Apr. 30, 2014, 6:04 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.
Mar. 27, 2014, 3:26 PM
- Resolving legal issues arising from the Galveston Bay oil spill that shut traffic at the Houston Ship Channel for days will require years of litigation and cost tens of millions of dollars, experts say.
- Kirby Corp. (KEX +0.3%), which owned and operated the barge that spilled 168K gallons of fuel after Saturday's collision, faces potential federal fines, cleanup costs and damage payments to residents and businesses.
- The U.S. government has notified Kirby that it is the responsible party for the spill under federal law; If the company believes other entities played a role in causing the spill, it would have to sue to seek reimbursement for a portion of any penalties or damages it pays.
Mar. 25, 2014, 12:18 PM
- The Houston Ship Channel has reopened to barge traffic only, three days after a barge collision dumped as many as 170K gallons of heavy oil into the water near Galveston; the barges are only able to move up and down the Channel, but not yet allowed to enter or leave.
- Most U.S. capacity to export natural gas liquids is on the Channel, energy consultant EnVantage says; two companies, Enterprise Products Partners (EPD +0.6%) and Targa Resources Partners (NGLS +0.5%), have channel operations that combine to represent 380K bbl/day of export capacity.
- The spill illustrates why the U.S. NGL industry needs to spread export capacity to other areas, says the general manager of midstream operations at Phillips 66 (PSX +1.5%), which is investing in an NGL export terminal in Freeport, ~30 miles from where the Channel opens to the Gulf of Mexico.
- It isn't the first spill for Kirby (KEX +0.1%), the tank barge operator involved in the collision, according to a report.
Mar. 24, 2014, 9:41 AM
- The Houston Ship Channel, which delivers crude oil for more than 10% of all U.S. refining capacity, is shut for a third day as the cleanup from a Saturday spill threatens to last through the week.
- A collision between a Kirby (KEX) Inland Marine oil barge and a cargo ship spilled ~4K barrels of residual fuel oil; now, 43 ships are waiting to go out from the port of Houston and 38 ships are waiting to come in.
- Exxon Mobil (XOM) says the closure has not yet affected operations at its 560K bbl/day refinery in Baytown, Tex., second largest in the U.S.; Marathon Petroleum (MPC) has not discussed operations at its 451K bbl/day Galveston Bay refinery and 80K bbl/day Texas City refinery.
Mar. 20, 2014, 11:13 AM
- Drybulk shipping rates are up big during past five weeks and rose again overnight.
- The Baltic Dry Index rose 3.2% overnight and has surged 49% since Feb. 12; the BDI has gained in 24 of the last 26 sessions, led by a 211% rise in capesize rates.
- Capesize rates climbed 6.9% (or $1,664/day) overnight to $25,659/day, while panamax rates rose $4/day to $9,019/day and supramax rates added 0.4% ($48/day) to $12,598/day.
- Related drybulk equities include DRYS, GNK, PRGN, DSX, FREE, ULTR, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, SHIP, DCIX.
Mar. 10, 2014, 10:48 AM
- Kirby Corp. (KEX -1.1%) is added to the Top Picks list at FBR Capital, which notes KEX's core marine transportation unit continues to exhibit solid growth, driven by the transport of petrochemicals, black oil and refined products, and the firm expects demand for these volumes to only accelerate over the next three years.
- FBR thinks fundamentals driving KEX's diesel engine services unit bottomed in 2013, and it expects the segment to be a major contributor to earnings growth in 2014 and beyond.
- While expecting steady, consistent growth in the marine business, the firm says it "would not be surprised" to see growth juiced by M&A activity in the near term, particularly in the coastal barge market.
Jan. 31, 2014, 3:31 PM
- Kirby (KEX +2.6%) continues to push higher after Q4 results showed continued strong demand for liquids transportation, keeping financial performance in the upper level of expectations despite weather challenges and continued headwinds for the engine service business.
- FBR Capital remains bullish on the near- and long-term outlook following the earnings call; 2014 guidance looks very achievable given that the levers are pricing and utilization in the coastal market and a slight rebound in diesel engine services, both of which firm expects to be robust in 2014 (Briefing.com).
Jan. 29, 2014, 5:06 PM
Jan. 29, 2014, 12:10 AM| Jan. 29, 2014, 12:10 AM | 5 Comments
Jan. 28, 2014, 5:35 PM| Jan. 28, 2014, 5:35 PM | Comment!
Jan. 23, 2014, 9:41 AM
- Shipping rates fell again overnight, and the Baltic Dry Index is now -44% YTD.
- Overnight, capesize shipping rates declined 19.6% (or -$1,4620 to $11,128/day), panamax rates slipped 4% (or -$219) to $11,710/day, while supramax rates fell 1.8% (or -$94) to $11,721/day.
- YTD, capesize rates -71.5%, panamax rates -20%, supramax rates -23%.
- On watch: DRYS, GNK, PRGN, DSX, FREE, ULTR, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, ESEA, DCIX, TEU, DAC, SHIP, SSW, GSL.
Jan. 16, 2014, 9:30 AM
- Greenbrier (GBX) +6.1% premarket on news that its Gunderson Marine division received an order from Kirby Offshore Marine (KEX) to build an articulated ocean-going oil and chemical tank barge, with an option for a second unit, in a deal that will bring GBX's current marine backlog to ~$70M.
- Construction on the barge will begin in June, with completion scheduled sometime next year.
Jan. 15, 2014, 10:35 AM
- Shippers are on the move after dry bulk shipping rates finally show their first gain of the year.
- The Baltic Dry Index shows a four-point increase due to gains in capesize rates, which rose $280 to $13,168/day, while panamax rates fell $54 to $12,534 and supramax rates fell $65 to $12,364/day.
- Before today's gains, the BDI had plunged 40% YTD in its worst start of the year in 30 years.
- FREE +7.4%, EGLE +7.3%, GNK +5.5%, SB +4.3%, DRYS +4.1%, NM +3.4%, SBLK +2.8%, SHIP +2.5%, ESEA +2.3%, PRGN +2.1%, DCIX +2%, GSL +1.9%, NMM +1.3%, DSX +1.3%, DAC +1.1%, KEX +0.8%, ULTR +0.3%, BALT -1%, SINO -0.8%.
Jan. 2, 2014, 3:58 PM| Jan. 2, 2014, 3:58 PM | Comment!
Oct. 28, 2013, 8:07 AM
Kirby Corp is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii.
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