Wed, Jul. 29, 5:04 PM
Thu, Jul. 16, 12:55 PM
- The Baltic Dry Index rose 6% overnight to 1,009, capping a 10th consecutive day of gains that has seen a 27% increase; the BDI is now at its highest level since early December, and up 98% since hitting an all-time low on Feb. 18.
- The gains were across the board in capesize, panamax and supramax rates: capesize +14% overnight to $12,693/day (+106% M/M), panamax +2.4% to $9,158/day (+49% M/M), supramax +2.7% to $8,603/day (+18.4% M/M).
- Related drybulk stocks include: DRYS, PRGN, DSX, FREE, EGLE, NM, NMM, SBLK, SALT, GOGL, KEX, SB, SINO, BALT, SHIP, DCIX
Wed, Apr. 29, 5:06 PM
Tue, Apr. 28, 5:35 PM
- AEL, AFFX, AR, ARII, ARRS, ASGN, ASH, ATRC, ATW, AVG, AXS, BIDU, BLKB, BVN, CACI, CAVM, CBT, CHMT, CMO, CMPR, CNO, CNW, COHR, CRL, CSGP, CSII, CW, CWT, DOX, DRE, DXCM, DYAX, ECOL, ELGX, EQIX, EQY, ES, ESV, EXL, EXR, FLEX, FOE, FORM, FORR, GLUU, HOLX, HOS, HY, IPCM, ISIL, KAMN, KEG, KEX, KRA, LNC, LOCK, LOPE, LXRX, MAA, MAC, MANT, MAR, MDAS, MEOH, MEP, MMLP, MTGE, MTW, MUR, NE, NSR, NXPI, O, OGS, OIS, PDM, PPC, PRXL, PTC, QEP, QUIK, RKT, ROG, RRTS, SAM, SCI, SFLY, SGI, SPOK, SPRT, SSS, STAA, STR, SU, TAL, TCO, TEX, TILE, TTEK, TTMI, TX, UNM, VAR, VRTX, WLL, WMB, WMGI, WTS, XL, YELP
Fri, Jan. 30, 2:58 PM
- The Baltic Dry Index falls another 3.8% and is now trading at its lowest levels since the 1980s, even as traded volumes of many commodities are reaching record levels.
- The dry-bulk market has been sunk by a perfect storm as new ships ordered after the financial crisis have hit the seas just as Chinese economic growth has slowed and commodity prices have turned lower.
- Earnings for a capesize vessel typically used to transport coal and iron ore have fallen to $6,707/day today, down ~50% Y/Y and hardly enough to cover daily operating expenses of $6K-$10K.
- As one analyst says, some of the share prices are starting to reflect almost a state of bankruptcy: Shares of Scorpio Bulkers (NYSE:SALT), for one, have plunged 85% in the past year, and Star Bulk Carriers (NASDAQ:SBLK) has shed 67% in the same period.
- Related tickers: FREE, EGLE, SB, DRYS, NM, SHIP, ESEA, PRGN, DCIX, GSL, NMM, DSX, DAC, KEX, ULTR, BALT, SINO.
Wed, Jan. 28, 5:03 PM
Tue, Jan. 27, 5:35 PM| 4 Comments
Dec. 18, 2014, 11:59 AM
- Kirby Corp. (KEX -7%) sinks to 52-week lows after the barge operator cut its outlook for both Q4 and FY 2015, citing problems in its land-based diesel engine services market and weak demand related to falling oil prices.
- The reduction in revenue and profit in the land-based diesel engine services market, particularly in the manufacturing of new pressure pumping units, was the most significant factor in the change in Q4 expectations.
- FBR Capital lowers its stock target price to $100 from $145 but remains buyers, believing slower near-term growth already is reflected in the stock, and KEX has historically used these periods of dislocation to consolidate the market.
Dec. 17, 2014, 4:38 PM
- Kirby (NYSE:KEX) -6.2% AH after issuing downside guidance for Q4, now seeing EPS of $1.10-$1.20 vs. its prior outlook of $1.30-$1.40 and $1.35 analyst consensus estimate.
- For FY 2014, KEX sees EPS of $4.84-$4.94, below previously announced guidance of $5.04-$5.14.
- KEX says most of the change in guidance is due to a disappointing ramp-up in its land-based diesel engine services market, as falling crude oil prices have led to customer cancellations and requests to delay delivery of projects; also, bad weather along the Gulf coast has impacted Q4 performance in its marine transportation markets.
Dec. 3, 2014, 11:48 AM
- Kirby (KEX -1.6%) is downgraded to Hold from Buy at BB&T, urging investor caution until consensus estimates become more realistic and oil prices stabilize.
- The firm says Wall Street has not adjusted earnings to reflect a decline in United revenues and profitability as oilfield service capex slows; also, as the growth in rig and well counts slow along with oil production, it is possible that some of the excess barge capacity that has been dedicated to the oil trade could matriculate to the petrochemical market, which could hamper price and utilization.
Oct. 29, 2014, 5:28 PM
Jul. 30, 2014, 5:16 PM
May 1, 2014, 5:58 PM
- After a harsh winter that delayed shipments, barge operator Kirby Corp. (KEX) expects strong demand and favorable pricing trends going forward amid booming North American oil production, CEO Joe Pyne said during today's earnings call.
- KEX says it will exercise an option to buy a second 185K bbl coastal articulated tank barge and 10K hp tugboat unit, as well as order two additional ATBs "as a result of consistently strong coastal tank barge demand, utilization and increasing pricing."
- KEX plans to spend ~$135M this year on the construction of 66 inland tank barges and one inland towboat that will add ~830K barrels of new capacity, and another $80M towards construction of the two 185 bbl ATBs.
- Shares rose 7.2% during regular trading after reporting a 9% Y/Y rise in Q1 earnings.
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.
KEX vs. ETF Alternatives
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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