1. A short game in shipping investment
Panamax Investment
A short game in shipping investment

2. Starting Point 3 x panamax each worth $20 mill $50 mill in cash
Choices:
Buy one
Sell one
Do nothing

3. Market starting point: August 2003

4. Results after 2 years: Earnings per vessel: $17.5 mill
New values of vessels: $37 mill

5. Market after 2 years: August 2005

6. Same choices:
Buy one
Sell one
Do nothing

7. Results August 2007: Earnings per vessel: $15 mill
New values of vessels: $74 mill

8. Market after 4 years

9. Same choices:
Buy one
Sell one
Do nothing

10. Results August 2009: Earnings per vessel: $30 mill
New values of vessels: $35.5 mill

11. Market after 6 years

12. Same choices:
Buy one
Sell one
Do nothing

13. Results August 2011: Earnings per vessel: $11 mill
New values of vessels: $27.5 mill

14. Market after 8 years

15. Same choices:
Buy one
Sell one
Do nothing

16. Results August 2013: Earnings per vessel: $3.5 mill
New values of vessels: $21 mill

17. Market after 10 years

18. Same choices:
Buy one
Sell one
Do nothing

19. Results August 2015: Earnings per vessel: $2.8 mill
New values of vessels: $11 mill

20. Market after 12 years

21. Results August 2017: Earnings per vessel: $0.25 mill
New value of vessels: $18 mill