Gary Vogel, CEO of Eagle Bulk Shipping (EGLE), a dry bulk shipping company focused on the mid-sized segments, joined J Mintzmyer's Value Investor's Edge Live on 9 June 2021 to discuss the rapidly improving market outlook and company specific plans.
EGLE is benefiting from surging rates and is expected to report a blow out Q2 earnings report followed by an even stronger showing in Q3. Although market conditions can change and dry bulk is notoriously volatile, the supply side is the most bullish we have seen in 20+ years and the signals from demand are also encouraging. Gary talks through the markets in our interview as well as about capital allocation specifics and strategy for Eagle Bulk in particular. 
This interview contains relevant insights for investors in all other dry bulk companies, including: 2020 Bulkers (Oslo: 2020), Diana Shipping (DSX), Eagle Bulk (EGLE), Eurodry (EDRY) Genco Shipping (GNK), Golden Ocean (GOGL), Grindrod Shipping (GRIN), Navios Partners (NMM), Pangaea Logistics (PANL), Safe Bulkers (SB), Seanergy Maritime (SHIP), and Star Bulk Carriers (SBLK).
Topics Covered

(0:00) Introductions and disclosures


(1:40) What is driving the steady strength in midsize dry bulk markets?


(4:15) What is the impact of the Australia-China coal shifts?


(5:30) Why are Capesizes far more volatile at this time?


(7:15) Why are 2022 FFAs still considerably below current market levels?


(9:30) Any activity or inquiries in the longer-term charter market?


(12:15) Discussion on rate hedging via derivatives.


(13:45) Capital allocation priorities? Target leverage?


(16:30) Commentary on ATM facility? Usage here?


(19:00) Potential for a dividend policy/program?


(21:00) Improving share liquidity? Lack of options trading?


(23:00) Potential for further sector consolidation?


(24:45) Impact from EEXI or tonnage tax?


(28:30) Current scrubber spreads? Plans to hedge savings?


(32:00) Discussion on proper benchmark for rates.


(34:15) What are the major risk factors at this point?


(38:30) When are potential newbuild yard slots available?


(40:30) Any desire to lock in 1-year rates yet?


(42:30) Why choose to invest in EGLE vs. peers?


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Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), joined J Mintzmyer's Value Investor's Edge Live on June 11, 2021, to discuss the crude and product tanker markets and forward prospects. We also reviewed company-specific plans and capital allocation priorities after they complete the merger with Diamond S Shipping (DSSI). International Seaways will then become one of the largest publicly-traded tanker companies and is poised to increase repurchases as part of a balanced capital allocation program. INSW is also preparing a $1.10/sh special dividend as part of their merger program. 
This interview and discussion is relevant for anyone with crude or product tanker investments, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Hafnia Tankers (Oslo: HAFNI), Navios Acquisition (NNA), Nordic American Tankers (NAT), Pyxis Tankers (PXS), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm Plc (TRMD), Tsakos Energy Navigation (TNP), or Okeanis Eco Tankers (Oslo: OET). 
Topics Covered

(0:00) Intros/Disclosures

(2:00) Crude tanker market update, are we past the worst?


(6:00) Outlook for product tanker market vs. crude?


(10:30) Potential impact from EEXI and/or bunker tax proposals?


(14:00) Any risks from ‘green recycling’ requirements?


(19:00) Overall commentary on DSSI merger.


(21:15) Why does INSW trade at a massive discount to peers?


(26:45) Potential for repurchase after the DSSI merger closes?


(30:15) Potential for a tender offer?


(32:00) Commentary on future dividend potential/plans?


(34:45) Plans/potential for the FSO joint-venture?


(40:30) Review of the dual-fuel LNG economics.


(49:00) Why buy INSW vs. other tanker peers?


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In this special edition of the Marketplace Roundtable, Daniel Shvartsman interviews J Mintzmyer, Head of Research at Value Investor's Edge. J reviews the containership sector, the latest market conditions, and outlines the bullish thesis in the containership sector. The discussion reviews sector dynamics along with several top picks in the sector. The shipping sector is off to a very strong start in 2021, with YTD model portfolio returns of 136.6% (Speculative Plays) and 69.4% (Best Risk/Reward) on J's exclusive research platform: Value Investor's Edge.
Topics Covered

2:30 – Catching up on the containership market

5:30 – The myths around containerships

10:00 – The impact of the underlying ZIM stake on Danaos Corp (DAC)

12:00 – Supply chain gives and takes for the containership sector

17:30 – Not anchoring on the price

19:00 - Why containership stocks don’t directly follow rates

22:30 – Interest rate risk and inflation risk for containership lessors

26:30 – Valuing these companies given the cyclical nature of the business

32:00 – Favorite names for investors and traders

35:00 – Bear case scenarios for containerships

37:30 – Broad review of other shipping segments


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Hamish Norton, President of Star Bulk Carriers (SBLK), Co-CFOs Christos Begleris and Simos Spyrou, and SBLK Head of Research Constantinos Simantiras joined J Mintzmyer's Value Investor's Edge Live on June 8, 2021, to discuss the dry bulk markets and forward prospects and capital allocation. Star Bulk Carriers is the largest US-listed dry bulk company with 128 vessels on the water. With rates surging, SBLK is focused on the '2 Ds' of dividends and deleveraging. We expect to see substantial payouts throughout there year. 
This interview and discussion is relevant for anyone with dry bulk investments or interest in the overall sector, including Diana Shipping (DSX), Eagle Bulk (EGLE), Eurobulk (EDRY), Genco Shipping (GNK), Grindrod Shipping (GRIN), Golden Ocean (GOGL), Navios Maritime (NM), Navios Maritime Partners (NMM), Pangea Logistics (PANL), Safe Bulkers (SB), Scorpio Bulkers (SALT), and Seanergy Maritime (SHIP).
Topics Covered


