Thread by @joeriwestland

CMRE prime insider bought into $TNP last year. He filed a 8.2% stake in the last annual report. Today he has only 0.2% left.

Him selling this big stake in a limited float has been huge pressure and a main reason for the frustrating price action. 1/n

sec.gov/Archives/edgar…

I don't know why he bought and sold. But he roughly doubled his money in a year time. Also, he's been buying more stock in his own company CMRE in the open market. Maybe just profit taking?

2/n

$TNP's lack of upwards movement, despite the massive leverage to the improving #tanker outlook last months has been frustrating. But I think that the constant selling pressure from Mr Konstantinos Konstantakopoulo now behind us, it can finally find its inner 🚀.

3/n

In a recent capital link interview, $TNP told investors to expect 25-50% of net income to go towards dividends going forward. If/when they make good on that outlook, dividend yields will be very impressive and I expect it to trade much closer to NAV by then.

4/n

No tanker company comes even close to the leverage to rates that they have. Market cap is only $491M at the moment and they have one of the largest and most valuable shipping fleets out of US listed companies.

Do know that corporate governance is on the weak end.

I should add that the Capital stack also includes debt and preferred equity.

Full fleet with charter book is here: tenn.gr/wp-content/upl…