Dry Bulk Equties Covered

BALT Baltic Trading Co 2 Capes 4 Smax 3 Hsize . DRYS Dryships Inc. 9 Capes 25 Pmax 2 Smax 4 Tankers 6 Drill rigs . DSX Diana Shipping Co. 8 Capes 1 P/Pmax 16 Pmax 14% Diana Containerships . EGLE Eagle Bulk Shipping Co. 40 Smax 2 Hmax . ESEA Euroseas LTD 4 Pmax 1 Hmax 1 M/P 10 Containerships . EXM Excel Maritime Carriers LTD 7 Capes 14 Kmax 21 Pmax 2 Smax 3 Hsize . FREE FreeSeas Inc. 2 Hmax 6 Hsize . GLBS Globus Maritime Limited 1 Kmax 2 Pmax 4 Smax . GNK Genco Shipping & Trading Lim. 9 Capes 8 Pmax 17 Smax 6 Hmax 13 Hsize . GPRT Goldenport Holdings Inc. 1 Cape 1 P/Pmax 11 Smax 1 Hmax 12 Containerships London . ISH International Shipholding Corp Barges ro-ros Specialty ships . NEWL Newlead Holdings LTD 5 Capes 1 P/Pmax 2 Kmax 4 Pmax 1 Hsize 6 Product Tankers . NM Navios Maritime Holding Co. 10 Capes 3 Pmax 14 Smax NMM NMAU NSALU Navios Tanker Management Co. . NMM Navios Maritime Partners 6 Capes 9 Pmax 1 Smax Long Term Chartered In Fleet 2 Pmax from NM . PRGN Paragon Shipping Inc. 8 Pmax 2 Smax 2 Container newbuilds in work . SB Safe Bulkers 1 Cape 9 P/Pmax 3 Kmax 4 Pmax . SBLK Star Bulk Carriers Corp 7 Capes 8 Smax . SFL Ship Finance International 6 OBO 7 Hsize 5 Smax Tankers Container Offshore . SHIP Seanergy Maritime Holdings Inc. 4 Capes 3 Pmax 2 Smax 1 Hmax 10 Hsize several hsize vessels are actually bulkers . TOPS Top Ships Inc. 2 Capes 6 Product Tankers . VLCCF Knightsbridge Tankers LTD 2 Capes 4 VLCC Tankers . ish is not really a bulker but they are cool

Grain Report Clips

Grain report clips During the week ending November 17, 38 ocean-going grain vessels were loaded in the Gulf, down 33 percent from this week last year. Forty-eight vessels are expected to be loaded within the next 10 days, 9 percent less than the same period last year. During the week ending November 18, the ocean freight rate for shipping bulk grain from the Gulf to Japan was $57.50 per metric ton (mt), 2 percent more than the previous week. The cost of shipping from the Pacific Northwest to Japan was $32 per mt—3 percent more than the previous week. During March rail deliveries peaked for the year at 1,706 cars per week when flood conditions disrupted river operations and barge rates were at their highest. For this month, rail deliveries to Mississippi River ports are averaging 380 cars per week compared to last November’s average of 1,775 cars per week. For the remainder of the marketing year, a robust barge market is not likely; USDA projects U.S. corn exports at 1.6 billion bushels, a 9 year low.

Union Pacific Railroad (UP) has delayed opening its new grain transloading terminal at Yermo, CA, until late 2011 or early 2012. In their announcement, UP said the delay is because of a declining grain export market—grain traffic for all U.S. major railroads was down 14 percent in October compared to October 2010.

Dry Bits Week 47

Top & Bottom 5 Day: No Gainers >>> GNK 6.93 (-27.59%) EXM 1.65 (-30.38%) TBSI 0.40 (-34.43%). Well now, not a gainer in the entire sector… Do you ever ask yourself how in the heck you got involved in shipping? For the record EXM is being alerted iaw our 5Day criteria as a potential long trade. This is a scary trade if you agree with Boomer James. It is his belief the stock will go under a dollar within 6 months. TMT readers will recall last week we pointed out how DRYS got smacked a bit. Well they didn’t make our leader board but keep them in mind. The stock has fallen ~25 % since November 11th.

 The Baltic Exchange: BDI 1807 (-1.53%), BCI 3049 (-3.21%), BPI 1794 (+1.87%), BSI 1380 (+4.23%), BHSI 639 (-5.33%). The handies are getting spanked, and things are worse than I thought for the operators. We will be getting more informed on the subject and will report back to the readership.

