Fri, Feb. 6, 9:12 AM
Thu, Feb. 5, 4:32 PM| 6 Comments
Mon, Feb. 2, 7:23 AM| 2 Comments
Sun, Feb. 1, 5:30 PM
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.
Tue, Jan. 27, 9:19 AM| 6 Comments
Mon, Jan. 5, 3:57 PM
- Navios Maritime Partners (NMM -2.6%) says it is acquiring the MSC Cristina, a 2011 South Korean-built container vessel of 13,100 TEU, for ~$148M, and expects the vessel to be delivered to its owned fleet by the end of Feb.
- NMM says the MSC Cristina has been chartered out to a high quality counterparty for 12 years at a rate of $60,275/day net, with an option to terminate after the seventh year.
- NMM expects the vessel to generate ~$18.4M/year to EBITDA and $217.8M of aggregate EBITDA for the charter period.
Oct. 27, 2014, 7:50 AM| Comment!
Oct. 26, 2014, 5:30 PM
Oct. 23, 2014, 9:39 AM| Comment!
Sep. 16, 2014, 3:57 PM
- Ocean shipping of dry bulk commodities and oil will nearly double earnings capacity during the next several years while the smaller container ship industry will tread water, Deutsche Bank says.
- The firm believes the industry is "on the cusp of entering a new era of prosperity," driven by improved supply/demand dynamics, increased fleet utilization and abundant capital to fund profitable growth.
- On average, DB forecasts a near doubling of earnings power across its coverage universe by 2016 vs. 2013, led by shippers in the Dry Bulk and Oil trades.
- Initiated with Buy ratings: TNK +9.8%, CPLP +2.5%, DSX +2.8%, DRYS +5.5%, DLNG +2.4%, NNA +2.1%, SALT +0.8%, SSW +1.3%, GASS +3.3%.
- Started at Hold: TK +1.2%, NMM +0.3%, FRO +3.3%, TGH -0.6%.
Aug. 18, 2014, 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%.
Aug. 14, 2014, 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.
Jul. 29, 2014, 7:35 AM
Jul. 28, 2014, 5:30 PM
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Apr. 29, 2014, 8:04 AM| Comment!
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