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Feb. 2, 2015, 5:35 PM
Jan. 30, 2015, 2:58 PM
- The Baltic Dry Index falls another 3.8% and is now trading at its lowest levels since the 1980s, even as traded volumes of many commodities are reaching record levels.
- The dry-bulk market has been sunk by a perfect storm as new ships ordered after the financial crisis have hit the seas just as Chinese economic growth has slowed and commodity prices have turned lower.
- Earnings for a capesize vessel typically used to transport coal and iron ore have fallen to $6,707/day today, down ~50% Y/Y and hardly enough to cover daily operating expenses of $6K-$10K.
- As one analyst says, some of the share prices are starting to reflect almost a state of bankruptcy: Shares of Scorpio Bulkers (NYSE:SALT), for one, have plunged 85% in the past year, and Star Bulk Carriers (NASDAQ:SBLK) has shed 67% in the same period.
- Related tickers: FREE, EGLE, SB, DRYS, NM, SHIP, ESEA, PRGN, DCIX, GSL, NMM, DSX, DAC, KEX, ULTR, BALT, SINO.
Oct. 15, 2014, 6:13 PM
- Eagle Bulk Shipping (NASDAQ:EGLE) completes its court-approved financial restructuring, saying it has emerged with a strong balance sheet and improved liquidity.
- EGLE says it has reduced its debt obligations by 80%, or ~$1B, significantly lowered its annual cash interest expense and enhanced liquidity, and closed on a new $275M exit financing facility.
- All existing equity interests in EGLE are canceled, with such interests receiving 0.5% of new equity in the reorganized company.
Aug. 19, 2014, 12:49 PM
Aug. 18, 2014, 10:32 AM
- Drybulk shipping rates continue to move higher, adding to last week's run as iron ore shipments out of Brazil and Australia pick up.
- On Friday, drybulk rates as measured by the Baltic Dry Index rose 7.7%, capping a 31% gain for the week driven by strength across the board but mainly in Capesize and Panamax rates.
- After beginning its ascent on July 23, the BDI has jumped 40%, rising in every session except one.
- Last week, Capesize rates surged 65% to $15,561/day, Panamax rates climbed 29% to $6,397/day, and Supramax rates added 9% to $9,170/day.
- Related drybulk stocks include: DRYS +2%, PRGN +4.1%, DSX +1%, FREE +8.2%, EGLE -2%, NM +2.5%, NMM +0.7%, SBLK +1.1%, SB +1.7%, BALT +2.5%, SHIP -2.1%, DCIX +2.2%.
Aug. 14, 2014, 10:53 AM
- Drybulk shipping rates, as measured by the Baltic Dry Index, surged 8.2% overnight, driven by strength across the board but mainly in capesize and panamax rates.
- Capesize rates jumped 15.7% to $13,677/day, Panamax rates climbed 9.7% to $5,883/day, and Supramax rates rose 1.9% to $9,004/day.
- Related drybulk stocks include: DRYS +2.6%, PRGN +5.8%, DSX +3.9%, FREE +7.9%, EGLE +2.2%, NM +5.6%, NMM +1%, SBLK +6.2%, SB +5.7%, BALT +3.8%, SHIP +0.7%, DCIX flat.
Aug. 11, 2014, 12:47 PM
Aug. 6, 2014, 12:45 PM
Aug. 6, 2014, 10:10 AM
- Eagle Bulk Shipping (EGLE +16.5%) says it has filed plans to restructure its debt through a prepackaged Chapter 11 bankruptcy filing.
- EGLE says it expects to reduce its debt by ~$975M, and it has support of creditors holding more than 85% of the loans outstanding under its credit agreement, exceeding the two-thirds threshold needed to gain bankruptcy court confirmation of the plan.
- EGLE also has obtained a commitment for up to $50M of debtor-in-possession financing, and says it plans to continue its day-to-day operations.
Aug. 6, 2014, 9:14 AM
Jul. 8, 2014, 2:43 PM
- Eagle Bulk Shipping (EGLE -29.1%) tumbles to 52-week lows after two negative Seeking Alpha blog posts allude to results from Genco's bankruptcy ruling, which was announced last week.
- Both articles make essentially the same argument: A precedent clearly was set with Genco, with any judge in the EGLE case copying and pasting from the Genco ruling, and the pending restructuring provides investors with an opportunity to profit by shorting the stock or trading options that benefit from declines in the stock price.
Jul. 8, 2014, 12:46 PM
Jun. 4, 2014, 12:48 PM
Apr. 21, 2014, 12:23 PM
- Genco Shipping (GNK) has filed for bankruptcy, Bloomberg reports, as weakness in charter rates for its dry-bulk cargo ships made it difficult for the company to pay its creditors; shares have been halted since the open.
- GNK reportedly listed assets of $2.4B and debt of $1.5B in a Chapter 11 filing.
- Other shippers on the radar: DRYS, PRGN, DSX, FREE, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, ESEA, DCIX, TEU, DAC, SHIP, SSW, GSL.
Apr. 16, 2014, 11:51 AM
- Shares of Eagle Bulk Shipping (EGLE +8.1%) are on the move after the company announced late yesterday an extension to waiver and forbearance agreements to allow further discussions with lenders about a potential credit agreement restructuring.
- The lenders agreed to waive until June 30 certain potential events of default, subject to EGLE's compliance with certain conditions.
Apr. 14, 2014, 12:45 PM
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