Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: Hohum77 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3127  
Subject: Dry Bulk Update: Dec 2008 Date: 12/31/2008 6:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
All green today, not a bad way to end the year.
Continuing with the theme from the last update, I will review new events
that relate to individual company responses to the crashing shipping rates.

Shipper	1-Jan	30-Apr	30-May	30-Jun	31-Jul	29-Aug	30-Sep	31-Oct	28-Nov	31-Dec 
BHO* 15.20 11.00 11.50 10.92 11.10 9.30 8.15 4.19 02.07 2.50
DSX** 31.46 30.36 34.99 30.71 30.43 28.38 19.69 16.63 08.84 12.76
DRYS 77.40 82.50 93.80 80.18 77.13 73.44 35.49 19.25 05.44 10.66
EXM 40.19 39.71 51.30 39.25 37.06 35.69 15.08 11.44 05.71 7.04
EGLE** 26.55 29.43 33.34 29.57 29.04 26.47 13.94 9.97 04.33 6.82
ESEA** 12.40 13.78 15.62 12.97 12.30 13.40 7.97 4.87 03.98 4.30
FREE** 6.00 6.87 7.00 6.28 6.39 6.12 4.11 2.10 01.35 1.39
GNK 54.76 67.65 70.24 65.20 68.18 62.74 33.24 20.85 09.11 14.80
NM** 12.25 10.99 12.02 9.69 9.46 10.57 5.11 2.79 01.74 3.16
NMM 19.15 16.09 15.07 14.60 12.95 12.50 7.53 7.31 04.43 7.14
OCNF 19.23 22.64 26.52 23.17 19.41 19.07 13.47 6.60 03.45 2.97
PRGN** 18.21 17.19 21.30 16.79 15.34 15.16 8.52 5.60 04.46 4.75
SBLK** 12.85 12.58 13.98 11.79 11.24 10.47 7.00 3.61 02.26 2.55
TBSI* 33.06 40.18 46.58 39.95 36.54 28.91 13.46 8.56 04.70 10.03
SB** 18.87 18.95 19.05 10.90 5.51 04.15 3.19
ULTR* 11.14 10.88 7.85 4.14 03.99 6.68


* - Zero or no recent dividend
** - Change in dividend (This designation will disappear in 2009, a
company either pays a dividend or it doesn't)

EGLE - unlike the other shippers who canceled newbuild orders, EGLE came up with a different solution- an option on 8 newbuilds. From a strategic perspective, they came with a better solution than the others- if the economic conditions improve/shipping rates improve, they can still stay with their plan of 35 newbuild vessels. If not, its 27 newbuilds, plus the company leaves a lot less money "on-the-table" - the options cost $55,000 per vessel.
http://finance.yahoo.com/news/Eagle-Bulk-Shipping-Inc-pz-138...

- Alas, the dividend is gone too.


OCNF - renegotiated charter rate on one vessel from $42k/day => $16k/day, and also suspended their dividend. While the rate on the vessel is a significant cut, the company would be hard pressed to get that type of rate in the current enviroment.
http://finance.yahoo.com/news/OceanFreight-Inc-Suspends-iw-1...


DRYS - Some disarray here. Order for 4 Panamax newbuilds was canceled. Merger with Cardiff Maritime was put on hold
http://www.forbes.com/2008/12/22/dryships-shipping-closer-ma...


ESEA - Sold a Panamax vessel, so the company is back to 16 vessels. The sold vessel was old, 1984-built, and the company recently
acquired a newer 1998-built Handysize vessel, so this was fleet renewal for a small loss of tonnage.
http://finance.yahoo.com/news/Euroseas-Ltd-Announces-iw-1393...


Hohum
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next

Announcements

Post of the Day:
Macro Economics

2.1: The Labor Pool Problem
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement