet and fee-based revenues.
3) Teekay Tankers believes its operational platform and experience positions it well to pursue consolidation opportunities in the changing competitive landscape.
The document is a corporate presentation by ASL Marine for FY2013. It provides an overview of ASL Marine's business segments which include shipbuilding, shiprepair and conversion, shipchartering, and engineering. For FY2013, key highlights included revenue increasing 19% to $465.4 million driven by higher shipbuilding activity. Gross profit rose 47% to $83.6 million and net profit increased 40% to $45.3 million. The presentation also reviews each business segment's financial performance for FY2013 and 4Q FY2013.
Navios Maritime Holdings Inc. presented its Q2 2013 earnings and growth strategy. The presentation discussed Navios Holdings' fleet of drybulk carriers and tankers, as well as its subsidiaries Navios Maritime Acquisition Corp. and Navios Maritime Partners L.P. It provided financial details on revenues, expenses, and dividends. The presentation also outlined Navios Holdings' chartering strategy of balancing fixed period charters and profit sharing to generate stable cash flow while allowing upside from rising market rates. Plans for vessel acquisitions through Navios Asia LLC and the formation of Navios Europe Inc. in partnership with HSH Nordbank AG were also summarized.
The document summarizes strategies for de-risking retirement investments. It discusses the challenges of generating reliable retirement income given market volatility and changing needs pre- and post-retirement. The document outlines Grindrod Asset Management's approach of "income efficient portfolios" that aim to produce stable income growth through allocations to listed property, cash/bonds, and equities focusing on high dividend payers. Examples of hypothetical portfolio outcomes are shown demonstrating how reliable income growth can sustain retirement withdrawals over decades.
Ezion is a leading provider of Self-Elevating Units (SEUs) such as liftboats and service rigs for offshore oil and gas maintenance work in the Asia Pacific (APAC) region, with a 66% market share. While lower oil prices pose challenges, Ezion may be sheltered compared to other regions due to its focus on shallow-water operations with lower production costs. The SEU market is also expected to continue growing in coming years. Ezion has a strong financial position with improving debt levels and customer contracts remaining in place despite oil price declines. However, some risks include an aging fleet that may be difficult to replace and increased competition in its core APAC markets.
Miclyn Express Offshore reported financial results for FY2013, with revenue declining 9% and net profit declining 28% compared to the previous year. Several business segments such as offshore support vessels and crew/utility vessels grew but below expectations, while other segments like third party vessels contracted substantially due to the completion of a large project. The company maintained a strong balance sheet and refinanced debt at attractive terms. While the results were below the prior year, the outlook for FY2014 is positive with new contract wins and fleet expansion expected to support earnings growth.
This document provides a summary of Safe Bulkers' 2013 first quarter financial results and industry conditions. It notes that Safe Bulkers currently has a fleet of 26 vessels transporting dry bulk commodities on both long-term charters and in the spot market. The document reviews positive market conditions including growing iron ore and grain demand and a stabilizing secondhand vessel market. It also summarizes Safe Bulkers' strategy of opportunistic fleet expansion and maintaining low operating expenses.
Similar to Navios Maritime Acquisition Corporation (nma) (20)
This document provides an outline for an investment proposal presentation. It includes sections for action items, thesis, industry overview, industry comparables, company financial overview, optional company valuation, risks, conclusion, and presentation tips. The proposal calls for identifying a long or short position, providing an overview of the company/ETF/index, stating the investment thesis and why the presenter's opinion differs from the market. It also outlines what should be included in sections on industry context, comparable companies, the target company's financials, potential risks, and timeline.
The document analyzes the declining prospects for GameStop as the video game industry shifts to digital distribution. It notes that major publishers are increasingly prioritizing digital sales over physical discs, and that the upcoming PlayStation 4 and Xbox One consoles will emphasize digital games. To hedge against GameStop's risks, the author proposes a paired trade - shorting GameStop stock while taking long positions in major publishers Electronic Arts, Activision Blizzard, and Take-Two Interactive, who stand to benefit from the digital transition.
