Epic : GOC

Web site : http://www.gocarriers.com/

Global Oceanic Carriers Limited (GO Carriers) is a Jersey Channel Islands registered company and is a fully integrated shipping company comprising ship ownership, management, chartering, brokering, and through its strategic partnerships, ship building and repair concentrated within the dry bulk sector.



Superb summary here : http://boards.fool.co.uk/Message.asp?mid=10520002

And the new contracts announced today have just increased the earnings figures in the TMF summary post.






.

2

3

Todays news.

http://www.investegate.co.uk/Article.aspx?id=200705150700505749W

Global Oceanic Carriers Ltd
15 May 2007

Global Oceanic Carriers Limited
('GO Carriers' or 'the Company')

Charter update

Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping
company, today announces it has secured long term charters for its vessels Go
Pride and Go Faith.

GO Pride: has been fixed for a period of 12 months at the rate of US$18,500 per
day, which is almost double the previous rate of US$9,275. The new charter is
scheduled to commence on June 2007.

GO Faith: has been fixed for a period of 12 to 14 months at the rate of US$
28,000 per day commencing end of May 2007.

Commenting on the new charters, Michael Tartsinis, Chief Executive Officer of
Global Oceanic Carriers, said: 'I am delighted to be able to confirm these new
charters which we have secured at very favourable rates. Following the
completion of these deals 100% of the entire GO fleet's operating days are
secured under period charter for 2007 and 79% for 2008.'

Broker forecast is for coming year to May 21st 2008 EPS of over 23p.

That puts GOC on a soon to be current year PER of around times 4 presently.

http://www.digitallook.com/cgi-bin/dlmedia/security.cgi?username=&ac=&csi=112874


.

PP, I have just done some sums (easy to do, since the co actually publishes the contracted day-charter rates) and included the new boats in the fleet.

I agree the broker forecast - my figures came out with EPS 22.5p.

Current Bid is 105, so PE = 4.7.

A very good find!! Well done.

Will have to see if I can free up some cash for this one. I guess we can expect a T/U at the end of the month, or thereabouts, as the fin year is about to end.

Charter rates have improved considerably for two vessels:

Global Oceanic Carr - Charter update

RNS Number:5749W
Global Oceanic Carriers Ltd
15 May 2007


Press Release 15 May 2007


Global Oceanic Carriers Limited


('GO Carriers' or 'the Company')


Charter update


Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping
company, today announces it has secured long term charters for its vessels Go
Pride and Go Faith.

GO Pride: has been fixed for a period of 12 months at the rate of US$18,500 per
day, which is almost double the previous rate of US$9,275. The new charter is
scheduled to commence on June 2007.


GO Faith: has been fixed for a period of 12 to 14 months at the rate of US$
28,000 per day commencing end of May 2007.


Commenting on the new charters, Michael Tartsinis, Chief Executive Officer of
Global Oceanic Carriers, said: 'I am delighted to be able to confirm these new
charters which we have secured at very favourable rates. Following the
completion of these deals 100% of the entire GO fleet's operating days are
secured under period charter for 2007 and 79% for 2008.'


- Ends -

And the co now has 5 vessels as opposed to an average 3.6 for the period to end Nov 06. Plus better charter rates for at least one vessel:

Global Oceanic Carriers Ltd
04 December 2006


Press Release 4 December 2006


Global Oceanic Carriers Limited

('GO Carriers' or 'the Company')


Update on Vessel acquisitions


As stated in the Rights Offer Prospectus dated 6 October 2006, Global Oceanic
Carriers Limited (AIM:GOC), the Greek-based drybulk shipping company, announces
that it has already acquired the forth vessel of its fleet, the Capesize
previously named M/V Welfair. The vessel has since been renamed GO Patoro and
was acquired for a consideration of US$36.2 million from Leadway Shipping Pte.
Ltd. of Singapore. GO Patoro was built in the 1991 and has a Dwt of 150,108.


GO Patoro was delivered to Global Oceanic Carriers on 27 October 2006 and is
under the management of Antares Shipmanagement S.A. (under the same terms and
conditions of all Vessels of Company's fleet). Go Patoro is currently on a
short six month time charter from November 2006 to May 2007 at a rate of
US$25,500.


