Week 13

Top & Bottom 5 Day: GLBS @8.90 +6.07%, NMM @20.66 +3.87%, NM @5.83 +3.55% >>>PRGN @2.84 -4.69%, SHIP @0.60 -4.76%, TBSI @1.80 -15.09%. The leader board is no big surprise, but rest assured the tweendeckers being sacked for over 15% has garnered the attention of more than one bottomfeeder. The dry bulk equities had 5 gainers and 11 losers for the week. The Economou controlled Dryships weathered their earnings report better than we expected. It had been our opinion that the share price would have made the laggard board with double digits losses as investors digested the report. Maybe I read it wrong?

The Baltics: BDI @1520 -5.36%, BCI @1792 -2.38%, BPI @1925 -7.36%, BSI @1511 -5.73%, BHSI @786 +0.76%. The Panasisters lost ground with reduced demand, signaling charterers have the upper hand at the fixture table. Rates also decaying thru competition for cargoes, AKA lots of Ladies to pick from. The little ones push to 8 consecutive weeks of BHSI rates improving. The 800 barrier is proving elusive.

The Fixtures: Ore =24, Coal =6, T/C =81, Period =13, total =124. The ore chores almost doubled over last week with the Capes grabbing all but one of the ore fixtures. The coal demand was almost nonexistent without our bud Taipower who took 2/3rds of the coal runs. Remember next week they won’t be buying the fuel if they follow their normal demand. The BPI is perhaps as heavily influenced by coal as the BCI is by ore.

Top Period rates vs. spot

Capes; Semirio trading 2 years $17,250, spot $10,371.

Pmax; Navios Star trading 4-6 MOS $18,500, spot $15,807.

Smax; Port Maubert trading 1 year $18,000, spot $15,921.

The Vessels: VLOC =1, Capes =28, Post Pmax =1, Kmax =7, Pmax =42, SMax =29, Hmax =9, Hsize =4, Bulkers <30 =3, total =124. The Supras seeing work in USG but still waiting for the jump that was predicted. The Panamax fleet had 15 less fixtures compared to last week and it showed up in London.

Ski Notes: The following familiar vessels populated the week’s fixture reports. Akili, Calm Seas, Navios Star, Torm Salthome, Nirefs, Aliki, Baltic Leopard, Thor Endeavor, Navios Armonia, Heron, Genco Tiberious. Once again we see Navios Partners among the leaders and remind folks about this company if you wish to hold a shipper long. I have swing traded (surfed) NMM several times always thinking if I was going to hold a shipper long, it would be this one. Boomer James has thrown GNK up on his dry erase board next to TBSI. Alarming!

Good Fortunes

Ski