This document describes a potential bitcoin arbitrage opportunity between the Bitstamp and BTC-e exchanges. It outlines a process to take advantage of temporary price differences between the exchanges. The proposed process involves selling bitcoin on Bitstamp, transferring funds to BTC-e via SEPA transfer, buying bitcoin at a lower price on BTC-e, then transferring the bitcoin back to Bitstamp to sell. With this process, the document estimates a time per round of 4-6 days and potential profits of 1-2% per round despite transaction fees. Several risks associated with the exchanges and transfer methods are also discussed.
The document summarizes the analyst's short position in KNDI stock and arguments for why the company is overvalued. The analyst believes KNDI is overvalued because investors view it like Tesla, but EVs have failed in China previously and KNDI faces many competitors. The document provides background on KNDI, its electric vehicles, a car sharing service, and a joint venture. It discusses China's focus on green technology but past failures of EV subsidies to boost private demand. Overall the analyst argues KNDI is overvalued given competitive pressures, an SEC investigation, and reduced earnings potential.
This document analyzes an agricultural company with diversified water, cropping, and pastoral operations. Key points include: 1) The company has a strong financial position with revenue, earnings, and profitability growth. 2) Valuation analysis shows the company is undervalued by 31% with upside potential. 3) The company offers a good dividend yield of 2.04% and is well-positioned to benefit from trends in water and cotton markets.
Nevada Copper is developing an underground and open pit mine at its Pumpkin Hollow deposit. The underground mine is expected to produce 710 million pounds of copper over 10 years at costs of $1.21-$1.63 per pound, while the open pit mine will produce over 2 billion pounds at $1.69 per pound after being funded by underground mine profits. In late 2019, a large shareholder began divesting shares, pushing the price down 50% despite the company being oversold; additional funding is still needed to fully finance the underground mine's construction.
BLOX is a network management software company founded in 1999 that has grown through acquisitions. It provides network automation and security products including Trinzic DDI and NetMRI. While revenue has grown 33% annually, the company has a history of net losses and operates in a competitive market. BLOX has over 600 employees and 1/3 of Fortune 500 companies use its products.
SHOS is a spinoff from Sears Holdings that operates 1,200 hardware and appliance stores across the US through a franchise model. It represents an undervalued investment opportunity due to no analyst coverage and insider purchases at higher prices. The document recommends buying 1000 shares due to SHOS's capital-light business model and potential tailwinds from US housing recovery, Sears store closings directing more traffic to SHOS, and share buybacks. However, risks include a real estate market reversal or slower franchise expansion.
- The document discusses the emerging market for pharmaceuticals that treat pets, known as Pet Pharma. It proposes investing in an "ETF" of pure Pet Pharma companies, including Zoetis, Aratana Therapeutics, and Kindred Biosciences.
- Developing drugs for pets has advantages over human drugs as the approval process is more streamlined, there are fewer competitors, and the market is growing as pets live longer. However, individual drug revenues may be lower than human drugs. The proposal analyzes the potential market size and opportunities in Pet Pharma.
Spirit Airlines is an ultra low-cost airline based in Florida that began operations in 1990. It has experienced significant growth in recent years through expanding its fleet from 121 to over 200 daily flights. The presentation discusses Spirit's consistent revenue growth driven by increasing non-ticket sales and passenger volumes. The analyst takes a long position on Spirit, arguing its simple business model and planned fleet tripling by 2021 provide opportunities for continued growth. Financial highlights show rising earnings, revenues, and margins in recent years compared to competitors. Risks include oil price increases and maintaining lower fares long-term.
Tesla was founded in 2003 by Elon Musk, Martin Eberhard, and Marc Tarpenning. It began production of its first vehicle, the Roadster, in 2008 and sold over 2,000 units. In 2010, Tesla bought a former GM factory in Fremont, CA. Electric vehicle sales increased 228% from 2011 to 2012. Tesla led the nascent electric vehicle market in the US. Its Model S was released in 2012 to critical acclaim, with specs of a sports car but fully electric. Tesla plans to release an affordable mini-SUV, the Model X, where it expects to start making profits.