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The launch of the ARK Space Exploration ETF (ARKX) in late March was one of the most hyped ETF launches in recent memory. Of course there's the Cathie Wood component to the excitement, with the fund manager she runs, ARK, crushing markets and growing AUM eleven-fold in 2020. But there's something about space as a sector that has many investors particularly excited at this moment in time.
Cestrian Capital Research's Alex King has been following the space sector very closely for years now, He even enrolled at the Space University, completing his executive education there in 2018. The following year, he launched his Seeking Alpha Marketplace service, The Fundamentals, with a focus on space and cloud computing names. We cover the space sector from top to bottom in this episode of The Marketplace Roundtable Podcast.
Show Notes

3:00 - Alex's general approach to investing

7:45 - Why the space sector?

13:15 - Why is space a theme investors should be paying attention to at the current moment in time?

17:00 - Cathie Wood and ARK's investing style

22:00 - ARKX Under the Hood: Too much concentration in the top holdings?

24:30 - Analyzing top holding Trimble (TRMB)

28:45 - A head to head comparison: The ARK Space Exploration ETF (ARKX) vs. the Procure Space ETF (UFO)


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Accelerate Funds' Julian "The SPAC King" Klymochko join's Margin of Safety Investing's Kirk Spano to talk all things SPAC.
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2020 was the year of the SPAC, with money raised through "blank check" companies outpacing traditional IPOs for the first time. With so many SPACs listing, finding the right ones to invest in them can be an often-times confusing and overwhelming process. Sifting the World's Chris DeMuth Jr. has been investing in SPACs, through the hedge fund he founded, Rangeley Capital, for more than a decade. In the latest episode of The Marketplace Roundtable Podcast, DeMuth and host Jonathan Liss take investors through the SPAC "alphabet", going under the hood of each of the three currently available SPAC ETFs. Chris also discusses his favorite individual SPAC.
Show Notes

3:00 - What are SPACs and why are they so hot right now?

10:00 - Chris' early and ongoing involvement with SPACs

12:30 - Specifics of the SPAC structure

16:45 - The case of DraftKings, the third most successful SPAC listing of all time

26:30 - Chris' favorite SPAC ETF

43:45 - What's an individual SPAC Chris is currently excited about?

50:00 - Sifting the World: Chris' investing process


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Cambria Funds co-founder, CEO and CIO Meb Faber joins Margin of Safety Investing's Kirk Spano to discuss his firm's tail risk and shareholder yield ETF suites. Funds covered include: TAIL, FAIL, SYLD, FYLD and EYLD.
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In this inaugural episode of “Investing 2020s”, host and analyst Kirk Spano interviews Matt Tuttle, the manager of the SPAC & New Issue ETF (SPCX). This is a timely episode as it covers the red hot SPAC market segment and identifies a low risk, high potential reward way to use SPACs to your advantage.
Kirk and Matt discuss how SPACs near IPO prices offer rare asymmetric investment opportunity of large potential upside with limited risk as SPACs are backed by a cash trust. Along the way, they also touch on hot markets, Reddit investors and an option trading idea. Of interest to smart investors is the segment on how family offices and institutions are using the SPAC & New Issue ETF as an alternative asset sleeve to manage market correlation. They conclude discussing the ETF with how you can use this ETF in your asset allocation. This medium form (20-30 minutes) interview ends with a discussion of macro tail risk and a coming ETF that offers a potential solution to that portfolio asset allocation issue. 
To read more about the SPAC & New Issue ETF visit their website and follow Kirk Spano’s articles.
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CEO Martyn Wade and CFO Stephen Griffiths of Grindrod Shipping (GRIN), a dry bulk shipping company focused on the small and mid-sized segments, joined J Mintzmyer's Value Investor's Edge Live on 4 March 2021 to discuss the rapidly improving market outlook and company specific plans.
GRIN is significantly benefiting from surging rates and should see a very strong first half of 2021 with hopeful follow-through in subsequent reporting periods. Dry bulk overall has been in a broad bear market since 2011 and there are many signs of green shoots as worldwide demand improves while the supply via new orders remains near record lows.
Although GRIN is a smaller company, this interview contains relevant insights for investors in all other dry bulk companies, including: Diana Shipping (DSX), Eagle Bulk (EGLE), Genco Shipping (GNK), Golden Ocean (GOGL), Navios Partners (NMM), Safe Bulkers (SB), and Star Bulk Carriers (SBLK).
Topics Covered

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