The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy, battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, VP of Content at Investing.com and someone who has seen thousands of investing pitches and ideas and how they play out over the past decade. The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.
Episodes
Thursday Feb 13, 2020
Thursday Feb 13, 2020
On January 14th, Value Investor's Edge Live hosted Robert Hvide Macleod, CEO of Frontline (FRO), to discuss the crude tanker markets and their balance strategy to IMO 2020. Frontline is one of the largest tanker operators in the world and is backed by shipping legend John Fredriksen. FRO is set to pay large dividends in this market and they have maintained a premium valuation ahead of peers. Robert discusses the various tanker segments and his overall viewpoints and areas of focus into the new year. Topics covered: 0:50 minute mark - Start of discussion: How is IMO 2020 impacting tankers? Any surprises? 3:00 - What is your current scrubber uptake status? Global fleet percentage? 4:30 - What is the current spread dynamic? Any plans to expand scrubbers? 7:15 - Will the time charter markets follow the strength in the spot markets? 10:00 - What is driving Suezmax strength and Aframax strength? 13:45 - Will eco-vessels improve your TCE results? How much? 14:45 - Confirm fleet splits of scrubber installations? 15:45 - Any broad market concerns for tankers? Why are stocks stalling? 17:30 - What are your capital allocation priorities besides the dividend? 19:15 - FRO trades at a premium, why is that a potential benefit? 22:00 - What is your target leverage? Planned split between spot and TC? 25:45 - Why is LR2 weak compared to the strong Aframax market? 28:00 - What are some of the key risks and uncertainties in the market? 31:00 - If placing a newbuild order, what type of design? LNG? Scrubber? 34:00 - How long are yards backed up with scrubber conversion work? 35:15 - Any potential for consolidation in the tanker sector? Frontline role? 36:00 - How many ships are laid up for COSCO sanctions? Potential impact? 40:00 - What is the market missing right now?
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