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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 3144  
Subject: Dry Bulk Update: June 2008 Date: 7/1/2008 12:42 AM
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This will likely be a somewhat subdued update. There's probably a few things happening, but nothing like an earnings reporting month. Here's the data

Shipper	31-Dec	31-Jan	29-Feb	28-Mar	30-Apr	30-May	30-Jun 
BHO* 15.20 13.23 11.90 10.38 11.00 11.50 10.92
DSX 31.46 29.51 28.50 25.97 30.36 34.99 30.71
DRYS 77.40 74.43 75.30 62.31 82.50 93.80 80.18
EXM 40.19 38.06 31.87 30.91 39.71 51.30 39.25
EGLE 26.55 24.72 26.63 25.71 29.43 33.34 29.57
ESEA 12.40 12.02 14.02 11.82 13.78 15.62 12.97
FREE 6.00 5.69 5.10 5.66 6.87 7.00 6.28
GNK 54.76 49.59 58.27 56.64 67.65 70.24 65.20
NM 12.25 11.55 11.11 9.80 10.99 12.02 9.69
NMM 19.15 16.85 15.40 14.92 16.09 15.07 14.60
OCNF 19.23 19.51 22.03 22.73 22.64 26.52 23.17
PRGN 18.21 18.61 16.04 15.76 17.19 21.30 16.79
SBLK 12.85 11.48 11.96 11.46 12.58 13.98 11.79
TBSI* 33.06 33.31 34.44 31.00 40.18 46.58 39.95
DWT* 13.50
SB* 18.87



Comparative bulk rate Mar : Apr: May: Jun (from shipping.capitallink.com website)
Baltic Dry 8,069 : 9,356 : 11,440 : 9,589
Baltic Capesize 11,815 : 14,173 : 18,719 :13,978
Baltic Panamax 7,896 : 8,972 : 9,912 : 9,627
Baltic Supramax 4,916 : 5,444 : 6,405 : 5,843
Baltic Handysize 2,435 : 2,789 : 3,304 : 2,713

Is there something that looks like a pattern? Perhaps. In the last update, I suggested "Surge" left before the month of May ended. There is also a very noticeable drop-off in the rates for all vessel sizes on a month-to-month basis. So here's the confounding part. The rates for April-June are averaging higher than March, so why are the Dry Bulk stocks taking such a hit? Don't know the answer, but have also not added to my Dry Bulk positions. I guess I don't think the pull back is done yet, but that's just my tea-leaves.

SBLK - Wow! these guys reported a little "late", probably the advantage of being based in the Marshall Island ;)
http://biz.yahoo.com/ap/080604/earns_star_bulk_carriers.html...

PRGN - adding a new vessel to their fleet- their 12th vessel
http://biz.yahoo.com/ap/080619/paragon_shipping_vessel_acqui...

NM - first there was a shipping MLP, NMM, and now, here comes a Navios SPAC (Special Purpose Acquisition Company)
http://biz.yahoo.com/ap/080618/navios_maritime_holdings_navi...

GNK - mentioned in a previous thread, company growing its fleet
http://biz.yahoo.com/ap/080616/genco_shipping_acquisition.ht...

TBSI - another vessel added to the fleet- their 46th
http://biz.yahoo.com/iw/080623/0409668.html

EXM - Doubled their quarterly dividend- now $0.40/sh
http://biz.yahoo.com/iw/080630/0411302.html


I added the new-kids-on-the-block SB and DWT. SB indicated they would pay a dividend, but they get an * till they do.

That's all

Enjoy!
Hohum
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