 The Fixtures: Ore =24, Coal =11, T/C =68, Period =16, Scrap =1, HSS =1, Grain =1, total =122. btw I will soon be publishing a separate report dedicated to fixture analysis for those who may be interested. We had a strong week thanks to one of our favorite smokers Taipower. Again we see Midwest Soy Beans heading to China via the Panama. They (Chinese) are worried about becoming too dependent on our corn, but soy is a different product you see…
Best done period vs. spot rates;
Capes: Navios Koyo 1 Year $17,900 vs. $26,786
Pmax: Spar Neptun 4-6 MOS $22,000 vs. $14,635
Smax: Alitis 90-149 Days $12,500 vs. $14,491

 The Vessels: VLOC =0, Capes =32, P/P =8, Kmax =7, Pmax =51, Smax =17, Hmax =1, Hsize =4, Bulkers =2, total =122.

 Ski Notes: The following “familiar vessels” populated the fixture reports; Star Kappa, Navios Koyo, Thetis, Alitis. The lenders for TBSI are demanding the common shares go all the way to zero. “ even though our lenders have made it clear that they would not agree to a restructuring in which any value were attributed to our common equity.” Diana Shipping Inc. (NYSE: DSX) had its price target lowered by analysts at Jefferies to $11.00. Really, Jefferies thinks Diana will see 11 in a year. Really!
Good Fortunes 
Ski

Dry Bits Week 46

Top & Bottom 5 Day: NM 3.77 (+3.57%) SB 6.78 (+1.34%) >>> DRYS 2.54 (-11.80%) EXM 2.07 (-12.65%) TBSI 0.45 (-26.22%). The tweendeckers miss the street and paid. The losers outnumber winners 2 to 1 and averaged about a 10% loss for the week. The fact that DRYS and EXM got slammed a bit more should be noted. The Baltic Exchange: BDI 1895 (+3.26%), BCI 3235 (+2.69%), BPI 1831 (+3.97%), BSI 1381 (+4.30%), BHSI 661 (-2.07%). The larger vessel classes gained some juice with the noted exception of the smaller (normally mellow) handies. The week ended with the Baltic’s rising while equities retreated. Let us hope for a bit more of the same to extend the divergence. $$$$ in the making ya know! The Fixtures: Ore =27, Coal =6, T/C =82, Period =10, Bauxite =1, HSS =1, total =127. The ore chores doubled from last week and coal gained a fixture equaling the four week average of 6 coal fixtures. The T/C and Period volume improved as well, and noteworthy is China taking soy from the gulf this week while last week they took it from the mouth of the recently dredged Columbia River out west. Best done Period Vs. Spot Rates Capes: Great Song 4-6 MOS $19,000 vs. $28,795 Pmax: Nirefs 13-16 MOS $12,250 vs. $14,441 Smax: C S Brave 12 MOS $12,200 vs. $14,309 The Vessels: VLOC =0, Capes =34, P/P =4, Kmax =12, Pmax =36, Smax =32, Hmax =2, Hsize =3, Bulk =4, total =127 Ski Notes: The following “Familiar Vessels” populated the fixture reports. Navios Vector, Torm Ocean, Navios Orion, Navios Ulysses, Nirefs. The folks who are closely observing Diana Shipping will recognize the Nirefs as the vessel being chartered by Morgan Stanley for the next year. Good Fortunes Ski

Week 45

Top & Bottom 5 Day: FREE .907 (+19.34%) GNK 9.57 (+11.02%) DRYS 2.88 (+4.34%) >>>> NMM 14.95 (-4.22%) SHIP 3.02 (-7.07%) TBSI .61 (-16.43%). The gain FREE racked up did not add up, and we saw no reason for the spike Thursday. Peter Pan’s Genco reported the same day and was rewarded by the street. That should make his new Canadian buds happy. DRYS pops onto the leader board for the second time in 2 weeks. Does George have something going on? The Baltic Exchange: BDI 1835 (+2.85%), BCI 3150 (+12.98%), BPI 1761 (-4.08%), BSI 1324 (-7.08%), BHSI 675 (-7.28%). The almost 13% rise for the BCI tells me in spite of the large amount of capesize deliveries we read so much about the owners are still able from time to time to turn the table on the charterers. I will look at the fixtures a lot closer to identify how it may have occurred. Prompt list? The Fixtures: Ore =13, Coal =5, T/C =75, Period =7, total =100. The ore chores dropped by almost half week over week and the big coal burners were absent from the market. All in all every fixture class was off last weeks healthier numbers. Best done period vs. spot rates Capes: none reported vs. $27,197 Pmax: Yasa Team 4-6 MOS $12,500 vs. $14,078 Smax: Simge Akos 12 MOS $12,500 vs. $14,228 The Vessels: VLOC =0, Capes =25, P/P =3, Kmax =8, Pmax =36, Smax =22, Hmax =2, Hsize =0, Bulkers =4, total =100. We noticed the big ladies (Capesize) have not inked a period fixture for two weeks in a row. That is not normal. The following “familiar vessels” populated the fixture reports, Torm Anholt, Navios Arc, Akili, Navios Melodia, Navios Pollux. Good Fortunes Ski

