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Re: SFL as another option....but different Part 22005, 15.2M shares, 9 Suezmax vessels, 1.7M shares/vessel 2008, 32.8M shares, 15 Suezmax vessels, 2.2M shares/vessel 2010, 46.6M shares, 19 Suezmax vessels, 2.5M shares/vessel 2013, 64.1M shares, 20 Suezmax vessels, 3.2M shares/vessel 2016, 102M shares, 30 Suezmax vessels (plus NAO shares), 3.4M shares/vessel Given that you were also paid very large dividends along the way, I think the increase in the number of shares per vessel is acceptable. ~~~~ "Throw in how many more tanker companies and tankers exist now compared to back then and the competition is enormous, with NAT having one of the oldest fleets out there." Consider the change in consumption, and the change in tonne-mile developments. There are fewer owners now (consolidation), and newbuild orders are not a significant problem at the moment (yes, 2017 will be a difficult year for Suezmax vessels, but not a catastrophe). |
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