Case Study: Oceanfreight (OCNFD)

Continuing with my discussion on the dry bulk shipping industry, here is a case study on the example of Oceanfreight (OCNFD) which Dry Ships (DRYS) agreed to purchase.


From an earnings point-of-view, OCNFD was not that strong of a company as BALT and PRGN.  But, with that said this gives a benchmark on what the market is willing to pay for these guys if they fall on themselves.  Also, it is instructive for calibrating ones margin of safety or expected return threshold.