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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 3158  
Subject: Oct 2007: Dry Bulk update Date: 10/31/2007 11:33 PM
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The Halloween edition- Trick was yesterday, Treat was today!

The data

Shipper	30-Apr	31-May	29-Jun	31-Jul	31-Aug	28-Sep	31-Oct
BHO* 18.34 17.58 17.95 17.74 17.00 16.95 16.42
DSX 20.25 22.79 22.40 28.05 26.55 28.50 42.31
DRYS 35.38 41.10 43.38 57.32 71.31 90.84 117.86
EXM 22.64 23.69 25.18 38.8 43.03 55.80 70.59
EGLE 22.52 22.28 22.41 26.32 26.36 25.74 34.09
FREE* 4.90 6.00 7.55 8.59 7.42 7.46 8.17
GNK 35.76 38.06 41.26 56.33 56.10 65.53 71.89
NM 8.75 10.50 12.08 13.05 12.20 13.14 18.07
OCNF* 19.35 20.70 19.30 23.89 21.39 23.24 26.64
OSG 70.80 79.55 81.40 77.59 71.40 76.83 74.40
QMAR 16.13 15.63 15.82 17.93 17.36 19.07 27.95
TBSI* 15.97 22.28 28.40 38.37 36.51 41.25 62.84
ESEA 11.40 13.35 14.26 14.76 14.48 14.53 19.31
PRGN 15.79 16.96 25.08


* No dividend or no recent dividend

Per request from last month, the Baltic Dry Bulk indices on top left corner of page
http://shipping.capitallink.com/

- The 10+% gainers...Nope, I up the stakes...the 20+% gainers this month
are -
DSX, DRYS, EXM, EGLE, NM, QMAR, ESEA, PRGN, and leading the pack ...[drum roll please]
.
.
.
TBSI a great 52.33% gain -quite Amazing since TBSI had traded above $60 since October 15th, and only dipped below $60 yesterday. TBSI even got to $70+ within the last month

- Paragon, PRGN, has been added to the Dry Bulk list.

- Hohum vs Forbes:
Hohum's take- Yesterday was people taking Dry Bulk profits off the table prior to the Fed statement.
Forbes take- Cape size rate too high, China steel production leveling off, and a Motley Fool article.
http://www.forbes.com/2007/10/30/drybulk-shipping-diana-markets-equity-cx_ra_1030markets41.html?partner=yahootix

Personally, I think Yesterday's Dry Bulk pull-back was healthy, and even DRYS participated this time.

- NM is doing something unusual with regards to financing. This is an IPO, not a secondary offering. The new offering will trade under a different symbol, NMM
http://biz.yahoo.com/iw/071026/0320815.html

- NM also announced the purchase of 3 Cape-size vessels, and a conditional offer to purchase 2 more Cape-size vessels (total 5 vessels). Are the two items related? Will be interested to see the plan here
http://biz.yahoo.com/prnews/071029/nym150.html?.v=87

- TBSI adding 2 more Handy Max ships to its fleet, bringing its total to 39 vessels
http://biz.yahoo.com/iw/071031/0322442.html

- FREE are having an actual secondary offering, 11 million shares @$8.25
http://www.reuters.com/article/marketsNews/idUKWNAS827620071025?rpc=44

- FREE rescued the vessel that had run aground. That ship was in a one month trial period, so it completed the trial, and heads for dry docking. This company seems to encounter lots of obstacles. Earlier in the year, FREE, with a 3-ship fleet, tried to acquire 2 more vessels. That acquisition failed, so they abandoned that plan. They did eventually acquire 2 ships (I believe one of the two was the ill-fated vessel)

- PRGN is adding two more vessels to it's fleet, bringing its total to 11 vessels. It is paying $178 million for the 2 vessels, but the two vessels immediately go into service, and also increase the company shipping capacity more than 25%.
http://biz.yahoo.com/bw/071008/20071008005678.html?.v=1


Enjoy!
Hohum
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