Dry Bits Week 44

Top & Bottom 5 Day: TBSI @0.73 +4.28%, SHIP @ 3.25 +2.20% >>>

EGLE @1.45 -13.69%, EXM @2.46 -16.89%, PRGN @0.92 -17.11.

The equities mostly followed the Baltic decay with the exception of our

favorite penny stocks TBSI and SHIP. They should have went down as well,

but forces greater than logic intervened.

The Baltic Exchange: BDI 1784 (-11.59%), BCI 2788 (-14.84%), BPI 1836 (-5.31%), BSI 1425 (-7.76%), BHSI 728 (-7.37%). The charterers managed to satisfy significant demand while pressing rates lower. The owners are again lining the mahogany calling for brandies by the double.

The Fixtures: Ore =24, Coal =7, T/C =92, Period =5, Manganese =1, HSS =1, total fixture count =130. The ore chores were decent, coal was ok, the t/c fixtures easily blew past the 4 week avg. of 77.75 fixes. The missing ingredient is the dismal period numbers with only 5 being inked. What does this tell us…nothing yet, but we will be watching for a pattern.

Best Done vs. spot rates

Capes: none reported $23,374

Pmax: Naias 4-6 MOS $14,000 vs. $15,521

Smax: Kang Shen 3-5 MOS $13,750 vs. $16,009

The Vessels: VLOC =0, Capes =29, P/P =3, Kmax =7, Pmax =43,

Smax =35, Hmax =7, Hsize =1, Bulker =1, total =130.

The following “familiar vessels” populated the fixture reports. Star Harmony.

Ski Notes: Without going into too much detail, it has been decided that

we will not post any of Boomer James actual trades. Our legal advisors

have instead suggested we could simply post a practice account that

coincidentally may shadow Boomers trades.

Natasha has dropped FreeSeas from her universe of coverage over at Cantor. I would press her as to why. Uncle George finally removed OCNF from TMT coverage. If we get to picky about our coverage criteria we soon will be talking about something besides shipping. None of these companies are shinning examples of good corporate governance with outstanding investor relationships. None.

Top & Bottom 5 Day: TBSI @0.73 +4.28%, SHIP @ 3.25 +2.20% >>> EGLE @1.45 -13.69%, EXM @2.46 -16.89%, PRGN @0.92 -17.11. The equities mostly followed the Baltic decay with the exception of our favorite penny stocks TBSI and SHIP. They should have went down as well, but forces greater than logic intervened. The Baltic Exchange: BDI 1784 (-11.59%), BCI 2788 (-14.84%), BPI 1836 (-5.31%), BSI 1425 (-7.76%), BHSI 728 (-7.37%). The charterers managed to satisfy significant demand while pressing rates lower. The owners are again lining the mahogany calling for brandies by the double. The Fixtures: Ore =24, Coal =7, T/C =92, Period =5, Manganese =1, HSS =1, total fixture count =130. The ore chores were decent, coal was ok, the t/c fixtures easily blew past the 4 week avg. of 77.75 fixes. The missing ingredient is the dismal period numbers with only 5 being inked. What does this tell us…nothing yet, but we will be watching for a pattern. Best Done vs. spot rates Capes: none reported $23,374 Pmax: Naias 4-6 MOS $14,000 vs. $15,521 Smax: Kang Shen 3-5 MOS $13,750 vs. $16,009 The Vessels: VLOC =0, Capes =29, P/P =3, Kmax =7, Pmax =43, Smax =35, Hmax =7, Hsize =1, Bulker =1, total =130. The following “familiar vessels” populated the fixture reports. Star Harmony. Ski Notes: Without going into too much detail, it has been decided that we will not post any of Boomer James actual trades. Our legal advisors have instead suggested we could simply post a practice account that coincidentally may shadow Boomers trades. Natasha has dropped FreeSeas from her universe of coverage over at Cantor. I would press her as to why. Uncle George finally removed OCNF from TMT coverage. If we get to picky about our coverage criteria we soon will be talking about something besides shipping. None of these companies are shinning examples of good corporate governance with outstanding investor relationships. None.