From May 2007, GO Patoro will move onto a long term three year contract with a
charter rate for the first year of US$32,000, for the second year US$27,000 and
for the third year US$23,000.


In addition, the Company also announces today that it expects to take charge of
its fifth vessel of its fleet during the course of December 2006. M/V Talisman
which will be renamed GO Trader will be delivered for a consideration of US$27.5
million from K/S Danskib 47 of Denmark.


Built in 1996, GO Trader is a Handymax and has a Dwt of 45,693. This new vessel
will also be managed by Antares Shipmanagement S.A. and will be on a long term
contract for 26 to 29 months with a charter rate of US$19,250.


Commenting on the vessel acquisitions, Michael Tartsinis, Chief Executive
Officer of Global Oceanic Carriers Limited, said: 'The successful acquisition of
GO Patoro has nearly doubled the fleet's capacity in terms of Dwt and this
position will shortly be improved upon further when the acquisition of GO Trader
is completed in the coming weeks. We are extremely pleased to have secured
excellent charter rates for these new vessels, both of which are in line with
our stated strategic ambitions and will help to deliver further value for our
shareholders.'

Major Shareholders Shares in issue: 40.0m 0.0003p Ords
Name Amount % Holding
Trafalgar Asset Management LTD 6,865,172 17.15
Argo Special Situations Fund 6,646,935 16.60
International Trading Inc 2,917,857 7.29

Other Directors
Name Amount % Holding
Vassilis Vintiadis 116,017 0.290
Douglas Richard Kearney 20,620 0.052
Carlos C Campbell 5,500 0.014
= Director

Only 40% of stock in institutional hands. Directors' shareholdings are pretty pitiful, though!

If the SP hits 125 then mkt cap will be 50 mil - could be interesting.

It's also worth pointing out that the float price was apparently around 135p, which implies plenty of likelihood of upward momentum should that point be breached.

IMO/PDYOR.

Soul out.

ST, its is very exciting. The new management team really has, it appears, started to get the best out of GOC, lets hope they have continued success (and that the BDI index stays strong and stronger)

PP, this has to be a decent investment. I haven't investigated this aspect yet, but one assumes that the co will continue to grow its fleet by adding new vessels. There appears to be considerable cash generation (that EPS of 23p is over 9 million profits) and with the PE at 4.65 for the year to May 2008, the potential is all to the upside.

I have bought some this morning at 106.56p. Will continue to watch - may put the farm on this one but would like to see a bit more volume buying.

ST, I think a lot of people will wait for results, read them, and then be buying, they will want to see what is said. I am quite happy to buy in now, and then add more later.

FY end is May 31st, so as of 1st June GOC is on a current year forecast PER of times 4.65....too cheap.

Yep - long-term hold. And a multi-bagger, too, I should think.

I haven't looked to see the multiple for the shipping sector, but if one assumes that 10 is reasonable (and it would look pretty cheap, given this co's projected earnings growth), then the target price is 230p, which is more than double the current SP.

Some more thoughts:

At its current market cap of 42 million, the company is trading 30% below net asset value of approx 60 million as reported at end Nov 06.

New vessels recently acquired have cost between approx 14 and 18 million. Assuming GOC makes its projected 9 million net profit, allow 1 mil in case they decide to pay a very generous dividend of 2.5p per share and that leaves 8 mil with which the co could buy half a boat, financing the balance from debt.

WDIK, but it does look promising.

Bit smaller spread would have been nice, im in, paid slightly higher than everyone else, which hardly matters for the long term...

Welcome aboard, BT! I agree the spread is a bit offputting. Could be that the MM is short of stock (I'm guessing that as it's not too widely known, it may be tightly held) or simply that the stock is normally a bit illiquid and therefore the MMs aren't manipulating it.

Good luck, anyway!

And the spread just got even wider: GOC Bid: 103p Offer: 110p Change: 1.5

What this stock needs is a big old shake. Another TU ought to do the trick.

GOC Bid: 108p Offer: 112p Change: 3.5

A good start to the day. Only 12K traded, though.

This could be a classic growth story...

I think so, BT. Am still trying to find some more cash to put into it.

