Updates

Baltic Oil

June 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

At the AGM, Baltic confirmed that all constituent parts are trading profitably, with the former bugbear, the Kaliningrad operations, stabilised and â€œclose to a resolution of remaining issuesâ€ (read: replacing its Russian jv partners). Elsewhere, the key cash generator, Petro Broker's two fuel oil tanks at Europort in Holland, are fully let and hire rates are improving. Dan-Balt, which operates a tank in Holland, has now made the switch to transshipment. To improve potential throughput Baltic is replacing some of the pumps at a cost of Eu1.2m. This is being funded by a placing of 7.3m new shares at 13p.Based on Westhouse's forecast of 4.7p eps, the shares trade on a prospective PE of 2.5, versus PEs in the mid-teens for European ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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