Mannkind is a pharmaceutical company developing inhaled insulin (Afrezza) to treat diabetes. The author proposes a long position in Mannkind due to its undervaluation from a previous FDA denial and competitors' failures. The author believes the stock price will rise in anticipation of a potential FDA approval of Afrezza in Q1 2014. Mannkind also presents acquisition opportunities for large pharmaceutical companies seeking new diabetes treatments. However, the stock could decline significantly if the FDA denies approval again.
- Sohu is a Chinese internet company with business units in portal, online gaming, online video, and search. It owns majority stakes in Changyou (online gaming) and Sogou (search).
- The presentation argues that Sohu is severely undervalued based on a sum-of-the-parts valuation of its business units compared to relevant competitors. Valuations of individual units suggest a total value over $2.96 billion compared to Sohu's market cap of just $1.79 billion.
- Near-term triggers for reducing the valuation gap include potential IPOs of Changyou, Sogou, and Sohu TV, as well as the possibility of Soh
This document discusses a proposed merger arbitrage opportunity involving Youku Tudou Corporation. The author recommends buying 200 shares of Tudou and shorting 319 shares of Youku based on the stock swap ratio in the merger agreement. Currently there is a 13.2% arbitrage spread between the stock prices. Key risks include needing over 2/3 approval from Tudou shareholders and 50% approval from Youku shareholders. The merger also may face regulatory scrutiny in China but does not explicitly cross ownership thresholds.
Redhill Biopharma (RDHL) is developing RHB-104 to treat Crohn's disease by targeting its potential cause, the Mycobacterium avium subspecies paratuberculosis (MAP) bacterium. RDHL has an exclusive license for the only FDA-approved test to detect MAP in humans and is conducting a Phase III trial of RHB-104, a combination antibiotic therapy shown previously to be more effective than current treatments. The results of the Phase III trial in 2015 could validate RDHL's thesis that MAP causes Crohn's and demonstrate RHB-104 as a new treatment paradigm. At its current undervalued state with no analyst coverage, RDHL presents a promising investment opportunity.
This investment proposal summarizes SSE, a UK integrated energy firm, and analyzes the investment thesis for purchasing SSE stock. The proposal argues that the impact of the UK's retail price freeze is overestimated and SSE is undervalued. It presents analysis of SSE, the UK energy market, inflation, politics, and the company's financial performance. The proposal recommends buying SSE stock with a target price of £18.50 and selling before May 2015, without hedging. Risks around discount rates, costs, politics, and gas prices are also discussed.
This document presents an investment proposal for SSE plc stock. It analyzes the UK energy market and SSE's position within it. The proposal argues that SSE is undervalued due to an overestimation of the impact of the retail price freeze. Several slides analyze inflation, politics, market conditions, and SSE's financials, concluding the stock has a target price of £18.50 and should be purchased with a sale before May 2015. Risks like increased costs are addressed but deemed unlikely to materialize.
Sohu is a Chinese internet company with several business units including a portal, online gaming, online video, and search. The document argues that Sohu is severely undervalued based on a sum-of-the-parts valuation of its business units compared to relevant competitors. It values Sohu's business units between $1-2 billion each for a total above its current market cap. While Sohu faces risks from its different businesses, the document believes opportunities like subsidiaries' IPOs could help unlock value.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
2. Where Are We?
•29.6% returns in the S&P 500 Index in 2013
•The Fed sustains interest rates at artificially low levels (2.77%)
•Facebook bought a company with no revenues for $2 billion
•Seth Klarman: “There is a growing gap between the financial
markets and the real economy”
•Where can we find undervaluation?
