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PR Newswire (Jul 8, 2014)
PR Newswire (Jul 2, 2014)
PR Newswire (Jun 27, 2014)
PR Newswire (Jun 26, 2014)
PR Newswire (Jun 23, 2014)
at MarketWatch.com (Jul 21, 2011)
Fri, Jul. 18, 12:45 PM
Tue, May. 13, 6:58 PM
Mon, Apr. 21, 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.
Fri, Apr. 4, 12:47 PM
Thu, Mar. 20, 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.
Tue, Feb. 11, 12:46 PM
Tue, Feb. 11, 6:12 AM
Thu, Jan. 23, 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.
Wed, Jan. 15, 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%.
Dec. 26, 2013, 10:42 AM| 5 Comments
Nov. 29, 2013, 11:31 AM
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. 30, 2013, 9:12 AM
- Wells Fargo becomes the latest firm to call a near-term top in the Capesize-fueled dry bulk rally. (See Deutsche)
- "After rising ~290% since 8/19 to $42,211/day, Capesize spot rates have declined ~10% to $38,023/day since Wednesday," analyst Michael Webber notes, adding that "despite the modest pull back ... rates remain ~235% above their Q2 average [and] 35% above Q4 forward agreements, which are off ~11% since Wednesday, while 2014/2015 FFAs are ~50-60% below spot rates."
- Diana Shipping (DSX), Eagle Bulk Shipping (EGLE), and Genco Shipping (GNK) are all maintained at Underperform.
- Other names in the sector: FREE, SINO, DRYS, BALT, PRGN, ULTR, NM, SB, SFL, NMM, SBLK
- 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. 23, 2013, 12:47 PM
Sep. 20, 2013, 12:46 PM
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