![]() ![]() One of the qualitative aspects/values of Marine Money is that it gives investors a great chance to gauge industry sentiment. Sentiment Meter: Midcycle to Slightly Higher ![]() If you didn't attend this year, but are considering it in the future, I encourage you to reach out to a few VIE members who did attend and ask for their honest opinion on the value and/or takeaways of their own. I believe Marine Money is arguably the best shipping conference in the world, and it is by-far the best shipping conference in the United States. We have members from all over the world with diverse backgrounds and it was an honor to meet everyone! This was my fourth in-person Marine Money Week (20 were cancelled due to COVID), and this was the best one by far! Not so much because of the exact agenda (although the agenda was great), but this one was the best due to the level of corporate access, quality of meetings/discussions, and the ability to meet nearly 20 VIE members throughout the week. I hope to see you next year! High Level Review and Takeaways I am sharing these notes with the public audience since I know the majority of readers on Seeking Alpha were unable to attend this year. Obviously there is a lot of qualitative things (nothing financially material of course!) which are said in confidence and cannot be easily picked up in virtual interactions or by reading filings or news articles.įinally, please keep in mind that these update notes are just my/our personal impressions and should NOT be construed as direct quotes or any sort of investment or trading advice. fair value estimates, management ratings, model portfolio picks), but are not explicitly stated as a matter of professionalism. Also keep in mind that there are a lot of impressions and discussions which will absolutely factor into the outputs of our research (e.g. ![]() how bullish is the sentiment, do companies seem overly promotional, can we trust projections, what do firms say about each other, etc.). Marine Money Week is easily the most busy, yet fruitful, week of the year, but it is important to stress the qualitative nature of a lot of these interactions (i.e. Climent Molins and/or I met with virtually every firm at the conference including a few private firms (such as Atlas Corp and Seapeak) to garner more overall market impressions and commentary. This was Michael Boyd's first Marine Money as well and he was able to meaningfully add to the discussion in a few selective energy/shipping overlap meetings such as with International Seaways ( INSW ) and Navigator Holdings ( NVGS ). It was a super busy week, but also incredibly enjoyable to meet so many Value Investor's Edge members, and the conference was also very fruitful for the qualitative side of our investment research. Maskot/DigitalVision via Getty Images Notes from Marine Money 2023 ![]()
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