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 Dec 19, 2019
Thursday Dec 19, 2019
Craig Stevenson, CEO of Diamond S Shipping (DSSI), and Kevin Kilcullen, CFO, joined Value Investor's Edge last Thursday, December 12th, to discuss the product tanker and Suezmax crude shipping markets ahead of pending IMO 2020 regulations. We reviewed capital allocation priorities and why they believe their stock price has been underperforming, and what they plan to do going forward. This conversation is relevant for anyone long the product tanker or the crude tanker sector, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm plc (TRMD) or Tsakos Energy Navigation (TNP). Topics Covered 0:45 minute mark - Start of discussion- Market review: any IMO 2020 impacts 2:25 - Product rates are lagging crude, what is driving this separation? 5:25 - Should we expect a significant spike in rates? Any disruptions yet? 7:55 - DSSI trades at a significant discount? How to address PE overhang? 11:20 - How is the market shaping up for product/crude versus Q3 guidance? 16:10 - Any new charters? Looking for cover here? Current 1-2y charter rates? 18:35 - Any desire to add additional scrubbers to the Suezmax fleet? 22:25 - What trade flows are we seeing with MGO and VLSFO? Sources? 27:15 - What efforts can DSSI take to reach to peer valuation levels? 29:45 - How do you view capital allocation priorities? 32:25 - Tackling 2021 maturities yet? Timing on those? 35:35 - How is management compensation structured? Fleet growth? 37:35 - Is DSSI available for sale at the right price?
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