•Shipping
SAGEHEN CAPITAL MANAGEMENT
3. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
4. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
5. Investment Thesis
1. Crude and product tankers are in the early stages of a recovery
2. Navios Acquisition Corp. is a strong company with competitive advantages that will allow
them to take advantage of business opportunities
3. Navios Acquisition Corp. is both relatively and intrinsically undervalued
SAGEHEN CAPITAL MANAGEMENT
6. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
7. Shipping
•Stock prices, ship values
and day rates near historical
lows
•High operating leverage
•Crude crushed
•Geographic shift leading to
longer routes
SAGEHEN CAPITAL MANAGEMENT
13. What Happened?
•The tanker industry was booming between 2000 and 2008
•Shipping companies began ordering more ships
•Ships take approximately 2 years to build
•Financial Crisis
•Industry utilization hit bottom in 2011
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14. Impact on Crude Tanker Industry
SAGEHEN CAPITAL MANAGEMENT
1000
1500
2000
2500
3000
3500
Crude Tanker Supply and Demand (DWT)
Demand in Terms of DWT Supply in Terms of DWT
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
Crude Tanker Implied Utilization (DWT)
15. Impact on Product Tanker Industry
SAGEHEN CAPITAL MANAGEMENT
10,000
15,000
20,000
25,000
30,000
35,000
Product Tanker Supply and Demand (DWT)
Demand in Terms of DWT Supply in Terms of DWT
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
Product Tanker Implied Utilization (DWT)
17. What Next for Crude Tankers?
•Global oil imports are expected to increase 1.4% in 2014, due to declining US imports and
expanding Asian imports
•China’s oil consumption increased at a 16% compounded annual growth rate between 2009 and
2013
•81% of the 387 million metric tons of spot crude oil shipped by VLCCs in 2013 was discharged in
Asia
•Imports to Asia require longer shipping distances
•Current crude tanker spot rates are 50% below the 10-year average
•Increasing support for the repeal of the ban on US crude exports
•Contango
SAGEHEN CAPITAL MANAGEMENT
23. What Next for Product Tankers?
•Refinery capacity is expected to increase by 9.5 million barrels per day between 2013 and 2018
•Approximately 80% of this capacity will be added in the broader Asia and Middle East regions
•New low-cost Asian and Middle Eastern capacity is forcing closures of old high-cost OECD
capacity, which structurally favors more long –haul products trade
•Refined oil products ton mile growth is expected to outpace the demand for refined oil products,
increasing the demand for product tankers
•Since US crude exports are banned, product exports have increased with crude production
•Current product tanker day rates are 36% below the 10 year average
SAGEHEN CAPITAL MANAGEMENT
25. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
26. Company Overview
•Spun off from Navios Maritime Holdings Inc. in 2008 (Navios Maritime still has 47.8% of voting
power and 50.5% of the economic interest)
•Charters its vessels to international oil companies, refineries, and large vessel operators under
long, medium and short-term charters
•Operate 10 VLCCs, 8 LR1s, 21 MR2s, and 4 Chemical Tankers
•Focus in Asia
•560M Market Cap
SAGEHEN CAPITAL MANAGEMENT
