# Bulker for sale for $1



## IMRCSparks (Oct 1, 2007)

Looks like there may be a few bargains to be had over the coming months!

http://www.theguardian.com/business...dweight-tonne-bulk-carrier-one-previous-owner


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## trotterdotpom (Apr 29, 2005)

Those shareholders are very generous, agreeing to give the company assets away to family members of the company' head honchos. Beware of Greeks giving gifts to each other.

John T


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## Coastie (Aug 24, 2005)

Hmm, it would make a good Pirate Radio Ship I suppose! ;-)

What is $1 these days? 50p?


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## tunatownshipwreck (Nov 9, 2005)

What if SN had a go at it?


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## chadburn (Jun 2, 2008)

Just a dividing up of the assets amongst the family members who set up the Company in the first place, no cash dividends available just buy a vessel for a token amount to do with what you want.


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## trotterdotpom (Apr 29, 2005)

I got the impression from the article that the company was publicly listed and 60% owned by the family. I suppose the schmucks who bought the other 40% were just in awe of the family's gonads and thought they deserved a few free bulk carriers.

John T


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## chadburn (Jun 2, 2008)

Not free John, the amount of $1 is very important in a situation like this. The also ran(s) will benefit from the sale of the remaining two, that's if they can sell them otherwise it is scrap price.


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## expats (Mar 9, 2013)

*Starting your own Shipping line*

Guardian today....*"Yours for $1: 58,429 deadweight tonne bulk carrier, one previous owner"*

_'Goldenport', one of the last shipping companies left on the London Stock Exchange, has delisted from the market and sold off six of its remaining eight vessels for $1 (69p) each._


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## Erimus (Feb 20, 2012)

You heard about the man who made a small fortune in shipping?
He started with a large one!

Geoff


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## tiachapman (Mar 25, 2008)

*fancy becoming a shipowner*

http://www.theguardian.com/business...dweight-tonne-bulk-carrier-one-previous-owner


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## hawkey01 (Mar 15, 2006)

Well, reckon we could crew it OK. Wonder what the outstanding debts are on her or them. Probably more than my pension! 
Must be huge if only selling for a $1.

Hawkey01


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## Naytikos (Oct 20, 2008)

Typical Guardian mis-use of the English languge:
"...one of the last shipping companies......"

What exactly does that mean?
One of the _few_, perhaps?
even _few remaining_
or _last remaining_

can't expect any better from that newspaper, I suppose.

Beware of publically listed shipping companies in general; I have been bitten that way myself.

A certain Norwegian floated his company on the LSE, the shares did well until he decided he wanted to de-list and take the company back into his personal ownership. The machinations used to achieve his aim meant that ordinary shareholders lost most of their investment.

Moral: never buy shares in any company where the founding family still retains a substantial interest.


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