I notice that trading volume so far today is 48k, above the average already, so could this be a good day for GOC?

L2 is all blue and now 1 v 1 @108/112

If you look at say BMS, and look at their rating, and other sector stocks, its easy to see that GOC is very undervalued presently.

I'll keep tucking them away, and waiting for the rerating to happen :)

If you take BMS which is in the same sector, this is trading at around 11 times curent year forecasts.

If you apply that 11 times rating to GOC, you get 253p "fair value" for GOC just on that sector comparison.

Would seem the market is a bit lite of shares given the tick up on every buy, exciting growth story in the making here.

Yep - up approx 6% on t/o of only 80K: GOC Bid: 110p Offer: 115p Change: 6

Suits me fine :o)

PP, thanks for the BMS reference, as I was planning to look into sector comparisons.

Even if you go down to 8.5 times forward (which is the average rating of shippers (those with ships) across Europe, you still have a value of over 200p.

Therefore, for me, I would have a 200p target for now, and see how things go after that is reached.

www.chart-breakouts.co.uk comment at 12:40pm today, spot on re MMs i guess.

"A good move up for our new buy GOC today and it would seem the Market-makers haven't a great deal of stock given the spread and the amount of stock they are willing to sell. We really like the look of this stock and as we said yesterday brokers are forecasting eps of nearly 22p for 2008 (link) putting the shares on a bargain pe ratio. A few good comments on bulletin boards suggests if the stock is re-rated to its peers then the share price would be more than twice the current value. Some stocks are often overlooked and we're hoping this is the case here as we have managed to buy a decent amount."

www.chart-breakouts.co.uk

GOC Bid: 115p Offer: 122p Change: 12 on trading volume of 181K, which, for this stock, is pretty decent.

Managed to get my Dad involved as well, at 115p, so he's chuffed :o)

Thanks for the post, Dave.

From a post on AFN :

jimmymac2 - 17 May'07 - 22:21 - 242 of 242
had a few today:

Share Whisper:

"meanwhile there was solid buying in Aim listed GOC the supplier of bulk shipping as word of broker upgrades and strong trading did the rounds"

wish they' narrow the spread, want to add, maybe i'll just have to bite the bullet, has always been a big spread unfortunately.

Dave, as long as this stock is as tightly held as I suspect it is, there's always going to be this problem of the wide spread.

5p is about the norm - at one point yesterday it was 7p; after a couple of larger sales today it was down to 3p - in the end you just take your chances. :o)

GOC Bid: 117p Offer: 122p Change: 1, 78K traded.

Well, the SP is off 1p on the day so far, but this seems to have loosened up the trading a bit, with 138K traded and buys:sells at 2:1.

GOC Bid: 115p Offer: 120p Change: -1

Suprisingly strong for a Friday (when short terms profit take) after a decent rise. I'll keep adding bits at a time.

200p target price for me..... :)

Up now, though: GOC Bid: 120p Offer: 121p Change: 2

Although not quite as high at the finish: GOC Bid: 117p Offer: 122p Change: 1

273K traded, which was quite high volume for this stock. Buys:sells about equal.

more to come next week? I hope so.

Wishing all you Goccers a good weekend.

ST.

Just as a comparison of the Industrial Transportation sector from Digital Look in general, from the latest figures today, from their site. Its different operations, just from the same "sector" as a general comparison :


Christian Salvesen (SVC) Price = 64p / 07/08 EPS forecast = 3.58p / P/E = 17.9
Broker Rec : Sell

Braemar Seascope (BMS) Price = 437.75p / 07/08 EPS forecast = 37.64p / P/E = 10.7 Broker Rec : Strong Sell

Goldenport (GPRT) Price = 385.5p / 07/08 EPS forecast = 35.41p / P/E = 10.9
Broker Rec : Buy

Global Oceanic Carriers (GOC) Price = 119.5p / 07/08* EPS Forecast = 21.71p P/E = 5.5 Broker Rec : Strong Buy

(* 07/08 will be current year come 1st June 07)


The good thing also is for GOC the 08/09 EPS forecast (will become forward forecast EPS come 1st June 07) is 33.33p which means the PER falls to times 3.6, which likely explains the broker Strong Buy rating.

