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Gulf Marine Services ( GMS ) owns and operates 13 self-propelled , selferecting support vessels working with wind farms and offshore oil platforms . When GMS floated in March 2014 , oil was trading at more than $ 100 a barrel and the company charged out its vessels at up to $ 100,000 per day . In 2021 , this fell to $ 30,000 . Today , many of the fabrication yards serving the oil & gas industry are in financial distress , while there is limited capital available and a two-year minimum lead time for new vessels . Meanwhile , demand is rising , pushing up utilisation and day rates . GMS currently trades at a fraction of the book value of its vessels .
Out-of-town retail parks , which are NewRiver REIT ’ s speciality , were an unlikely superstar of the pandemic . NewRiver benefits from low rents , high occupancy rates and an occupier base focused on the value end of the retail market . The shares trade at a significant discount to net tangible assets of 134p / share , despite a dividend yield of around 7 %, and an arguably under-geared balance sheet at 34 % loan to value . Unlike e-commerce warehouses or even flexible office space , capital has shied away from the retail sector , which should provide support to rising rents and asset values .
Issue 86 - July 2022 / 67 /