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    Charles 'Poe' Fratt

    Research Analyst at AGP

    C.K. 'Poe' Fratt is a Managing Director, Equity Research, and Senior Transportation Analyst at Alliance Global Partners, specializing in the transportation sector with a focus on logistics, marine shipping, and surface transportation. He covers a range of public logistics and shipping companies and has a track record of recognized stock picking, earning top distinctions in the Wall Street Journal 'Best on the Street' surveys for 2005 and 2006. With over 30 years of investment research experience, his career spans buy- and sell-side roles at firms such as Noble Capital Markets, D.A. Davidson, A.G. Edwards (where he served as Senior Oilfield Service Analyst), BT Alex. Brown, Smith Barney, Loews Corporation, Stifel Nicolaus, and Lehman Brothers before joining AGP in 2022. Fratt holds a history degree from Stanford University, an MBA from Cornell University, and is FINRA registered, providing professional investment advice and broad portfolio management services for both individuals and businesses.

    Charles 'Poe' Fratt's questions to Pangaea Logistics Solutions (PANL) leadership

    Charles 'Poe' Fratt's questions to Pangaea Logistics Solutions (PANL) leadership • Q1 2025

    Question

    Charles 'Poe' Fratt of AGP questioned the rationale for the dividend cut, the implementation details of the new share buyback, and the potential for increased ownership concentration. He also asked for Q2 guidance details, progress on operational synergies, and the expected financial impact from terminal expansions.

    Answer

    CEO Mark Filanowski stated the dividend change reflects a flexible approach to capital returns, now including buybacks, and noted the largest shareholder has a 30% ownership cap. CFO Gianni Del Signore provided Q2 bookings and charter-in cost details, adding that the terminal expansion's financial impact will be minimal in 2025 but significant in 2026. COO Mads Petersen highlighted that operational synergies are primarily commercial, focused on growing the top-line by integrating the Handy fleet into existing trade routes.

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    Charles 'Poe' Fratt's questions to Pangaea Logistics Solutions (PANL) leadership • Q4 2024

    Question

    Charles 'Poe' Fratt inquired about capital allocation priorities between fleet renewal and debt reduction, the company's current view on asset values, and the expected G&A run rate and fleet size post-acquisition. He later followed up on the growth potential of the stevedoring business and the integration progress of the SSI fleet.

    Answer

    CEO Mark Filanowski stated that after the large SSI acquisition, the company is cautious about buying more vessels until asset prices decline, and will focus on selling some older ships. CFO Gianni DelSignore and an unnamed executive detailed the manageable debt structure, with Gianni projecting a modest $1-2 million full-year incremental G&A increase. COO Mads Petersen confirmed the operating fleet is around 60 vessels. Regarding follow-ups, Mark Filanowski described the SSI integration as 'all positive' and noted the stevedoring business is growing steadily, with its value also reflected in higher TCE premiums.

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    Charles 'Poe' Fratt's questions to Vitesse Energy (VTS) leadership

    Charles 'Poe' Fratt's questions to Vitesse Energy (VTS) leadership • Q1 2025

    Question

    Charles 'Poe' Fratt from Alliance Global Partners asked for clarification on the acquisition budget within the revised $80-$110 million CapEx guidance. He also questioned if 'chunky' acquisition opportunities were still prevalent and requested a G&A expense forecast for the remainder of the year.

    Answer

    Executive Ben Messier explained the wide CapEx range includes a base case of $10 million for acquisitions but provides flexibility to spend up to $30 million on attractive opportunities. Chairman and CEO Robert Gerrity confirmed it is 'chunky time' for M&A and that Vitesse is actively looking for larger deals similar to the Lucero transaction. CFO James Henderson projected G&A to run around $4 per BOE for the rest of the year, noting that Q1 G&A was elevated by $1.6 million in litigation costs that will continue into Q2.

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    Charles 'Poe' Fratt's questions to KNOT Offshore Partners (KNOP) leadership

    Charles 'Poe' Fratt's questions to KNOT Offshore Partners (KNOP) leadership • Q3 2024

    Question

    Charles 'Poe' Fratt asked about the appropriate run-rate for operating expenses, the expected insurance recovery amount, the timeline for renewing revolving credit facilities, and the magnitude of rate improvement on recent charters.

    Answer

    CEO & CFO Derek Lowe suggested the Q3 operating expense level is a reasonable guide for Q4. He confirmed an insurance recovery is expected in Q4 but did not quantify the amount. He outlined that discussions to renew the revolvers would occur in the first half of the next year, with news likely shared in subsequent earnings releases. He declined to quantify specific rate improvements.

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