Wow - that means that on current SP, the PEG from 07/08 to 08/09 would be 0.072.

A good bit of research, PP - thanks!

Will be adding on any weakness, perhaps could have taken a gamble on buying a few more from the outset...

Agreed, BT. However, I think at this PE and with the future looking so good, there is unlikely to be very much weakness. It's less about what happens over the next week or so, and more about where this is going to be next summer, but PDYOR and make up your own mind :o)

GOC Bid: 120p Offer: 124p Change: 2.5, 57K traded.

I notice that the spread this morning was 2p, 120/122 but has since widened to 4p.

In the end, it didn't really do much today, did it?

There is not many shares available to the MM.

Ticking up on small volumes today.

Morning all.

Down sharply today, but the big news is that somebody dumped 5.7 million shares at 74p. the trade is designated "B", and has precipitated a few panic sales. Any clues as to what this "B" indicates?

Perhaps there'll be an RNS tomorrow. I'm content to hold. Perhaps this incident will produce a buying opportunity, too.

GOC Bid: 105p Offer: 112p Change: -9

TRADE TYPES:-

O ORRDINARY TRADES
K BLOCK TRADE
M MARKET MAKER TO MARKET MAKER
NM NOT TO MARK
P PROTECTED PORTFOLIO
RO RESULT OF OPTION
AT AUTOMATIC TRADE RT SEATS RISK TRADE
VW VOLUME WEIGHTED AVERAGE PRICE
B BROKER TO BROKER
LC LATE CORRECTION
N NON PROTECTED PORTFOLIO
NR ORDINARY SEATS TRADE
R RISKLESS PRINCIPAL AT DIFFERENT PRICE
X AGENCY CROSS OR RISKLESS PRINCIPAL AT SAME PRICE
T SINGLE PROTECTED TRANSACTION

Thanks Halifax! Have pasted it to a safe place!

The MM's sure know how to scare some people into selling :)

If you look at the trade times, you'll find the 74p trade (owing to their size) happened some time ago........likely when the price was near 74p...? :)

They are naughty some times the way they report their "L" trades (and yes, its now "L" (Late reported) after corrections and deletions)

Why has'nt GOC reported these transactions as required by AIM?

They are registered overseas and are not required to report these transactions. If they were registered in the UK in the UK, the buyer or seller would have to report the trades to them, and they report to the market.

As they are not registered in the UK, nobody has to do anything.

Spoke to GOC they say they will issue a news release either later today or early next week, nothing to be concerned about.

PP pse read the AIM admission document GOC was incorporated in Jersey on 21/12/2004 and has follow the rules of the AIM market.

Yep, but as incorporated in Jersey they do not have to report major shareholder transactions.

That is only UK registered companies.

Ones registered in Bermuda, Jersey, or where ever do not have to, however, they normally do......provided the person doing the trade informs the company.

Even then I can point you to many RNS's from UK registered companies where the Holdings RNS comes out over 3 months after the trade has taken place.......

Well, that explains those big trades, and also greatly reduces the free float of stock. Possibly now a takeover cannot be ruled out ?


Global Oceanic Carriers Ltd
29 May 2007

Holdings in Company

Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping
company, today announces that it has been informed that on Friday, 25 May 2007,
Trafalgar Funds and Argo Global Special Situations Fund sold their entire
portfolio, of 18,612,931 shares and 6,646,435 shares respectively, at 1.18 per
share to Solstice International Investments Inc (Solstice).

International Trading Inc, a company of which Michael Tartsinis (the CEO of the
Company) is director, also transferred 761,449 shares to Solstice and a further
5,737,477 to Tildough Holdings Inc (Tildough) at 0.74 pence per share plus a
contingent right to equity in Solstice/Tildough. This was International Trading
Inc's entire shareholding in the Company and represented all the shares that
Michael Tartsinis was directly or indirectly interested in.

Michael Tartsinis and Antonis Nikolaou (another executive director of the
Company) are both associated with Solstice and Tildough and will be appointed
directors of both companies in due course.

As a result of the transactions Solstice International Investments Inc. holds
26,020,815 ordinary shares in GOC representing 65% of the issued share capital
of the Company.

