Cobas AM: Nueva Gestora de Francisco García Paramés

"Que los costes por transacciones no estén incorporados en el TER es algo que reclamamos continuamente los más críticos."

Hace 10 años se publicó lo anterior, casi nada.

¿porque?

Dividendo no van a bajar.

Necesitan levantar capital para poner el upfront en la compra de los barcos. Vete dando por descontado que van a emitir alguna preferente o unos bonos. Eso daría mucha fortaleza a la cotización de Dynagas.

Más claro, el agua:

 

Q - Randy Givens

Thanks operator. Yeah. So now that the distribution is more aligned with the suitable cash flow, do you feel like this current level is pretty easily sustainable in the coming quarters and years? And then more importantly, do you expect to be able to increase the distribution back to that minimum quarterly distribution of $36.60 after the Yenisei River and Lena River charters with Yamal commence next year?

Michael Gregos

Yeah, definitely. What we wanted to achieve was this alignment. And as for the foreseeable future this distribution, as I mentioned before is sustainable. Basically the expectations that we have on the market, there are some moving parts as I mentioned, which are the Lena River and Yenisei River.

Again how long they're going to be in this sport market and what they’ll make. But under a reasonable scenarios; yes, definitely this distribution is sustainable. Now I think it's a bit too early to discuss distribution increases at this particular stage. Our focus is more on sustaining the current distribution and refinancing our unsecured notes

Fotis Giannakoulis

Yes. Hi guys. And thank you for the opportunity. I want to follow up about the concern about the some of the analyst have raised about distributable cash flow during this period until the Yamal charters begin.

Is there a way that you can give us that this distribution the $0.25 per quarter, can be at least below a certain level. What is the breakeven point that might put -- for these two vessels that might put your current distribution at any risk, if any?

Tony Lauritzen

Well, that's a good question Fotis. When we make a decision on the distribution, you don't base it on, overly optimistic or overly pessimistic scenario. We all know where the market is. We all know what expectations are for the market? So all I can is that it's based on expectations which are reasonable. We're not counting on extreme events in either case.

Fotis Giannakoulis

Is that a way that you can tell us what could be an extreme event that would force you to reduce this distribution based on the development of the spot charter rate Yamal for these vessels?

Tony Lauritzen

No, there isn't. I can tell you. There's no specific number I can tell you because it's not just, what was portray, it's various other parameters also. But, I think when you're trying to say give me a number, its not so simple.

All I can say is that, we experience let's say extreme scenarios, which we're not, we don't believe its going to happen. Then that's something to be discussed, but that's more of a longer term discussion. It's not a near term discussion.

Fotis Giannakoulis

Okay. I understood. In your model and your base case, the second concern about the, some of the barrel racing is the refinancing of the secure note. How do you envision this refinancing? What kinds of terms do you think are available in the market? It is going to be assuming that bond that you plan to issue or there are other sorts of, some other form of capital?

A - Michael Gregos

It's going to be as similar bond to the one that we already have. So another unsecured bond is most likely going to be used to refinance the unsecured note within this year.

 

 

Tengo a sensación de esatr sentado en una vaca lechera que a precios de entrada me da un 10% anual neto de impuestos. También soy consciente de que tenemos en frente unos 6 meses en los que las noticias van a ser malas. Ese es el pensamiento que tengo ahora

Para comprar más barato.

¿Y no te da miedo comprar acciones de una empresa que incluso cayendo un -75% desde los precios actuales, seguiría manteniendo una impecable tendencia alcista?

Sí, por supuesto, pero sería una posición muy pequeña con Degiro por el tema de las comisiones.

Ok. Gracias por la respuesta. SUERTE