John Cordes

Fresh Valuations of Dry Bulk Shipping Companies

Agreed, however the hype is in the perception that China will drive up commodity prices and therefore charters. So are you recommending a long position on SBLK? or merely pointing out a discrepency in an over priced/over sold sector?

Opportunity in Medium Term Call Options for Dryships

Why take risks with Drys which could in fact fold or continue to be drastically dilluted with another 100M shares dumped into the market, by an alternative, EXM. They took one new build and rejected the other, the one being taken already have a profitable term lease in force. If the Baltic moves favorably, you get similar upside and a far lesser indimic risk for survivability.

The Crude Oil Contango Trade Drives Up Tanker Rates

Concerning drybulk shippers, it's not the Asian exports erosion that's hurting them, it's the import slow down. Finished goods do not ship on drybulkers and Asia (China) is not exporting raw materials or fertizer.

Survival Kit for a Credit-Starved Market

You could have summed up your comments in the last 250 words and saved us from the onslaught of mixed metaphors and personal opinions.

Don't Let Bulk Shippers Sink Your Portfolio... For Now

EXM already reported and gave guidance, they are already trading at 1.5 PE, DRYS is at .7 PE, so presumably your gloomy doomy forecast is that they are shortly going out of business and will scrap their ships. Dry bulkers, while guided by the Baltic index have many leasing strategies available, including multi-year net contracting, bare boat leasing etc. Many have reduced their exposure to the spot market by taking longer contracts, at times 5 to 7 years out and even longer. Most new ship orders are tied to pre-existing lease contracts and will be cancelled if the leases contracts go away, with penalty to the leasee. All in all your article was mostly speculative, short on specifics, made no distinction among various carrier brands, failed to distinguish liquid financial postitions from strapped and made no discussion of likely outcome scenarios. Pretty much a wasted of time.