Teekay Corp

In Week 28, analysts made no target price revisions or recommendation changes for crude tanker companies.

Refinery margins have fallen throughout most of the world. US Gulf refinery margins for WTI crude lost more than $2 compared to last month’s level.

While the VLCC data is positive, the picture for the crude tanker business remains mixed. This could portray a short-to-medium-term negative outlook.

For the third quarter of 2014, the charter hire expense increased $1.1 million to $32.9 million, from $31.9 million in the year ago quarter.

In June 2017, Morgan Stanley upgraded GasLog (GLOG) to “overweight” from “equal weight.”

Continued from Part 3 The importance of capacity Capacity, in a commoditized industry like shipping, is an important metric that directly impacts companies’ top line, or revenue performance. When capacity grows faster than demand, competition will rise among individual shipping firms as they try to use idle ships and cover fixed costs. This will lower day […]

The Nikkei India Manufacturing PMI for April 2017 matched its reading for the previous month.

Newbuild VLCC (very large crude carrier) prices rose in May 2017, and this is the first time we’ve seen a rise in prices this year.

JAT Capital sold its position in SanDisk Corporation (SNDK) in 4Q14. The position had represented 1.2% of the fund’s third-quarter portfolio.

Semiconductor manufacturing is complex and involves design, fabrication, assembly, and testing. Building a fab requires investments of $3–4 billion.

Industry analysts suggest that investors should avoid Frontline because of the bankruptcy risk. Currently, the company is facing bankruptcy. This is led by the $190 million bond that’s due in April 2015.

In week 39, the week ending September 29, the BDTI rose to 776 from 772. In week 38, the index rose by 28 points. It rose for the fifth consecutive week.

In September 2016, HP (HPQ) announced its intention to acquire Samsung’s (SSNLF) Printing business for $1.1 billion.

The market share for 3D NAND is expected to reach 20% in 2015, and this technology is expected to account for the majority of total flash shipments by 2017.

With faster deliveries and employment of vessels, secondhand vessels tend to reflect industry participants’ expectations for medium-term fundamentals.

Since secondhand vessels can be delivered within a few months, they tend to reflect industry participants’ expectations for medium-term fundamentals and rates, unlike newbuilds, for which two years of delivery time is mandatory.

Weekly vessel values have been on the rise, with positive week-over-week and significant year-over-year growth.

Broadcom (AVGO) failed to crack the technology industry’s biggest acquisition of Qualcomm for $117 billion due to intervention by President Trump.

On March 22, 2018, the average bunker fuel price was $423 per ton—compared to $413 per ton on March 15.

On December 21, 2017, Euronav (EURN) and Gener8 Maritime Partners (GNRT) announced a stock-for-stock merger.

Euronav had a liquidity of $754 million at the end of the fourth quarter. Euronav has been working to strengthen its liquidity position.

At the end of fiscal 1Q18, 3D NAND accounted for 80% of Micron’s total NAND output. The company expects to increase this mix to 95% by the end of fiscal 2018.

China (FXI) released key economic data for December 2017—import and export data, auto sales data, and the manufacturing index.

Micron expects the SSD (solid-state drive) attach rate to increase to ~50% in 2018 and 75% in 2020.

According to Statista, HDD (hard disk drive) shipments are expected to fall 7% YoY (year-over-year) in 2017 to 395 million units from 425 million units in 2016.

Micron expects the NAND industry supply to grow 30%–40%, with its NAND supply expected to grow at the higher end of the industry supply range.

Taiwanese manufacturer, Hon Hai Precision Industry, also known as Foxconn, is expected to be a major beneficiary of the iPhone 8 super-cycle.

Broadcom (AVGO) is bidding for Toshiba’s (TOSBF) NAND (negative-AND) Flash business in order to expand in the network storage market.

Newbuild vessel prices fell in March 2017. We saw in our last month’s series that newbuild vessel prices also fell in February.

According to the Weber Weekly Report, VLCC rates on the benchmark route rose from $32,439 per day on April 13, 2017, to $38,884 per day on April 21, 2017.

Micron Technology’s chief financial officer, Ernie Maddock, stated that a company transitioning to 3D NAND would see negative bit growth in the first half as it puts planar capacity offline.

Micron Technology (MU) plans to spend ~$1.8 billion in capex on ramping up the 64-tier 3D NAND and developing the third-generation 3D NAND.

Cypress Semiconductor (CY) is becoming a complete embedded solutions provider.

Nordic American Tankers has a long history of paying dividends—77 consecutive quarters to date. It declared a cash dividend of $0.26 per share on October 27.

The BDTI (Baltic Dirty Tanker Index) stood at 554 on September 12, 2016. For the week ended September 9 (Week 36), the BDTI rose to 542 from 516 at the beginning of the week.

Let’s dig into the cause of Marvell’s accounting issues, see how one thing led to another, and look at how its new management plans to untangle the chaos.

Micron is moving a step further and developing 3D NAND Generation 2 technology. It expects to bring this into production in fiscal 2Q17.

Nordic American Tankers’ (NAT) dividend yield has ranged from 6.3%–10.36% in the past four quarters. NAT had a dividend yield of 14.17% as of February 11, 2016, one of the highest dividend yields in the industry.

Market estimates from Bloomberg suggest that China’s crude oil imports in 2016 may rise by 8% to 7.2 MMbpd (million barrels per day).

Toshiba is looking to start an evaluation system for the CEO and president of the company, in which 120 senior managers will hold a vote of confidence in January 2016.

Micron controls costs by developing a manufacturing base in countries where manufacturing costs are low, but it manufactures most of its chips in the US.

Micron expanded its product portfolio from 64-kilobit DRAM chips in 1980 to NAND Flash Memory devices in 2004, to SSDs in 2007, to NOR Flash Memory in 2011.

On July 1, the Baltic Dirty Tanker Index was at 952 points, the highest in July. Then the index took a free fall and hit 752 points on July 31 and 673 on August 12.

Vessel operating expenses mainly include crewing, repair and maintenance, and insurance expense, but not fuel cost (DBO).

Five-year VLCC prices in February increased to $80.9 million from $80.7 million in January. Ten-year VLCC prices fell to $52.2 million from $52.8 million.

Whether more proposals will get approval and more liquefaction capacity will come online will depend on the economic feasibility of the liquefaction plants.

While there are a few different types of LNG vessels, the two dominant containment systems, Moss (nicknamed “dinosaur egg”) and Membrane systems are employed today.

Global energy demand will continue to increase, driven by population growth and improved standards of living. At the same time, emphasis on sustainability becomes more critical.