All in a day's work

This company has been on my list for the longest of time and 'm not going to give it up yet for other companies despite it's drop from $0.50+.

Here, I'm not going to have a story telling session on this company but just something short and sweet for sharing purposes on TA since it's really been some time since I last posted.

As seen from the charts, downtrend is still intact although it broke out from it's first trend but still, it's within the bigger trend. Not a good sign yet.

However, there is one thing that is worth of note. Courage Marine is currently heading to it's latest low of $0.11. Could that be a time to buy, personally yes. But then again, the economic conditions is definitely not recovering in the mean time and could in fact, worsen. The earnings of this company is dependent on the BDI, a future economic indicator, which may not be heading north in the coming days/weeks. Another point worth pointing out is the increased selling volume experienced in the last 3 days, definitely not something encouraging.

Technicals aside, this company has yet been through a major economic crisis since it's founding in June 2001. So this is the time to observe if this company has the right personnel to bring the company into a better era. So unless everything starts to show signs of settling, and my dear company manage to survive, I will definitely buy in.

For 3Q2008, CM has managed to nett a US$38.9m profit, a flattish profit as the management puts it, considering the oil rices and all the nonsense in recent months, personally it is not all bad. This is due to the tight financial controls by the management, credit to them. Another point which I like about CM is the $0 debt and all it's net assets are backed by cold hard cash, which the mangement can utilise to increase gearing to avoid cashflow issues.

Lastly, something interesting to point out is that in current times, CM has signed an agreement to buy one additional vessel.

I've yet to drill the report partly because I'm still waiting for the full FY08 AR where it will be clearer the impact the economic conditions has on CM.

Till then........ Cheers