Date updated:03-21-2007
It is always beneficial to talk to management,even more so in a cyclical commodity-driven industry as marine transportation. In focus here is a meeting with Stamatis Molaris, President & CEO of Quintana Maritime Limited.Key takeaways are:
Best Operating cost base in the industry
Competitive daily cash flow break even for 2007: $12,396 (check against peers!!)
Growing ton mile demand as Brazil becomes the choice supplier of iron ore to China
Port constraints in Australia has been cited as a concern and Molaris stressed that it is a problem that will not go away(look out for quality infrastructure plays in Australia)
Remain focused on the iron ore trade, monitoring a good industry source because the commmodity determines charter rates in the dry bulk shipping industry especially for the largest class of vessels, Capesizes, and Panamaxes.
Management is committed to long-term charters, grow its fleet, and maintain a conservative dividend payout policy.

-
GSTL
Gstl - $0.00
- N/A
- $N/A
Yield(2007E): 8.2% Payout:72% EV/EBITDA: 8.7x

-
DSX
Diana Shipping In - $16.35
- -0.85%
- $16.40
Yield(2007E): 9.6% Payout:100% EV/EBITDA: 10.2x

-
EGLE
Eagle Bulk Shippi - $5.69
- -1.04%
- $5.82
Yield(2007E): 10.5% Payout:98% EV/EBITDA: 10.6x

-
EXM
Excel Maritime Ca - $7.22
- -1.63%
- $7.40
Yield(2007E): No dividends EV/EBITDA: 5.0x

-
QMAR
4.82 - $24.29
- 0.00
- $24.29
Yield(2007E): 6.7% Payout:43% EV/EBITDA: 9.0x
- Meeting with CEO of Quintana Marine Transportation's Blog
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