In short: The forced seller, not a pick: the HK conglomerate (Coca-Cola bottler, Cathay Pacific) "capitulated at the bottom," selling 50 offshore vessels to Tidewater for ~$200M that would cost ~$2B to build new — a dollar for 10 cents.
Swire Pacific is a large Hong Kong conglomerate (it bottles Coca-Cola and owns Cathay Pacific). It isn't a pick — it's the motivated seller in Robotti's favorite kind of deal.
Years earlier Swire had unwisely bought offshore boats, wanted out for five years, couldn't escape, and finally "capitulated at the bottom," selling 50 vessels to Tidewater for about $200 million — assets that would cost roughly $2 billion to build new. It's a textbook example of how a well-financed buyer scoops up assets for pennies on the dollar when a weak holder gives up at the cycle low.
31:18the cash flow that it did have, some cash flows. We were able to buy other guys. So, we bought in June of 22, we bought Swire Pacific's fleet from Swire Pacific, the Hong Kong based conglomerate that owns Coca-Cola and Cathay Pacific. Had the poor sense 15 years earlier, putting money into owning offshore boats that they should never have done.
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