Tildough Holdings holds 5,737,477 in GOC representing 14.3% of the issued share
capital of the Company.

Commenting on the transaction Michael Tartsinis, Chief Executive Officer at
Global Oceanic Carriers said 'I would like to thank Trafalgar and Argo Funds for
their commitment to GOC. The new structure is committed to the company and aims to keep on track with company's business plan for fleet expansion through timely and selective acquisitions'.

- Ends -

For further information:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer Tel: 00 30 210 898 6362
mtartsinis@gocarriers.com www.gocarriers.com


Jefferies International Limited
Andrew Meigh Tel: +44 (0) 20 7618 3500
ameigh@jefferies.com www.jefferies.com

Media enquiries:
Abchurch
Henry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com www.abchurch-group.com

L2 all blue.

4 v 5 @113/120

Buys been going through at 118p, if we see that rise to 120p for buys we could be on for a few more ticks up.

Another new ship, and also the charter rate is up again on the new ship.

http://www.investegate.co.uk/Article.aspx?id=20070710074300Z7309


.

Nice rise.

This looks good, just breaking out on very good volume:

Indeed.

BOUGHT 10k @ 1.3280

CLASSIC BREAKOUT AND RELEVANT SECTOR

OC

Don`t forget Globus Maritime, shares down today but looks to pay out a 50% dividend next year.
In the same business as GOC, probably sensible to have stake in both.
I have a stake in Globus and looking for dip in GOC to buy in.
Regards.

wonder why the heavy volume of last few days.......

Jolly nice rise recently, and today :)

from hemscott board:

GOC announced friday that a very significant stake had changed hands at 40% above the mid price. The shares currently trade at 122p, the stake changed hands at 165p. Note the broker forecasts and yield forecast below. Usually trade stocks but i think i'll tuck more of these away as a bid looks a certainty and at least over the 165p the stake changed hands. Looks a great growth prospect this one, with eps forecast at 36.65p for 2009 we should be looking at a shareprice valuation of approaching 700p on sector valuation. A nugget indeed and a 5 bagger to boot. Steam in.


GOC Forecasts
Year Ending Revenue (m) Pre-tax (m) EPS P/E PEG EPS Grth. Div Yield
31-May-08 26.37 n/a 20.52p 5.9 0.0 +143% 14.60p 12.9%
31-May-09 n/a n/a 36.65p 3.3 0.0 +79% 18.14p 16.0%

Thanks for that, Kate. I've held these before and have come back in today.

chart looks well oversold and due a bounceback to the 150p region, what's significant is the big stake swap on friday at 165p. Looks like we're set for a buyout/bid. Looking good today.

Quite agree - which is why I'm back in. Fingers crossed then!

looking good today, strong on level 2, must be ready for a run back to 150p. Yielding 10% here if you look at above figs.

Continued buying ahead of results on thursday, chart looking up, 25/50dma turning and looking upwards, hoping for positive update, now taken delivery of 7th vessel in December, and reported 83% of year already booked...

Bought some this morning, only regret is cant purchase a decent stake via CFD, however, would like to point out at the same time, that the large spread and illiquidity could be a problem if needing to sell quickly, I haven't purchased for results, again intending to hold for a while, company seems to be going from strength to strength, with forward PE's of around 5.5, seems very cheap, believe at some time this year they will make a new high. Time will tell...

Not sure what market is expecting, but that is an awesome set of results to my un-trained eye...

Just for you lazy ones... a brief summary...



LONDON (Thomson Financial) - Dry bulk cargo car Global Oceanic Carriers Ltd said first-half net profit jumped to 6.9 mln usd from last year's 160,355 usd as revenues surged by about 152 pct.

The company also initiated its stated dividend policy, and proposed a final dividend of 50 pct of its net income in respect of the period from June to end-December 2007.

It posted revenues for the first half to end-November of 22.5 mln usd against 8.9 mln usd last year. It said its cash position at end-November stood at 18.8 mln usd.

The company said it will continue to expand its business and looks forward to exploiting new opportunities.

I think the market agrees with me... lol. Although i am expecting the usual sell off later, this is a great little company, expanding their business and now paying a dividend...

With this kind of momentum behind it, its far from impossible, we could see a new high sooner rather than later...