28. Fleet Composition
SAGEHEN CAPITAL MANAGEMENT
23%
19%
49%
9%
By Number of Vessel
VLCC LR1 MR2 Chemical Tankers
58%
15%
24%
3%
By DWT Capacity
VLCC LR1 MR2 Chemical Tankers
29. Competitive Advantages
•Modern, High-Quality Fleet
•Diversified Fleet
•Capitalize on Low Vessel Price
•High Quality Counterparties
•Experienced Management Team
•Competitive Cost Structure
•The Navios Brand and Network
SAGEHEN CAPITAL MANAGEMENT
30. Competitive Cost Structure
SAGEHEN CAPITAL MANAGEMENT
11644
7330
6330 6330
12060
8550 8340
7920
5000
6000
7000
8000
9000
10000
11000
12000
13000
VLCC Crude LR1 Product MR2 Product IMO II Chemical
Cost per Day
Navios Industry Average
3%
14%
24%
20%
0%
5%
10%
15%
20%
25%
30%
VLCC Crude LR1 Product MR2 Product IMO II Chemical
Navios Cost Advantage
31. Liquidity and Solvency
Liquidity: 2010 2011 2012 2013
Current Ratio 2.80 1.02 1.06 1.85
Quick Ratio 2.27 0.61 0.71 1.40
Adj. EBITDA/Interest 12.20 2.57 1.93 1.45
Solvency: 2010 2011 2012 2013
Total Liabilities/Assets 0.75 0.80 0.83 0.72
Total Liabilities/Equity 2.96 4.01 4.93 2.58
Debt/Capital 0.74 0.78 0.81 0.71
SAGEHEN CAPITAL MANAGEMENT
32. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
33. Public Comparables Analysis
SAGEHEN CAPITAL MANAGEMENT
$- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00
2013A EV/Revenues:
2014E EV/Revenues:
2013A EV/Adj. EBITDA:
2014E EV/Adj. EBITDA:
Public Comparables Analysis
Min to 25th 25th to Median Median to 75th 75th to Max
34. Discounted Cash Flow Analysis
Assumptions
•NNA increases fleet by 2 vessels per year
•NNA fleet composition remains constant
•Average day rate increases to $27.5 thousand per day by 2018 (management projects $31.2 thousand
by 2016)
•Total utilization improves from 79.9% to 82.6% between 2013 and 2018 (management projections
imply 95.9% by 2015)
•Available utilization falls from 99.6% to 97.0% between 2013 and 2018
•Cost per day is 15-17% above historical cost
•Value of vessels appreciate by 10% over a 5 year period
•Terminal Value is the aggregate value of ships owned
•WACC=7.09%
SAGEHEN CAPITAL MANAGEMENT
35. Acquisition Sensitivity
SAGEHEN CAPITAL MANAGEMENT
Implied Price:
9.31$ 43 46 49 52 55
9% 6.01 6.88 7.75 8.62 9.49
8% 6.72 7.63 8.54 9.45 10.36
7% 7.47 8.43 9.38 10.33 11.28
6% 8.27 9.26 10.26 11.26 12.26
5% 9.10 10.15 11.20 12.24 13.29
Estimated 2018 Number of Vessels
W
A
C
C
Implied Return:
43 46 49 52 55
9% 63% 86% 110% 134% 157%
8% 82% 107% 132% 156% 181%
7% 103% 128% 154% 180% 206%
6% 124% 151% 178% 205% 232%
5% 147% 175% 203% 232% 260%
Estimated 2018 Number of Vessels
W
A
C
C
Mean Min 25th Median 75th Max
Impled Price 9.43 6.01 8.27 9.38 10.36 13.29
Implied Return 155% 63% 124% 154% 181% 260%
36. Vessel Appreciation Sensitivity
SAGEHEN CAPITAL MANAGEMENT
Implied Price:
9.31$ 0% 5.0% 10.0% 15.0% 20.0%
9% 6.46 7.10 7.75 8.39 9.04
8% 7.19 7.87 8.54 9.22 9.89
7% 7.97 8.67 9.38 10.09 10.79
6% 8.78 9.52 10.26 11.00 11.74
5% 9.64 10.42 11.20 11.97 12.75
Vessel Price Appreciation
W
A
C
C
Implied Return:
0% 5% 10% 15% 20%
9% 75% 93% 110% 127% 145%
8% 95% 113% 132% 150% 168%
7% 116% 135% 154% 173% 193%
6% 138% 158% 178% 198% 218%
5% 161% 182% 203% 224% 246%
Vessel Price Appreciation
W
A
C
C
Mean Min 25th Median 75th Max
Implied Price 9.43 6.46 8.39 9.38 10.42 12.75
Implied Return 155% 75% 127% 154% 182% 246%
