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?

Staying Afloat: A Primer on the Shipping Industry

Zach, could you cast more light on the dry bulk co/s which you think may be in danger of collapse and illuminate those you believe will weather the adversity and emerge in tact. Also, which companies do you believe can maintain dividends and which will abandon them?

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.