Seeking Alpha

Dry bulk shippers on the move as rates spike overnight

  • Dry bulk shipping rates are rising again: Overnight, capesize rates rose 5.2% (or $2,206/day) to $42,211/day, panamax rates rose 8.9% (or $1,144) to $13,989/day, and supramax rates rose 2.6% to $10,579/day.
  • Since Aug. 12, capesize rates are up 300%, largely driven by higher iron ore shipments to China out of Brazil and Australia, while panamax rates are up 87%, largely driven by coal activity and anticipation of a good amount of shipments from a bountiful U.S. harvest (Briefing.com).
  • EGLE +6.2%, FREE +5.6%, SINO +5.1%, VLCCF +4.5%, DRYS +4.2%, BALT +4%, PRGN +3.4%, DSX +1.6%, ULTR +1.2%, NM +1%, SB +0.9%, SFL +0.7%, NMM +0.5%, KEX +0.3%, DCIX +0.3%, SBLK +0.3%, GNK +0.2%.
  • However, Seanergy (SHIP) -15.3% after reporting earnings this morning and reigniting concerns about its ability to stay in business.
  • ETF: SEA.
Comments (6)
  • tigers1
    , contributor
    Comments (15) | Send Message
     
    tigers

     

    My break even point needs to be up 100% more from where it is now. A long way to go yet. At least it is moving in the right direction.
    25 Sep 2013, 02:24 PM Reply Like
  • tigers1
    , contributor
    Comments (15) | Send Message
     
    Drys. Break even point need to be up 100% from where it is right now. Going in the right direction
    25 Sep 2013, 02:26 PM Reply Like
  • stuoliver
    , contributor
    Comments (13) | Send Message
     
    Finally went in the green this afternoon after buying in May and more in June.
    The question for me to decide is, Do I sell?
    25 Sep 2013, 05:09 PM Reply Like
  • Tucsonbill
    , contributor
    Comments (28) | Send Message
     
    I have owned this company for many years. Good times can beget great dividends and VLCCF has shown this by raising their dividends in the past to $2 at one time. I am going to stay with them as long as their revenues and income stay strong. I fully expect them to raise the dividend with these successes.
    25 Sep 2013, 07:37 PM Reply Like
  • Michael Bryant
    , contributor
    Comments (5535) | Send Message
     
    Don't forget (SFL). It was an "Alpha-Rich" pick last week.
    25 Sep 2013, 08:42 PM Reply Like
  • sreimer77
    , contributor
    Comments (239) | Send Message
     
    I owned EGLE for many years and sold out when it last spiked about $5.50. While I should not complain as I made $1.2 per share, only as the result of double dollar cost averaging, I would of stood to of made another $3 per share, or $60,000 (ouch). Over the years this stock was a thorn in my side as bankruptcy was always a risk and they nearly went if it were not for RBS. While shipping rates have soared recently, they will pull back and EGLE has historically retraced any major moves by over 20%. So we can easily see this back to $6. Though, with any retracement to these levels and a thorough consolidation pattern following, this would be a great long-term trade as it could easily break $10. For now, I have gone short!
    26 Sep 2013, 01:16 PM Reply Like
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