A short game in shipping investment Panamax Investment A short game in shipping investment
Starting Point 3 x panamax each worth $20 mill $50 mill in cash Choices: Buy one Sell one Do nothing
Market starting point: August 2003
Results after 2 years: Earnings per vessel: $17.5 mill New values of vessels: $37 mill
Market after 2 years: August 2005
Same choices: Buy one Sell one Do nothing
Results August 2007: Earnings per vessel: $15 mill New values of vessels: $74 mill
Market after 4 years
Same choices: Buy one Sell one Do nothing
Results August 2009: Earnings per vessel: $30 mill New values of vessels: $35.5 mill
Market after 6 years
Same choices: Buy one Sell one Do nothing
Results August 2011: Earnings per vessel: $11 mill New values of vessels: $27.5 mill
Market after 8 years
Same choices: Buy one Sell one Do nothing
Results August 2013: Earnings per vessel: $3.5 mill New values of vessels: $21 mill
Market after 10 years
Same choices: Buy one Sell one Do nothing
Results August 2015: Earnings per vessel: $2.8 mill New values of vessels: $11 mill
Market after 12 years
Results August 2017: Earnings per vessel: $0.25 mill New value of vessels: $18 mill