Short attack? Led by Morgan Stanley.
It kind of feels that way...
If anyone has access to the report can you please post it or send it to me?
Supposedly the report mentions that SSW will have cumulative red ink over the next few years. I can't figure any way to arrive at that conclusion unless they assume newbuilds meant for Hanjin will be idle. These are the only containership sizes with positive supply/demand trends. Everything is based on these newbuild charter rates, which I'm becoming more bullish on since reading about China/Korean state-sponsored companies getting direct and implicit backing. China/Korea seem to be self-incentivized to support the shippers, which would protect SSW from insolvency. Their state-sponsored companies have so much more to lose than SSW. I like the incentives backing SSW's bull case.
Without knowing the details, I think MS is being overly conservative to the point of unrealistic. SSW actually looks really cheap as a distressed debt-like position. I see nearly 10%+ CAGR as a conservative outcome.