Dry Bits Weekly Oct 2nd 2010

Ahoy There!

Top & Bottom 5 Day:  DRYS @4.78 +15.88%, SHIP @1.11 +10.67%, NM @5.88 +6.72% >>> DSX @12.68 -0.16%, BALT @11.17 -1.85%, TBSI @5.30 -2.39%. Uncle George found some work for a yet to be delivered Dryships drillship, plus got HSH Nordbank to amend covenants enough to be in “full compliance as amended” with the original facility.  The GE faithful were never in doubt about either annoyance!  Meantime Dale Ploughman from Seanergy  fixed 3 handysize ladies on some period employment.  A Skipoint is awarded here for Dale’s effort, considering how he is rebuilding the corporate structure of Seanergy to mirror Angel’s model of Navios Maritime Holdings.   btw SHIP now controls ~1.3M dwt average age 12.8.  Something is Rotten in Denmark!  At the other end of the 5 day review we have TBSI telling the world they are not going to pay anything but interest on their loans for the next 45 days.  The Skipper (JR) aka “Junior” went on to say during this time he is “confident” the banks will let him rewrite the deals.  

Dude… What is different now?

The Baltic: 

BDI     @2452 +0.3%

BCI     @3419 +9.54%

BPI     @2412 -11.29%        

BSI      @1843 -1.91%

BHSI   @1038 -2.89%

For every point gained in the Cape segment, the Panasister’s collectively lost and some.

Dry Fixtures:  Thursday to Thursday!  PLS don’t ask.

HSS =3, Ore =16, Coal =3, T/C =88, Period =13, Total =126

Vessel tally as follows.

Capes =21, PPmax =2, Kmax =5, Pmax =44, Smax =37, Hmax =8, Hsize =9.  The volume of period activity has been low for 3 weeks running now.  We expected coal to taper off some but down by 62% volume compared to last week? Bummer

Familiar Vessel’s:

There are a lot of them in the fixture reports this week.  Torm Saltholm, Genco London, Navios Star, Navios Hyperion, Star Manx, Navios Achilles, Genco Wisdom, Star Sigma, Navios Hios, Navios Kypros, Genco Leader. 

Good Fortunes

Ski