Who Lost the Least

By Jim Lawrence

In the category of Total Return to Shareholders, “Who Lost the Least” is a very apt title for 2008. TRS results are simply bloody. After 4 straight years of beating the S&P 500 shipping shares plunged posting results that are far worse than the S&P 500’s worst annual loss since an earlier version of the index loss in the 1931. In fact only three companies in our shipping universe managed a positive TRS.

This in a year of extraordinary results.

It is completely appropriate to acknowledge and applaud the fine returns of International Shipholding Group, Nordic American Tankers and Alexander and Baldwin – a thinly traded takeover target, a low debt/high dividend tanker company and a conglomerate with real estate, commodities and protected US Flag shipping. But more about their achievement later.

This is only an excerpt of Who Lost the Least

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