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C.K. Poe Fratt

Research Analyst at Alliance Global Partners

C.K. Poe Fratt is Managing Director, Equity Research, and Senior Transportation Analyst at Alliance Global Partners, specializing in transportation, logistics, marine shipping, and surface transportation. He covers specific companies including Great Lakes Dredge & Dock, EuroDry Ltd, Canoo, and KNOT Offshore Partners, with an average stock price target met ratio of about 63% and a documented best recommendation showing over 10% profit in five days. Fratt's career spans more than 30 years, with prior roles at Noble Capital Markets, D.A. Davidson, A.G. Edwards, and major firms like BT Alex. Brown and Lehman Brothers, plus recognition as a top stock picker by the Wall Street Journal. He holds a history degree from Stanford University, an MBA from Cornell University, and industry-relevant securities licenses and registrations.

C.K. Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership

C.K. Poe Fratt's questions to TSAKOS ENERGY NAVIGATION (TEN) leadership • Q2 2025

Question

C.K. Poe Fratt inquired about Tsakos Energy Navigation's strategic decision to order new VLCCs versus acquiring existing assets, the status of the VLCC options and future chartering plans, the outlook for the second-half dividend, potential company restructuring or splitting, and the expected direction of OpEx and G&A for the second half of the year.

Answer

Nikolas P. Tsakos, Founder and CEO of Tsakos Energy Navigation, explained that the strong second-hand market made acquisitions pricey, favoring new, environmentally friendly builds from first-class Korean yards to maintain lower operating expenses and address a lagging VLCC portfolio segment. He confirmed exercising one VLCC option with an additional option secured, noting the hot VLCC market and plans to renew existing VL charters with increased base rates and profit-sharing, while new build charters are still early. Regarding dividends, Mr. Tsakos indicated it's early but expects a healthy market to support a healthy dividend. He clarified that the company is not restructuring but is exploring ideas, possibly within the next eight quarters, to create a separate vehicle for specialized vessels to enhance shareholder value, with Tsakos Energy Navigation remaining the major shareholder. For OpEx and G&A, Mr. Tsakos stated that despite inflation, hands-on management and tight controls aim to maintain competitive operating expenses, currently under $10,000 per day for the diversified fleet.

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C.K. Poe Fratt's questions to EHLB leadership

C.K. Poe Fratt's questions to EHLB leadership • Q2 2025

Question

C.K. Poe Fratt from Alliance Global Partners asked about the competitive environment for acquiring modern MR tankers and whether Euroholdings had made any bids. He also inquired about the company's long-term target fleet size and the expected timing and terms for the next charter of the vessel GM Express.

Answer

Chairman & CEO Aristides Pittas stated that the product carrier market is less crowded than other shipping segments, and while the company is actively inspecting vessels, no deals have been finalized. He affirmed the goal is for substantial and rapid growth. Regarding the GM Express, Mr. Pittas anticipates it will be re-chartered before the next quarterly call for a 12-to-24-month term at a rate higher than its current one.

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C.K. Poe Fratt's questions to Drilling Tools International (DTI) leadership

C.K. Poe Fratt's questions to Drilling Tools International (DTI) leadership • Q2 2025

Question

C.K. Poe Fratt asked for an update on margin trends halfway through the third quarter and sought more detail on the current M&A environment, including the types of opportunities DTI is seeing.

Answer

CFO David Johnson reiterated that margin compression is anticipated in Q3 and Q4 and is factored into the company's forecast, but declined to provide intra-quarter guidance. President, CEO & Director Wayne Prajon commented on M&A, stating that DTI continues to have meaningful dialogue with potential targets and is actively pursuing good bolt-on and synergistic candidates despite a potentially strained bid-ask spread in the current market.

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C.K. Poe Fratt's questions to EuroDry (EDRY) leadership

C.K. Poe Fratt's questions to EuroDry (EDRY) leadership • Q2 2025

Question

C.K. Poe Fratt from Alliance Global Partners asked for details on the newbuild vessel program, including the schedule for progress payments and the requirements for securing pre-delivery financing.

Answer

CFO Anastasios Aslidis outlined the newbuild payment schedule, with installments due in late 2025, 2026, and 2027. He confirmed that the company can secure pre-delivery financing from banks for these installments without needing to have a time charter already in place for the vessels.

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C.K. Poe Fratt's questions to EuroDry (EDRY) leadership • Q1 2025

Question

C.K. Poe Fratt of Alliance Global Partners questioned the payment schedule for the newbuild program for the rest of 2025 and 2026, and asked for the reasons behind the lack of share buyback activity in the first quarter.

Answer

CFO Anastasios Aslidis detailed the newbuild payment schedule, noting a potential $7.2 million payment in Q4 2025, followed by approximately $14.4 million in 2026. Chairman & CEO Aristides Pittas attributed the pause in share repurchases to very limited stock liquidity and a market that was improving through March. He suggested that with the market dropping again in May, buybacks could resume if liquidity allows.

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C.K. Poe Fratt's questions to Pangaea Logistics Solutions (PANL) leadership

C.K. Poe Fratt's questions to Pangaea Logistics Solutions (PANL) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners inquired about the specific asset held for sale on the balance sheet, the company's view on the Sale and Purchase (S&P) market for vessels, details on trade routes experiencing deferrals due to macro uncertainty, and the strategy for the Port Logistics business, specifically regarding organic growth versus potential acquisitions.

