Why do you prefer GLNG? They have the most exposure to the spot market as their newbuilds deliver this year without contracts. I have there being around 30 ships/year being delivered in '14 and '15 and only total incremental demand for ~15 ships each year (with these weighted towards the back end of '15. To me, it seems like dayrates and utilizations have to keep coming down. i personally prefer the names with better contract coverage (eg, glog)
What do you think normalized dayrates should be? At 75-80k and 70% LTV, you can earn a low-mid teens roe, which seems fair to me