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TWST: What kind of year has it been for the marine transport group so far?
Ms. Boyden: It has been an interesting year. I think on the tanker side, rates
have been surprisingly strong, especially on the dry bulk - they have taken
everybody by surprise, particularly over the summer. If you look at the
fundamentals on the dry bulk side, we are all hoping that they can continue, and
I don't see why they shouldn't, given where demand and supply are holding right
now.
On the tanker side, we had a very strong third quarter, which, again, surprised
a lot of people. We have had a little bit of weakness going into the fourth
quarter. We have had very nice weather. We have had the OPEC cuts. But I think
that some strength should show up again as soon as we get some colder weather. TWST: As you said, it has been a good year from a business point of view, though
certainly the stock market has not treated the group well.
Ms. Boyden: If you look at some of the tanker companies - at the liquidity they
have, the dividends they are paying out, the stock repurchases that they are
doing - the fact that most of them are trading under NAV is pretty surprising to
us at the very least.
Tickers included in this excerpt: DSX, EXM, FRO, GMR, GTSL, OMM, ONAV, OSG, QMAR, SFL, TK, TNP
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