Freshly Minted – July 22, 1999

DÉJÀ VU?

“It may shock some of you to learn that if freight rates were to continue indefinitely at this low level, it would seem more remunerative to sell our ships and invest the proceeds in the oil companies”

–Basil M. Mavroleon, Chairman, London & Overseas Freighters, Address to Shareholders, June 1956 HIGH YIELD

GLOBAL ROADTRIP

A busy week in Greece for Global Ocean, its financial advisor Chase Securities and the due diligence team of AMA/Chanin for the bondholders. Both sides report development of an open and professional dialogue. Global has been through the due diligence process several times during its run with the public markets, but always in the process of new business. As a public company therefore it was well capable of responding effectively to the sharper investigations and questions associated with a reorganization. Global Ocean bondholders might be encouraged to see that the market for containerships is picking up according to Commonwealth, Clarksons and Howe Robinson.

ALPHA SHIPPING

It appears as though Alpha Shipping has successfully concluded its restructuring and that George has returned $67.75 million (37 cents) to CSFB and other bondholders. With a cost basis of around 25, it looks as though CSFB cleared about $18 million in 6 months.

This is only an excerpt of Freshly Minted – July 22, 1999

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