Answer

CEO Mark Filanowski identified the asset for sale as the Strategic Endeavor, an older and smaller vessel from a recent acquisition. COO Mads Petersen elaborated that the sale was timed with a pending special survey and that the company is not rushing to acquire a replacement due to current macro uncertainty and asset values. Regarding trade routes, Filanowski mentioned temporary pauses in Far East to U.S. movements due to tariff concerns, which have since resumed, noting that such inefficiencies can create opportunities. He also affirmed that the Port Logistics strategy remains focused on organic growth through leases and licenses, integrating with their core shipping operations rather than pursuing large, capital-intensive terminal acquisitions.

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C.K. Poe Fratt's questions to GENCO SHIPPING & TRADING (GNK) leadership

C.K. Poe Fratt's questions to GENCO SHIPPING & TRADING (GNK) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners asked for clarification on Genco's strategy for its stock buyback program and requested commentary on a new significant shareholder.

Answer

President, CEO & Director John Wobensmith explained that the stock buyback program is viewed as supplemental to dividends, the primary method of capital return. He stated that no shares were repurchased in the last quarter as market conditions did not warrant it, but the program remains available for periods of downward volatility. Regarding the new shareholder, Wobensmith declined to comment on specific investor discussions but referred to the shareholder's public statements indicating a passive investment.

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C.K. Poe Fratt's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership

C.K. Poe Fratt's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners inquired about the timing for non-PROFRAC PowerTech revenue to impact results, the potential revenue scale per new customer, expected revenue from the custody transfer business, and an updated outlook for the chemistry segment.

Answer

CEO Ryan Ezell stated that non-PROFRAC revenue will begin in Q3 2025 and accelerate into 2026. CFO Bond Clement added that while it's too early to quantify economics for new smart skids, they could be financially meaningful. For the chemistry business, Ezell anticipates near-term softness in commodity chemicals but expects continued growth in proprietary technologies like complex nanofluids.

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C.K. Poe Fratt's questions to Vitesse Energy (VTS) leadership

C.K. Poe Fratt's questions to Vitesse Energy (VTS) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners asked about the probability of hitting the low end of the 2025 production guidance. He also inquired about the cost structure, specifically the quarter-over-quarter increase in LOE and the expected run-rate for G&A expenses. Lastly, he sought details on the forward-looking impact of the recent legal settlement and the status of the 'chunkier' M&A pipeline.

Answer

CFO Jimmy Henderson stated there is a 'minimal chance' of hitting the low end of production guidance. President Brian Cree added that such a scenario would likely require a significant drop in oil prices causing operator curtailments. Cree attributed higher LOE to initial fieldwork on the newly acquired Lucero assets. Henderson projected the G&A run-rate at mid-$3s per BOE, expecting it to decline with scale, and estimated the new gas agreements would have improved first-half results by $2.5-$3.0 million. Chairman & CEO Bob Gerrity confirmed deal flow for large assets is at an all-time high, but the company maintains strict, dividend-supportive return hurdles.

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C.K. Poe Fratt's questions to Vitesse Energy (VTS) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners sought clarity on the production guidance, asking what conditions would lead to hitting the low end of the range. He also questioned the cost structure, specifically the quarter-over-quarter increase in LOE and the run-rate for G&A. Lastly, he asked about the forward-looking implications of the recent legal settlement and the status of the 'chunkier' M&A pipeline.

Answer

CFO Jimmy Henderson stated there is a 'minimal chance' of hitting the low end of production guidance. President Brian Cree added that it would likely require a significant drop in oil prices causing widespread curtailments. On costs, Cree attributed higher LOE to initial fieldwork on the new Lucero assets, while Henderson pegged the G&A run-rate at mid-$3s per BOE, expecting it to decline with scale. Henderson also quantified the positive impact of the new gas contracts, and Chairman & CEO Bob Gerrity confirmed the M&A pipeline for large assets is the most active he has ever seen, though the company remains disciplined on its high return hurdles.

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C.K. Poe Fratt's questions to Vitesse Energy (VTS) leadership • Q2 2025

Question

C.K. Poe Fratt from Alliance Global Partners sought clarity on production guidance, asking what conditions would lead to hitting the low end of the range. He also inquired about the cost structure, specifically the quarter-over-quarter increase in LOE and the expected run-rate for G&A. Lastly, he asked about the forward-looking financial impact of the recent legal settlement and the status of the 'chunkier' M&A pipeline.

Answer

CFO Jimmy Henderson stated there is a minimal chance of hitting the low end of guidance, which President Brian Cree added would likely require a significant oil price drop and production curtailments. Cree attributed the higher LOE to initial fieldwork on the acquired Lucero assets. Henderson projected a mid-$3s per BOE G&A run-rate going forward and estimated the new gas contracts would have improved first-half results by $2.5-3 million. Chairman & CEO Bob Gerrity described the M&A deal flow as the most active he has ever seen but reiterated that all deals must meet high, dividend-accretive return hurdles.

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C.K. Poe Fratt's questions to Vitesse Energy (VTS) leadership • Q2 2025

Question

C.K. Poe Fratt of Alliance Global Partners sought clarity on production guidance, asking what conditions would lead to hitting the low end of the range. He also inquired about the cost structure, specifically the quarter-over-quarter increase in LOE and the expected run-rate for G&A expenses. Lastly, he asked about the forward-looking financial implications of the recent legal settlement and the status of the 'chunkier' M&A pipeline.

Answer

CFO James Henderson stated there is a 'minimal chance' of hitting the low end of production guidance, with President Brian Cree adding it would likely require a significant oil price drop causing operator curtailments. Cree attributed higher LOE to initial fieldwork on the new Lucero assets. Henderson projected G&A to be in the mid-$3s per BOE, expecting it to decline with scale. He also estimated the new gas agreements would have improved first-half results by $2.5-3.0 million. Chairman & CEO Bob Gerrity described the M&A deal flow as the most active in 12 years but stressed that any deal must meet their strict, dividend-accretive return hurdles.

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