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I'm beginning to wonder if the self-appointed guru's such as at
Bloomberg and of Jim-Cramer ilk - are angry at the tanker companies for some god unknown reason. They've been slamming them on their entire rise up.
Bloomberg's latest article presents a glut of very true facts. To paint a very incorrect picture. There is a glut of tankers, more tankers than can be sold, or carry cargo profitably. For many companies. FRO, SFL, and GMR have not been suffering as much from this problem. They've made sure their tankers are convertible, and don't rely on oil alone for cargo.
There are hundreds of other companies that have been, but it seems they wish to throw FRO, SFL and GMR out with the trash (much as happened to NLY during the mortgage blues this summer). Jim Cramer has been slamming FRO on it's entire climb up to $50.00 - nay-say'ing the entire way.
FRO has a P/E right now of 5.
Yeah . . . FIVE.
Good lord, they have a consistent history of paying $6.00 annual dividends. If they manage to drive this stock down with the other trash - I won't be pleased. But I can guarantee, that as long as FRO is paying me this dividend for all my shares - I will continue to accumulate.
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