Tue, Jul. 21, 9:15 AM
Mon, Jul. 20, 9:59 AM
- Shipping stocks making a strong early move include Frontline (FRO +6.3%), Scorpio Bulkers (SALT +3.5%), DryShips (DRYS +1.6%), and Safe Bulkers (SB +2.6%).
- Volatility in the sector has been high off of developments in Greece and China, although underlying shipping rates have been moving higher after bottoming out earlier this year.
Mon, Jul. 20, 9:14 AM
Wed, Jul. 15, 9:15 AM
Fri, Jul. 10, 10:33 AM
- Notable movers in the shipping sector include DryShips (DRYS +3.1%), Danaois (DAC +5.6%), and Paragon Shipping (PRGN +1.6%).
- Some names in the volatile sector has been trading off of developments in Greece even with many of the Greece-based companies deriving nearly all their revenue outside the nation.
- On a broader look, the Baltic Dry Index is +21 to 874. The breakdown shows the Cape index is 1279 with a spot price of 9612 vs. 11,149 a year ago, the Panamax index is 1052 with a spot price of 8380 vs. 5432 a year ago, and the Supramax index is 767 with a spot price of 8021 vs. 7099 a year ago.
- The Baltic Tanker Clean Index is 837 vs. 521 a year ago and the Baltic Dirty Index is 857 vs. 786 a year ago.
- The Guggenheim Shipping ETF (NYSEARCA:SEA) is +1.43% on the day and -4.12% YTD.
- Related stocks: TNK, EURN, TGP, NMM, SSW, SFL, TK, SMM, TOO, GMLP, DHT, NM, MATX, NAT, FREE, DSX, SB, FRO.
Thu, Jul. 2, 11:19 AM
- Frontline (FRO -6.2%) agrees to acquire Frontline 2012 Ltd. for ~$1.5B, as John Fredriksen reunites two businesses he split three years ago to help gain a greater share of the oil shipping market.
- FRO will buy Frontline 2012 by issuing 584M shares worth nearly NOK12B, with the holder of each share in Frontline 2012 receiving 2.55 FRO shares.
- The combined company says it will become one of the world's leading tanker companies, with a total fleet of ~90 vessels including 25 VLCCs, 17 Suezmax tankers, 16 MR product tankers and 10 LR2 Aframax tankers.
- Analysts say the combination will create a business that is big enough to attract investment for further expansion.
Thu, Jul. 2, 9:11 AM
Wed, Jul. 1, 9:18 AM
Thu, Jun. 18, 10:21 AM
- Shipping stocks are active on a sustained jump in the Dry Baltic Index.
- The index is up 6.5% on the day and has now rallied over 25% since late May.
- Prices for the Cape, Panamax, and Supramax categories of vessels are all higher.
- Stocks on the move include Diana Shipping (DSX +4.5%), Golden Ocean Group (GOGL +4.1%), DryShips (DRYS +2.5%), Frontline (FRO +1.9%), Navios Maritime Holdings (NM +2.2%), Star Bulk Carriers (SBLK +1.9%), Matson (MATX +2.1%), Euronav (EURN +1.4%), Navios Maritume Acquisition (NNA +2.6%), Nordic American Tankers (NAT +1.1%).
Thu, Jun. 11, 4:58 PM
Mon, Jun. 1, 10:32 AM
Fri, May 29, 6:18 PM
- Ship Finance International (NYSE:SFL) surged 6.6% in today's trade after amending its long-term charter agreement with Frontline (NYSE:FRO), whose shares plunged 15.7%.
- FRO says the renegotiated relationship strengths its balance sheet, but the market reacted as if it was a one-sided deal in favor of SFL, which boosted its share of profits generated by the partnership, reduced its long-term base rates, and received 55M FRO shares to gain a 27.7% stake in the company.
- Otherwise, FRO reported Q1 earnings that easily beat expectations.
Fri, May 29, 12:46 PM
Fri, May 29, 9:14 AM
Fri, May 29, 6:51 AM
- Frontline (NYSE:FRO) reports it earned an average daily time charter equivalent of $49K per for VLCC tankers and $33.1K for Suezmax tankers in Q1.
- Operating expenses were flatcompared to the previous quarter.
- Fleet count: VLCC +4 to 624, Suezmax +5 to 455.
- Guidance: Frontline expects Q2 revenue to be in-line with Q1. Dry docking of four vessels will contribute to a lower operating result in the next quarter.
- Previously: Frontline beats by $0.09, beats on revenue
Fri, May 29, 5:56 AM
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