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Viking Raid


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The first book did its job. I intend to stay far away from this industry.


What in particular keeps you away?  Capex needs, debt?




1) High levels of capex many years out which means that you could get a supply of new ships at times when you may not need them anymore. This can devastate an industry for quite some time


2) With dry-bulk, you're looking at the ultimate commodity type situation. Absolutely no pricing power most of the time


3) Generally very high levels of debt


If things got cheap enough, I would take a look. But I wouldn't be able to get comfortable with the lack of recurring earnings combined with the high levels of debt.


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