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, 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. 6, 2014, 12:19 PM
- Star Bulk Carriers (SBLK +3.1%) and Navios Maritime (NM +4.1%) are upgraded to Buy from Hold at Stifel, which sees a cyclical recovery coming in the dry bulk market as an expected 120M tons of new seaborne iron ore trade drives 6% demand growth for the year.
- SBLK is upgraded with an $18 price target; given SBLK's large position in capesize vessels and substantial operating and financial leverage, Stifel believes the company should be ideally positioned to benefit from rate improvements.
- NM is upgraded with a $14 target; NM has 17 capesize vessels, six with charters expiring in 2014 and another six chartered in and operating in the spot market, which the firm says puts it at a distinct advantage and positions it as one of the most leveraged names to rising dry bulk rates.
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.
Feb. 19, 2014, 7:33 AM
Feb. 19, 2014, 12:05 AM
Feb. 18, 2014, 5:30 PM
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, 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. 13, 2013, 6:05 PM
- Dry bulk shippers surged today on Morgan Stanley’s analysis which said shipping is at the start of a two-year rally; Diana Shipping (DSX), Safe Bulkers (SB), Navios Maritime Holdings (NM), Knightsbridge Tankers (VLCCF) and Star Bulk Carriers (SBLK) all rose 7%-13%.
- Rates should rally on lower fleet growth and expectation that demand will expand at a faster pace than vessels in 2014 for the first time in six years, Stanley's Fotis Giannakoulis predicts.
- The analyst sees a 12-to-18 month window to play the cycle, with the industry’s recovery lasting two years, followed by a rising vessel supply.
Nov. 25, 2013, 7:59 AM
Nov. 25, 2013, 12:05 AM
Nov. 24, 2013, 5:30 PM
Nov. 13, 2013, 12:56 PM
- Navios South American Logistics (NM +4.2%) signs a 20-year agreement with Vale (VALE) for storing and transshipping iron ore and other commodities.
- Navios expects the deal to generate ~$35M of annual EBITDA and $1B of aggregate EBITDA over the 20-year term, assuming operating costs similar to the operating costs of the company's existing dry port terminal.
NM vs. ETF Alternatives
Navios Maritime Holdings Inc is a seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. It operates in two segments; Dry bulk Vessel Operations and Logistics.
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