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| 5 Comments
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| Comment!
Oct. 28, 2013, 8:07 AM
Oct. 28, 2013, 12:05 AM
Oct. 27, 2013, 5:30 PM
Sep. 30, 2013, 10:24 AM
- Dry bulk shippers are smacked following a sharp decline in capesize shipping rates for a third consecutive day.
- Overnight, capesize rates fell 4.2% (or $1,598/day) to $36,425/day and have dropped 14% (or $5,786/day) in the last three days; panamax rates fell 0.3% (or $48) to $14,388/day, while supramax rates rose 0.9% (or $100) to $11,279/day.
- The Dry Bulk Index fell 2.1% (or 43 points) to 2,003 overnight, but has doubled since Aug. 12, led by capesize rates which have climbed 245%, largely driven by higher iron ore shipments to China out of Brazil and Australia (Briefing.com).
- Earlier: Wells Fargo cautious on recent dry bulk rally.
- FREE -7.2%, DRYS -5.5%, SBLK -4.8%, EGLE -4.3%, SHIP -3.8%, BALT -3.1%, DCIX -2.6%, DSX -2.7%, GNK -2.6%, SB -2%, PRGN -1.2%, SINO -0.8%, VLCCF -0.5%, KEX -0.1%.
- ETF: SEA.
Sep. 25, 2013, 10:44 AM
- Dry bulk shipping rates are rising again: Overnight, capesize rates rose 5.2% (or $2,206/day) to $42,211/day, panamax rates rose 8.9% (or $1,144) to $13,989/day, and supramax rates rose 2.6% to $10,579/day.
- Since Aug. 12, capesize rates are up 300%, largely driven by higher iron ore shipments to China out of Brazil and Australia, while panamax rates are up 87%, largely driven by coal activity and anticipation of a good amount of shipments from a bountiful U.S. harvest (Briefing.com).
- EGLE +6.2%, FREE +5.6%, SINO +5.1%, VLCCF +4.5%, DRYS +4.2%, BALT +4%, PRGN +3.4%, DSX +1.6%, ULTR +1.2%, NM +1%, SB +0.9%, SFL +0.7%, NMM +0.5%, KEX +0.3%, DCIX +0.3%, SBLK +0.3%, GNK +0.2%.
- However, Seanergy (SHIP) -15.3% after reporting earnings this morning and reigniting concerns about its ability to stay in business.
- ETF: SEA.
Sep. 6, 2013, 11:57 AM
- Drybulk shipping stocks continue recent sharp gains following further strength in shipping rates, as capesize shipping rates rose 10% overnight to $21,793/day, the first time since Jan. 2012 that capesize rates exceed $20K/day (Briefing.com).
- The cost of renting a capesize drybulk ship is up 107% YTD, largely driven by higher iron ore shipments to China out of Brazil and Australia.
- SHIP +16.1%, FREE +12%, EGLE +11.2%, GNK +9.5%, SINO +6.8%, DRYS +5.4%, NM +4.8%, SBLK +4.3%, DCIX +3.5%, DSX +3.5%, VLCCF +3.3%, BALT +2.8%, PRGN +2.2%, SFL +1.6%, KEX +1%.
Aug. 12, 2013, 10:59 AM
- Kirby Corp. (KEX +0.2%), the leading operator of inland barges in the U.S., has been a big winner in the U.S. energy boom, but efforts to expand its coastal fleet could be slowed by rising costs, analysts say.
- Hornbeck Offshore (HOS) sold its barge business last month in a deal valuing each vessel at $260/bbl, well above KEX's track record of acquiring vessels for $150-$180/bbl, Wells Fargo says; with valuations moving higher sector-wide, opportunities to deploy capital at attractive levels are fewer, meaning KEX's growth should start to slow.
- Also, its diesel engine business remains well below previous levels, a fallout from low natural gas prices slicing demand for pressure pumping units used in drilling.
Jul. 24, 2013, 6:09 PM
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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