I am quite wary of the shipping industry, due to an almost flawless tendency towards value destruction, but have been following Teekay Corp (NYSE:TK) for several months after the recent sale of its LNG division has left it with enough net cash to cover its market cap.
The group was founded by Danish shipping broker Torben Karlshoej in 1973 and has headquarters across the globe today.
The margin of safety seems generous today at a $333m market cap.
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