CPLP - Teekay Corp: I'm Officially On Board With This Shipping Play
In most instances, I tend to avoid the shipping space... it is a tough market. Differentiation is difficult, economic profit is elusive, financing can be tough to come by, corporate governance is often poor, and discounts to net asset value (“NAV”) can persist for quite some time as management teams are unwilling to sell down fleets to close the gap. It’s a rough world to make money in as an investor.
Teekay Corporation (TK) sits a bit differently in my view. As primarily a means of playing potential upside in daughter firm Teekay