Heidmar (HMR) is a ship management company. It doesn't own vessels, it manages them commercially and technically for owners and takes a percentage of gross freight. Roughly 60 vessels under commercial management, 20 under technical.
The setup:
H1 2026 came in at $5M profit versus a $6M loss the year before. Two consecutive profitable quarters as a listed company. Market cap around $100M with about $30M in cash, and the CEO owns 45%.
On valuation: strip out the roughly $30M of cash against a balance sheet with no borrowings and the operating business is trading somewhere around 6x earnings. The CEO's own comparison set is ship brokers above 10x and true asset-light logistics businesses at 15 to 25x. Even 40x
Worth understanding the lag: vessels taken on during a quarter contribute nothing to that quarter, partial impact the next, and full year impact only in 2027. The current rate environment, war and the fleet added this year are not reflected in the published numbers yet.
On the debt question, a Seeking Alpha piece flagged short-term debt on the balance sheet. The CEO addresses it directly at 10:12. It's lease accounting on chartered-in vessels, not borrowings. Those leases are already chartered out at a profit with zero capital deployed. Worth watching that section and forming your own view.
Timestamps worth jumping to:
00:42 - Where it sits against sector multiples
01:57 - Why contracted growth hasn't hit the P&L yet, full impact not until 2027
04:20 - Tanker rates: Arabian Gulf shuttle tankers at $1.25M/day
06:16 - The G&A increase, explained
07:30 - Custom AI rollout, targeting 30-50% efficiency gains
10:12 - The debt question answered
14:40 - What the $30M cash is earmarked for
17:05 - Family offices building positions
19:22 - Aframax rates: $10k normal for Q3, currently around $300k
23:45 - What 100 ships under technical management would generate
26:56 - Why the CEO says he won't dilute
Full interview: https://youtu.be/Nj\_jYt2x-NE?is=3B1SHlQu-9gVsDbO