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
Apr. 4, 2014, 12:47 PM
Mar. 27, 2014, 11:40 AM
- Seanergy Maritime (SHIP +27.1%) shares are surging after the dry bulk shipper reported Q4 net earnings of $7.5M vs. a $117M loss in the prior-year quarter.
- SHIP says 2013 saw a significant reversal in dry bulk market conditions, as increased China imports of iron ore and the expected slowdown in vessel deliveries over the next years led to higher freight rates in Q4, and sees continued strength in 2014; time charter equivalent rose 7% in the full year to $8,006 from $7,465 in 2012.
- Other shipping names are mostly higher: GNK +9.2%, EGLE +3.2%, SBLK +2%, BALT +1.1%, SB +0.9%, NM +0.2%, DSX +0.2%, FREE -0.6%.
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. 4, 2014, 11:11 AM
- Select shipping stocks are showing strength today with developments in the Ukraine just a small part of the story.
- Issues of demand and shipping rates in the industry have been in focus, while the reactions of shorts is still an underlying factor.
- Advancers: Eagle Bulk Shippers (EGLE) +9.5%, Diana Shipping (DSX) +3.5%, FreeSeas (FREE) +3.4%, Navios Maritime Holdings (NM) +3.6%, Euroseas (ESEA) +4.6%, Baltic Trading (BALT) +3.8%, Paragon Shipping (PRGN) +2.2%.
- The Baltic Dry Index is up 1.5% on the day.
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. 15, 2014, 12:45 PM
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. 10, 2014, 9:46 AM
- Capesize dry bulk shipping rates have declined in every session so far in 2014 and were slammed overnight, tanking 27.5% (or -$6,606) to $17,452/day.
- The overall Baltic Dry Index dropped 11% to 1,512; panamax rates fell 1.5% to $12,921/day, and supramax rates rose 0.2% to $12,448/day.
- In early trade: SBLK -2.9%, DRYS -5.1%, DSX -2.5%, GNK -5%, NM -4.3%, PRGN -3.6%, NMM -1.2%, SB -5.4%, EGLE -2.3%, BALT -3.1%.
Dec. 27, 2013, 9:10 AM
Dec. 26, 2013, 10:42 AM| 5 Comments
Dec. 10, 2013, 12:45 PM
Dec. 10, 2013, 9:10 AM
Dec. 9, 2013, 5:57 PM
- Dry-bulk shippers Eagle Bulk Shipping (EGLE) and Genco (GNK) reportedly have enlisted restructuring advisers after key creditors sold large blocks of debt to distressed investors amid balance sheet concerns.
- EGLE -8.4% AH after falling 7.5% in regular trading, while GNK +6.8% AH after shedding 4.6% during the day.
Nov. 27, 2013, 4:37 PM
- Excluding Q2 and Q3 vessel impairment charges of $22.4M and $81.3M, respectively, Frontline's (FRO +16.6%) net loss narrowed to $14M in Q2 from $39M in Q3.
- The company's average daily time equivalents for its VLCCs and Suzemax oil tankers were respectively $16.1K and $12.4K, compared with $14.1K and $13.8K in Q2. Spot earnings for double hull VLCCs and Suzemax tankers were $13.9K and $12.4K vs. $11.2K and $13.8K.
- Cash/equivalents and restricted cash totaled $138.5M at quarter's end, down from $159.5M at the end of Q2. Debt and lease obligations amounted to $1.12B, down slightly from $1.14B. The company says full debt repayment remains dependent on "a sustained improvement in tanker rates in the years to come."
- Frontline asserts the VLCC spot market has "shown signs of recovery," but still thinks "it may take some time before a reasonable market balance is restored and sustained recovery of the tanker market occurs."
- At the same time, the company notes there's increased shipping activity in the Caribbean and Atlantic, and that current market volatility is "giving market returns not seen since 2010."
- Other shipping firms also rallied today: DRYS +6.4%. EGLE +6.9%. GNK +13.2%. TNK +4.7%. DHT +2.8%.
- PR, presentation, CC transcript
EGLE vs. ETF Alternatives
Other News & PR