Nov. 19 at 2:10 PM
$ECO Although the hit to the share price today (8-10%) sucks, I like the reason for it and the expected outcome. (1) it looks like it will close a gap on the chart from when the stock spiked earlier this month. (2) more importantly, the company has issued more shares to finance the purchase of two new Suezmax vessels to be delivered in January 2026. Two new vessels for such a small shipping company will have a significant impact on future earnings. I have not done the math, but I assume the bean counters at Okeansis have and they concluded that diluting shareholders by 3.239 million shares is more than worthwhile long-term when weighed against the additional earnings those new vessels will bring during their expected lifespan (and especially next year with rates as lucrative as they are expected to be). (3) they got top dollar for the new shares (
$35.50).
Looking forward to reading analyst updates on future EPS projections after absorbing the new shares & having the new ships.