37. Public Comparables and DCF Valuation
SAGEHEN CAPITAL MANAGEMENT
$- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00
2013A EV/Adj. EBITDA:
2014E EV/Adj. EBITDA:
Discounted Cash Flow:
Min to 25th 25th to Median Median to 75th 75th to Max
39. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
40. Risks
•Day rates and vessel values take longer than 5 years to recover
•Navios cannot find attractive distressed acquisitions
•Asian demand and industry utilization do not increase as expected
•Unforeseen future regulation
•Drastic unexpected shift in crude and refined product consumption
SAGEHEN CAPITAL MANAGEMENT
41. Executive Summary
1. Thesis
2. The Shipping Industry
3. About Navios
4. Valuation
5. Risks
6. Questions
SAGEHEN CAPITAL MANAGEMENT
44. SAGEHEN CAPITAL MANAGEMENT
Income Statement:
Year Ended Dec. 31st 2010 2011 2012 2013
Revenue 33,568$ 121,925$ 151,097$ 202,397$
Time charter and voyage expenses (355) (3,499) (2,824) (6,762)
Direct vessel expenses - (633) (2,622) (3,096)
Gross profit 33,213 117,793 145,651 192,539
Management fees (entirely through related party transactions) (9,752) (35,679) (47,043) (71,392)
General and administrative expenses (4,042) (4,241) (3,853) (7,017)
Transaction costs (8,019) - - -
Depreciation and amortization (10,120) (38,638) (49,644) (63,880)
Operating income 1,280 39,235 45,111 50,250
Loss on bond and debt extinguishment (5,441) (935) - (33,973)
Interest income 862 1,414 445 315
Interest expenses and finance cost, net (10,651) (43,165) (49,432) (58,386)
Loss on sale of vessel - - - (21,098)
Other income 404 155 280 4,787
Other expense - (561) (202) (487)
Net loss (13,546) (3,857) (3,798) (58,592)
45. SAGEHEN CAPITAL MANAGEMENT
Common Sized Income Statement
Year Ended Dec. 31st 2010 2011 2012 2013
Revenue 100.0% 100.0% 100.0% 100.0%
Time charter and voyage expenses 1.1% 2.9% 1.9% 3.3%
Direct vessel expenses 0.0% 0.5% 1.7% 1.5%
Gross profit 98.9% 96.6% 96.4% 95.1%
Management fees (entirely through related party transactions) 29.1% 29.3% 31.1% 35.3%
General and administrative expenses 12.0% 3.5% 2.6% 3.5%
Transaction costs 23.9% 0.0% 0.0% 0.0%
Depreciation and amortization 30.1% 31.7% 32.9% 31.6%
Operating income 3.8% 32.2% 29.9% 24.8%
Loss on bond and debt extinguishment 16.2% 0.8% 0.0% 16.8%
Interest income 2.6% 1.2% 0.3% 0.2%
Interest expenses and finance cost, net 31.7% 35.4% 32.7% 28.8%
Loss on sale of vessel 0.0% 0.0% 0.0% 10.4%
Other income 1.2% 0.1% 0.2% 2.4%
Other expense 0.0% 0.5% 0.1% 0.2%
Net loss -40.4% -3.2% -2.5% -28.9%
46. SAGEHEN CAPITAL MANAGEMENT
Income Statement Growth
Year Ended Dec. 31st 2011 2012 2013
Revenue 263.2% 23.9% 34.0%
Time charter and voyage expenses 885.6% -19.3% 139.4%
Direct vessel expenses 314.2% 18.1%
Gross profit 254.7% 23.6% 32.2%
Management fees (entirely through related party transactions) 265.9% 31.9% 51.8%
General and administrative expenses 4.9% -9.1% 82.1%
Transaction costs -100.0%
Depreciation and amortization 281.8% 28.5% 28.7%
Operating income 2965% 15.0% 11.4%
Loss on bond and debt extinguishment -82.8% -100.0%
Interest income 64.0% -68.5% -29.2%
Interest expenses and finance cost, net 305.3% 14.5% 18.1%
Loss on sale of vessel
Other income -61.6% 80.6% 1609.6%
Other expense -64.0% 141.1%
Net loss -71.5% -1.5% 1442.7%