Dry Bits Weekly

The Top & Bottom 5 Day: DRYS @6.33 +7.65%, NMM @19.58 +3.27%, SHIP @1.06 +2.91% >>>
BALT @11.03 -5.24%, SBLK @2.85 -5.62%, TBSI @3.17 -8.11%. A few years back the entire sector was/seemed driven by DRYS. When DRYS went up the sector followed, and vice versa. This week only three other shippers followed DRYS lead while the remaining 2/3rds lost ground. The Top & Bottom repeat alarm has identified TBSI as a 3 week + loser, and that qualifies a long consideration, and yes DRYS has made the watch list as a short consideration closing on the leader board two weeks in a row. Pairs-Players!! The tweendecker operator is down 58% yoy.

The Baltics: BDI @2095 -3.36%, BCI @2694 -9.68%, BPI @2357 -1.04%,
BSI @1670 +4.83%, BHSI @830 +1.71%. At this rate within 3 weeks the Capesize vessels will be available at less than the cost of a Panamax. Kadywhompus!

The Fixtures (Thurs to Thurs): Iron Ore =12, Coal =8, HSS =2, T/C =72, Period =12, total =106. The 8 Coal fixtures soared past last weeks results of 1, while the “Ore Chores” fell off last weeks 23 fixes reporting ~half that amount (12) this week. There were no Capesize vessels taken on Period this week as the Panasisters took 10 of the 12 Period charters that got inked. The big girls poached several of normal Pmax coal fixtures as the cape/pmax ratio slips closer to inverted. Why rent a much smaller Pmax when for a few dollars more you can get a big fat lady?

The Vessels: Capes =17, PPmax =3, Kmax =5, Pmax =48, Smax =19, Hmax =4, Hsize =4, Bulkers =6, total =106.

Ski Notes: We saw a couple noteworthy fixes over the week. The first eye opener would be Cargill the giant food producer has fixed a TBN Capesize vessel to haul 160Kdwt of iron ore from Tubarao/Qingdao at the rate of $22. My guess here is they will be using one of their own chartered in vessels that was not presently employed hauling foodstuffs.

The next fix that catches our eye has Navios chartering the Panamax Daniela Schulte from HAMPTON ROADS to SAKAIDE hauling 70,000 dwt of Coal for a staggering USD44/ton. Angel is probably being forced to cover a COA commitment that somehow fell through the cracks. Keep in mind that a COA does not require a dedicated vessel, and with the idea being that Navios would always have a planned vessel available to cover the commitment, it’s a fair bet to say somebody got their butts chewed. Forty Four Dollars a Ton!

Good Fortunes