Hey Mike
My company uses backlog to reference orders on books. Maybe they use backorder? VISL will be talking reverse split on the 4/17 I think it was. A new CEO with previous military experience bodes well for future military contracts. I like long term future here but have concerns over potential R/S. Holding shares long-term.
richardlglassii
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The reason the price dropped is that SHIP is completely upside down on its debt payments. They issued an additional 20M shares to market this week to get enough cash to make debt payments. Long term sustainability is not great for this company. Old fleet and overpriced ships. All that said I have 350 shares I am sitting on because cargo transportation will be a real issue when countries start reopening for trade. I trust this stock can make money because it would seem hard to screw up being paid 10X normal ship rates over the next several months and not see this stock move up. Hoping to get to $1-$1.5 range and I am out - never to buy again.
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Hey Nick
TOPS is a crude oil carrier fleet. SHIP is a dry cargo carrier fleet.
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Could be the CEO is smarter than the rest of us. He knew the shipping backlog was coming and threw an additional 40M shares into the market. The shipping pricing structure is going to increase 10X and he and his family own 17M shares. The additional 40M shares does not make sense if you own 17M shares. It dilutes the value of your bank account. But if the next 2+ years run at 10X value on shipments...that is a nice pot of gold at the end of this. He can dilute his 17M shares in 2+ years when the prices are high then start the R/S strategy they are known for. I am holding a little longer. I’ll ride to the bottom of the hole if necessary. I just sense something bigger is at play here.
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“The Lax Trust is an irrevocable trust established for the benefit of certain family members of Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Issuer (the "Trust"). The Trust may be deemed to own all of the outstanding shares of Sovereign Holdings Inc., Epsilon Holdings Inc, Oscar Shipholding Ltd., Race Navigation Inc., Tankers Family Inc. and Family Trading Inc., each a Marshall Islands corporation (the "Holding Companies").
All of the companies listed below have the same president and Vice President. These appear to be shell companies to keep the $ flowing in an endless stream to Pistiolis’ pocket.
I’m looking for the bounce so I can get out of this stock and the endless patter in this chat room.
VISL
SHIP
SHIP
TOPS
TOPS