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.






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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