I keep seeing $ZIM bears claiming that the newbuilding program is a negative. They don't understand how much all those Seaspan (25x 15k and 7k TUE LNG dual fuels) are ITM. Ordered H1 2021, and immediately signed 12 year charters...

Would be WAY more expensive now.

Same for all those analysts taking all the charter lease liabilities as debt and don't value the right of use on the other side.

Most of ZIM's newbuilding book (and the car carrier charter-in's) are massively ITM. Its just the charters of old ships at boom times that hurt.

Super frustrated with $TNP today, and its shitty management. My year started great, but last week has been F-Ugly.

Haven't traded a share in TNP today, decided to just hold for now (not buy more either).

Operationally they did great. 3.17$ EPS shows the leverage to rates 1/n That I often highlighted. 3.17$ EPS versus the shareprice is WAY more than what other tankers report.

They also confirmed selling 8 old tankers and will book a $80.4M gain on selling those vessels. Massive versus current $540M market cap. Q1 2023 EPS could be huge with those.2/n

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

Container liner news flow has been horrible last couple months, but I think the $ZIM selloff is incredibly overdone. Market cap is only 2 Billion $ by now. Net debt about 0.

ZIM likely has some losses Q2 2023+-Q4 2024, but I think this is way overdone. Those shorts…🤯😱🤯 Massive stack of cash on the balance sheet. But market says like all retained earnings of the last 1.5 years is worthless.

Annoying that management is silent, nothing suppporting sentiment.

But to me, with almost 30% of the float shorted, it looks ready to bounce into new year.

Wait, Huge!

$EURN $FRO #Tankers euronav.com/investors/comp…