Dry Bits Week 6

Ahoy There!

Top & Bottom 5 Day: SHIP +8.97%, SB +4.01%, GNK +1.31%>>>

PRGN -3.41%, NMM -4.60%, TBSI -7.96%. It has been a while since we mentioned Paragon in the T&B. Bummer they show up as a laggard. The reported quarterly numbers from Safe Bulkers must have satisfied the market? The Island People (TBSI) drag’s the sectors anchor again dropping like a rock. Boomer James is already planning another foraging raid….what a spank… We share the fact that Seanergy Maritime Holdings is garnering more of our attention as we prematurely think some righteous surfing may be afforded by the share price movements.

The Baltics: The Panasisters led the way with +20%, as all the indices showed gains. I was kinda surprised the Supras didn’t get more love…they made a pretty good showing in the amount of fixtures inked, but somehow the owners couldn’t push the rates up much at all…wrong place… wrong time. Yes the fat girls ~ +14% rush had them dancing to the ZZ Top’s classic tune “The Tube Snake Boogy” very late in the night. Go girls !!! p,s. try some icy hot if it hurts still today.

BDI @1178 +12.94%

BCI @1475 +13.54%

BPI @1620 +20.17%

BSI @ 1132 +3.85%

BHSI @649 +0.93%

The Fixtures: Ore =19, Coal =2, Petcoke =1, T/C =58, Period =19, total =99. Remember we said that last weeks 18 coal fixtures would vanish.. just 2 this report. The period market saw the best action of this 2011 year. Period vessel class tally was Capes 2, Kmax 4, Panasisters 8, Supras 5.

Top period rates this week;

Cape $17,000 6>8 MOS

Kmaxers $18,000 4 > 6 MOS

Panasisters $17,400 12 > 15 MOS

Supras $17,000 3 > 5 MOS

The best cape period rate is ~~equal to the best Supramax rate! Size Matters they say?

The Vessels: VLOC =0, Cape =23, Post P =3, Kmax =10, Pmax =31, Smax =23, Hmax =5, Hsize =3, Bulkers <30K =1, total =99.

Ski Notes: The following familiar vessels were listed in the fixtures; Genco Leader, Torm Trader, Navios Hyperion, Baltic Leopard, Star Zeta. It was pointed out (courtesy of Boomer James) that Eagle Bulk Shipping has chartered (rented) three additional vessels this week fixing T/C. It should be noted that the Hyperion is one of the boats “rented” by Eagle and it is owned by Navios Partners. The folks at Eagle are paying $11,500 a day, and should make some pocket change off the fixture. On the other hand, the Hyperion is chartered out from NMM @ $37,953 net of commissions making this a very unattractive fixture for Angel’s counterparty. This awareness of counterparty performance is why we talk about familiar vessels in the Dry Bits Weekly.

Good Fortunes

Ski