Marine


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. Kirby Corporation KEX5135675356136757969841,1731,3601,0821,1101,8502,1132,2422,5662,1481,7712,2142,9712,838
2. Matson, Inc MATX1,0501,0521,0811,2331,4941,6021,6071,6811,8971,4051,6451,7221,5601,6371,7141,8851,9422,0472,2232,203
3. Star Bulk Carriers Corp SBLK003.632391421211078670147234222332652821
4. Golden Ocean Group Limited GOGL7662407513696266704877350379316227276246190258460656706
5. Algoma Central Corporation AGMJF190186184215266438471582566494538571565463433413391453508568
6. Navios Maritime Holdings Inc NM1802792352067581,246599680689616512569497442487534499
7. Costamare Inc CMRE426400353382386414484490468412380478
8. Danaos Corporation DAC208241246259299320360468589588552568498452459447
9. Pangaea Logistics Solutions, Ltd PANL6183147191191199336247412
10. Genco Shipping & Trading Limited GNK0117133185405380449392226227221154136210368390
11. Grindrod Shipping Holdings Ltd GRIN434372410319331
12. Eagle Bulk Shipping Inc EGLE59110132195203278313191202161104124237310292
13. Global Ship Lease, Inc GSL0097149159156153143139165167159157261
14. Scorpio Bulkers Inc SALT0496378162243225
15. Diana Shipping Inc DSX11.942564103116190337239275257223164176158114162226221
16. Navios Maritime Partners L.P NMM9.2332507593143187205198226224191212231219
17. Safe Bulkers, Inc SB99172208168160172188192160127110148193198
18. Navios Maritime Containers L.P NMCI39134142
19. Seanergy Maritime Holdings Corp SHIP0034889610456232.0111.2235759287
20. Euroseas Ltd ESEA464542861326654645541433828433440
21. Pyxis Tankers Inc PXS22283331302828
22. EuroDry Ltd EDRY7.8819.162527
23. Globus Maritime Limited GLBS9953293632292612.729.0214.4217.3515.62
24. FreeSeas Inc FREEF11.73206758583014.266.073.772.30.510
25. Winland Ocean Shipping Corp WLOLQ84505961
26. Britannia Bulk Holdings Inc BBLKF42185192568
27. Box Ships Inc TEUFF396770504417.5
28. Ultrapetrol (Bahamas) Limited ULTRF95125173222304221230304313411364347


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. Kirby Corporation KEX1.111.110.941.151.11.181.241.191.160.81.031.671.141.061.140.840.821.251.340.96
2. Matson, Inc MATX111.031.141.211.0711.051.130.741.171.050.911.051.051.11.031.051.090.99
3. Star Bulk Carriers Corp SBLKNANNANINF65.750.60.850.880.80.812.111.590.951.491.961.26
4. Golden Ocean Group Limited GOGL0.810.810.651.871.80.712.782.651.250.41.080.840.721.220.890.771.361.781.431.08
5. Algoma Central Corporation AGMJF0.980.980.991.171.231.651.071.240.970.871.091.060.990.820.940.950.951.161.121.12
6. Navios Maritime Holdings Inc NM1.551.550.840.883.681.640.481.141.010.890.831.110.870.891.11.10.94
7. Costamare Inc CMRE0.940.940.881.081.011.071.171.010.950.880.921.26
8. Danaos Corporation DAC1.161.161.021.051.151.071.131.31.2610.941.030.880.911.020.97
9. Pangaea Logistics Solutions, Ltd PANL1.361.361.761.311.041.690.741.67
10. Genco Shipping & Trading Limited GNKINFINF1.141.392.190.941.180.870.5810.970.70.881.551.751.06
11. Grindrod Shipping Holdings Ltd GRIN0.860.861.10.781.04
12. Eagle Bulk Shipping Inc EGLE1.871.871.191.481.041.381.130.611.060.80.641.21.91.310.94
13. Global Ship Lease, Inc GSLNANNANINF1.531.070.980.980.930.971.191.010.950.991.66
14. Scorpio Bulkers Inc SALTINFINF1.281.252.071.50.93
15. Diana Shipping Inc DSX2.122.122.531.621.131.641.770.711.150.930.870.741.070.90.721.421.40.98
16. Navios Maritime Partners L.P NMM3.423.421.61.491.231.551.311.10.961.140.990.851.111.090.95
17. Safe Bulkers, Inc SB1.741.741.210.810.951.081.091.020.830.80.861.351.311.02
18. Navios Maritime Containers L.P NMCI3.423.421.06
19. Seanergy Maritime Holdings Corp SHIPNANNANINF2.551.091.090.530.410.095.583.092.161.220.95
20. Euroseas Ltd ESEA0.970.970.952.041.540.50.821.180.860.741.040.880.751.510.81.16
21. Pyxis Tankers Inc PXS1.261.261.190.930.970.950.98
22. EuroDry Ltd EDRY2.432.431.281.11
23. Globus Maritime Limited GLBS0.540.540.551.230.910.910.90.480.711.61.20.9
24. FreeSeas Inc FREEF1.721.723.310.8610.510.480.430.620.610.220
25. Winland Ocean Shipping Corp WLOLQ0.60.61.181.03
26. Britannia Bulk Holdings Inc BBLKF4.384.381.042.97
27. Box Ships Inc TEUFF1.721.721.040.710.880.4
28. Ultrapetrol (Bahamas) Limited ULTRF1.321.321.381.281.370.731.041.321.031.310.880.96