I am invested in industries with very poor outlook:
(1) BAZAN - Israeli REfineries. The worldwide refining business is experiencing great difficulties – and some say there is no relief in sight. THE FOUR-YEAR run of strong profitability in refining, which started in early 2004 and ran out of drive last year, has turned into a decisive slump. Escalating consumption of oil products in the largest markets worldwide has reversed into a decline, just at the time when a large volume of new refining capacity has been starting up.
Refining economics follow the classic pattern for capital-intensive manufacturing, in which fixed costs are high, but marginal costs – the costs of processing additional barrels – are low. Accordingly, a decline in utilisation rates brings an increase in overall per-barrel costs. Europe has a large refining overcapacity and most of its refineries are on sale. BAZAN lost 50% of its worth since I bought it.
(2) ZIM - Shipping. ZIM is a highly leveraged operation, with many ships ordered and debts. REcently it announced it cannot pay its debts and demanded a resheduling. In fact, it is broke.
(3) Nechasim - REal Estate in London, Las Vegas, Miami. I dont know.
4 comments:
Europe's overcapacity might explain why Europe exports gasoline to the US during the driving season. I think I remembered that fact right.
Related but there is a technology called gas-to-liquid that is used to convert natural gas to diesel fuel. GTL would allow Israel to use its NG supplies for domestic fuel purposes.
Oops!
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