Penny Stock?? OceanFreight Inc

[Vanraw]

Jaken, Whats your take on this guy?

OceanFreight Inc. (Public, NASDAQ:OCNF)
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I remember tracking this stock back when it was $20 with a .77 cent dividend. Now its trading at sub $1 and was given notice by NASDAQ that it my be dlisted if it dosent get it stock above $1.

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OceanFreight owns a fleet of 13 vessels comprised of nine drybulk carriers (three Capesize, six Panamax) and four crude carrier tankers (one Suezmax, three Aframaxes) with a combined deadweight tonnage of about 1.4 million tons

Here is why I'm looking at freight still. This morning the retailers have started annoucing really solid numbers. But I'm hearing issues about lack of inventory, because said retailers have not filled orders based on concerns of the economy. Well now they will have to fill.

I am wondering if Ocean Freight is quick hit money doubler, or a bankruptcy waiting to happen.

[Vllad]

I am wondering if Ocean Freight is quick hit money doubler, or a bankruptcy waiting to happen.

It could go either way. With the big ocean carriers dropping their infrastructure it does open up opportunities in the domestic US.

Then again ocean carriers have been loosing money like rain from a thunderstorm this year. Ocean rates have a hard time staying with capacity.


Vllad

[Jakensama]

Sorry I completely missed this when you postedd t last month.

I don't know their financial situation since they are bigger vsls than I am used to but I am familiar with the shop.. Problem is those capesize vessels they have are rapidly becoming worthless as the sectors severely overtonnaged (daily rates dropped from 20k to 4k within a couple months) so I would be cautious.

[Vanraw]

Sorry I completely missed this when you postedd t last month.

I don't know their financial situation since they are bigger vsls than I am used to but I am familiar with the shop.. Problem is those capesize vessels they have are rapidly becoming worthless as the sectors severely overtonnaged (daily rates dropped from 20k to 4k within a couple months) so I would be cautious.

last month?? ast year!!

I never did anything with it. I sided with the vision of bankruptcy.... Just seemed to risky to me.

Who the hell is steveanderson and why did he bump a 13 month old thread....

[Slamz]

I just deleted him. I was able to reduce spam registrations by like 90% by switching to a different style of bot detection but sometimes they still get in.