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Mon, Aug. 18, 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%.
Thu, Aug. 14, 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.
Thu, Jul. 31, 3:20 PM| Comment!
Mon, Jun. 2, 11:10 AM
- FreeSeas (FREE +4%) discloses it paid $22.6M to settle a debt obligation of $37.6M owed to Credit Suisse.
- The company used proceeds from the sale of the Series D Convertible Preferred Stock and Series C Warrants for a good portion of the payment.
- The amount of bank debt on FreeSea's balance sheet is now down to $23.2M from a level of $90M just a few months ago.
Thu, May. 22, 9:15 AM
Mon, May. 19, 1:53 PM| 1 Comment
Mon, Apr. 21, 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.
Thu, Mar. 27, 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%.
Thu, Mar. 20, 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.
Thu, Mar. 6, 9:15 AM
- Gainers: PXLW +38%. BORN +30%. SGMO +17%. ERII +14%. BSPM +14%. ORAN +10%. BSDM +9%. GEVO +9%. LJPC +8%. ROX +8%. RIGL +8%. RGSE +8%. NEON +8%. PPHM +7%. NAVB +7%. FREE +6%. PSTI +6%. MVIS +5%. LOGI +5%. GRO +5%.
- Losers: LOV -20%. XGTI -13%. PLCE -12%. SPLS -11%. BLDP -8%. FCEL -6%. DANG -6%. MXWL -6%.
Tue, Mar. 4, 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.
Tue, Mar. 4, 9:10 AM| 4 Comments
Fri, Feb. 28, 12:46 PM
Thu, Jan. 23, 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.
Wed, Jan. 15, 12:45 PM
Wed, Jan. 15, 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%.
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