Yesterday, 4:10 PM| Comment!
Mon, Mar. 30, 5:35 PM
Tue, Mar. 24, 4:29 PM
- Robert Perri, Paragon Shipping's (NASDAQ:PRGN) CFO since 2013 and its financial officer for the prior 3 years, is leaving the company to "pursue a different career path more in line with my past experience." CEO Michael Bodourglou will serve as interim CFO until a replacement is found.
- The drybulk shipper also announces its Q4 report will arrive after the March 31 close. The CC will take place the following morning at 9AM ET.
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.
Dec. 19, 2014, 3:02 PM
- Paragon Shipping (PRGN +10.2%) shares are substantially undervalued and could double next year, Maxim Group analysts say in naming PRGN as the top pick among dry bulk shippers for 2015.
- The firm notes that supply/demand balance in the Panamax fleet should be bolstered by increased coal shipments and exports of U.S. grain to China.
- Based on its estimated balance sheet and fleet for 2015, Maxim calculates a forward NAV of $8.12, implying that PRGN trades at ~0.29x estimates.; the firm's $6 price target implies a 0.74x multiple of the estimated NAV.
Nov. 5, 2014, 4:28 PM
Sep. 2, 2014, 4:07 PM| Comment!
Sep. 1, 2014, 5:35 PM
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.
May. 19, 2014, 4:23 PM| Comment!
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. 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. 13, 2014, 4:57 PM| 4 Comments
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. 12, 2014, 12:46 PM
PRGN vs. ETF Alternatives
Paragon Shipping Inc. is a provider of shipping transportation services. It is engaged in transporting drybulk cargoes, including such commodities as iron ore, coal, grain and other materials along shipping routes worldwide.
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