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Jul. 1, 2015, 9:18 AM
Jun. 18, 2015, 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%).
Jun. 11, 2015, 4:58 PM
Jun. 1, 2015, 10:32 AM
May 29, 2015, 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.
May 29, 2015, 12:46 PM
May 29, 2015, 9:14 AM
May 29, 2015, 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
May 29, 2015, 5:56 AM
- Frontline (NYSE:FRO): Q1 EPS of $0.25 beats by $0.09.
- Revenue of $101.14M (+13.3% Y/Y) beats by $0.13M.
May 28, 2015, 5:30 PM
May 28, 2015, 11:15 AM
- Despite crude oil’s rebound from six-year lows, the tanker market is sending a clear signal that the rally is under threat, according to a Bloomberg analysis.
- A surge in demand for supertankers drove benchmark charter rates 57% higher in the two weeks through May 20; OPEC will have almost 500M barrels of oil in transit to buyers at the start of June, the most this year, while analysts say ~20M barrels is being stored on ships in another indication the supply glut has yet to dissipate.
- Daily rates for supertankers on the industry’s benchmark route reached $83,412 on May 20, from $52,987 on May 6, according to the Baltic Exchange; while rates have since retreated to $65,784, they are still the highest for this time of year since at least 2008.
- "There still seems to be a lot of physical activity, a lot of oil on the water," says the head of research at Hartland Shipping in London; while Q2 is usually quieter as refineries switch to summer fuels for the Northern Hemisphere, “the market is still busy and rates are incredibly high.”
- Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, STNG, NAT, DHT, EURN
May 27, 2015, 11:18 AM
- Frontline (FRO +6.1%) is sharply higher after Morgan Stanley upgrades shares to Equal Weight from Underweight with a $3 price target, saying FRO's liabilities are finally manageable after five difficult years and allowing shareholders to benefit from the thriving tanker market.
- Stanley sees additional growth ahead in the sea-borne crude supply as increasing Libyan and Iranian oil supply reaches the market, while fleet supply growth is likely to be muted until year-end 2015; as a result, the firm expect FRO's spot and highly levered fleet to be positioned to generate significant profits this year.
- Having restructured its liabilities over the past three years, FRO's financial risks are easily manageable going forward, the firm believes.
May 22, 2015, 9:16 AM
May 15, 2015, 2:59 PM
- Rates for the world’s biggest oil tankers surged to the highest since January as shipments accelerated from Saudi Arabia and Iraq, Bloomberg reports.
- Ships hauling 2M-barrel cargoes of Saudi crude to Japan, a benchmark route, earned ~$81.5K/day, a 13% gain from Thursday and the highest for the time of year since at least 2009.
- Tanker rates rose on 15 out of 16 routes tracked by the Baltic Exchange, led by advances in prices from the Persian Gulf.
- Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, NAT, DHT
May 9, 2015, 11:27 AM
- The broadly-defined shipping sector continues to be volatile over the impact of oil price fluctuations and concerns over carrier/tanker supply along with charter rates.
- The Baltic Dry Index stands at 574 vs. a 52-week trading range of 509 to 1,484.
- The Guggenheim Shipping ETF (NYSEARCA:SEA) is down 9.4% over the last 52 weeks, although it trades with smoother peaks and troughs than the underlying stocks in the fund.
- Analysts are convinced that some value picks exist in the sector, although consensus is tricky to find. A few rough screens are listed below (add your own in the comments).
- Best YTD performance: Navios Maritime (NYSE:NAP) +37%, Scorpio Bulkers (NYSE:SALT) +35%, Tsakos Energy (NYSE:TNP) +31%, Golar LNG (NASDAQ:GLNG) +28%.
- Lowest price-to book value: DryShips (NASDAQ:DRYS) 0.14, Safe Bulkers (NASDAQ:SBLK) 0.32, Scorpio Bulkers 0.33, Navios Maritime Holdings (NYSE:NM) 0.34, GasLog (NYSE:GLOG) 0.39.
- Lowest forward P/E ratio: Danaos (NYSE:DAC) 4.43, Tsakos Energy 7.15, Navios Maritime Acquisition (NYSE:NNA) 7.25, Dorian (NYSE:LPG) 7.43, Dry Ships 7.57.
- Dividend yield: Navios Maritime Partners (NYSE:NMM) 15.2%, Capital Product Partners (NASDAQ:CPLP) 10.8%, Ship Finance International (NYSE:SFL) 10.8%, Teekay Offshore Partners (NYSE:TOO) 9.7%, Dynagas LNG Partners (NYSE:DLNG) 8.8%.
- Other shipping stocks: PRGN, FRO, NAT, OSK, TNK, FREE, ESEA, TOPS, DSX, SHIP, NM.
May 8, 2015, 9:16 AM| May 8, 2015, 9:16 AM | 4 Comments
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