These maniacs are intent on dilution.
They don’t need more vessels, unless of course they have crystal balls up their asses. What they should be doing is sitting tight, waiting for rates to increase, while sporting a pristine balance sheet. Instead, shareholders like me get caught holding the bag.
Knowing they are Greek, they probably just have ordinary balls–up their asses.
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Wow. I can just not catch a break. Unbelievable action on the part of ownership. I understand confidence in the future of shipping, but this is just reckless.
I was advising a college investing club a few years back, and had a paper trading competition amongst the group.
The winner was a short seller. The only thing he shorted was shippers and biotechs, and he crushed the rest of the club.
I think he works for big pharma selling drugs in the Rockies now.
On the bright side, the stock bottomed the last two capital raises.
Greeks are hairy, fair warning.
Stupid question…will this be the same price as before (4.60) or do we not know that yet?
My guess, $4.50.
Stock trades there tomorrow, closes at $4.65-$4.70 and marches back to $5 by next week.
The Shippers always do that.
They’ve done that RECENTLY to avoid bankruptcy. This is a distinct difference. They do not NEED the money, they want it to buy vessels.
Also, THEY JUST RAISED CAPITAL ON 9/20. It’s absurd to believe they’d raise more money, in such a small period of time.
I did not see this coming.
Damnnnn….
i almost stepped into this shit.
It’s across he board, with so many “analyst” predicting major buying by China in late 2014 they want to start to get ready. 2007ish saw the same stuff, http://www.hellenicshippingnews.com/News.aspx?ElementId=3f291606-7728-4813-bc35-6cf8eccd02a8
This is what I get for saying they had low risk of needing to dilute again last week because they’d just raised enough capital to get by for a long time. I didn’t account for management deciding they want 4 new boats.
if there are greek speaking users here, all i can say to Balt owners is that they are bunch of MALAKAS….
Sucks. Will look into writing dec 2.50 calls to take advantage of the increased IV and maybe average down lower.
How can this ass Peter Georgiopoulos be Chairman of the board for $GNK and $BALT? are the two companies related?
GNK is a majority shareholder.
I work with a Jew and a Greek, and you never heard a complaint like the Jew saying “George, why are you always Greeking me over?”