Mark in San Diego

Transport Sector Confirms Economic Weakness

My KSP (K-Sea Transportation) tanked today - donw 33% on lower earnings and dividend cut. Why? They are the "last mile" operator of barges that you see in NYC, Seattle, SF, etc. Taking oil, gas, etc. from tankers to power companies, refineries, etc. They see very little increase in business, and some deterioration. . .the economy is, in my opinion, going to have a second downturn as the Main Street economy is not really responding to the Wall Street runup. All those retail stores that were "hanging in" waiting for the recovery are now going belly-up, and many small restaurants here in San Diego have started to call it quits. I would say another full year to the bottom.