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Out with the Tide(water).
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Ahoy mates, May you find true and lasting happiness! Yesterday we sold our position in Tidewater Inc. (TDW) for about a two and a half percent loss. We sold it simply because the company didn't fit in well with the rest of Crow's Nest. Tidewater is basically a oil service company while all the other companies in the portfolio are trans-ocean shippers of cargo. Tidewater is a great company with strong fundamentals. Tidewater had by far the largest fleet (454) and market cap (3.7B) of any company in Crow's Nest. Now that it's a memory, our largest company is Aktieselskabet Dampskibsselskabet Torm (TRDM) (2.7B) closely followed by DryShips, Inc. (DRYS) (2.6B). Eight companies have market caps from 1B to 1.9B. The remaining 3 have market caps less than 1B, the smallest being Euroseas, Ltd. (ESEA) (263M). We've shifted around some of the allocations. A higher percentage will be going to Dryships and Excel Maritime Carriers, Ltd. (EXM), less to Euroseas and Torm. The shifts were made based on fundamentals and giving more share to dry bulkers as opposed to tankers, gas carriers, and container ships. We believe dry bulk rates will continue to be extremely strong and that that sector will continue to beat the others. The importance of shipping to world trade cannot be overstated. A very small percentage of the world's merchant ships are owned by publicly traded companies. These companies should do well for at least the next few years and we expect to profit handsomely from them.
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