Week 48

Ahoy There!

Top & Bottom 5 Day:  NM @3.90 (+21.49%), EXM @1.97 (+19.39%), NMM @15.42 (+14.22%), >>>  SBLK @1.11 (-9.01%), NEWL @0.65 (-9.72%), FREE @0.61 (-21.79%).  The market was moved for Angels holding company Navios Maritime by the headline “JPMorgan Chase initiated coverage of the stock with an overweight rating.”.  It should also be noted that the gentleman on TV (Mr. Cramer) favorably mentioned the 3$ stock. 

The Baltic Exchange:  BDI 1866 (+3.26%), BCI 3409 (+11.80), BPI 1701 (-5.18%),

BSI 1335 (-3.26%), BHSI 623 (-2.50%).  The cape index carries the Baltic as all three smaller classes lose steam.  This is surprising with the grain activity being reported in the USG at healthy volumes, I had expected the Handies and Supras to be performing better.  Well I was wrong and that bodes very badly for some cash strapped owners.

The Fixtures:  Ore =21, Coal =6, T/C =66, Period =11, Grain =1, total =105.  The “Ore chores” volume slipped 12% from 4 week average, and coal fell off 45% in the absence of major smokers like TaiPower.  The T/C numbers come in soft and no capes found period employment leaving us real fortunate that the week was a positive for the equities.

                        Best Done Period vs. Spot Rates

Capes:  none reported                                           $29,010.

Pmax:  Capt. Evangelos  4-6 MOS  $23,000  vs.  $13,979.

Smax:  Dumun                 3-5 MOS $13,750   vs.  $14,408.

The Vessels:  VLOC =0, Capes =28, P/P =3, Kmax =10, Pmax =38, Smax =18,

Hmax =1, Hsize =3, Bulkers =4, total =105.  I just saw an article TMT Friend Ohms Law had mentioned

Ski Notes:  The following “familiar” vessels populated the fixture reports; Genco Surprise, Thetis, Calipso, New Horizon, Saldanha, Poseidon, Navios Titan.  It should be noted we are respectful of all investment styles.  It remains our opinion that shipping equities are not well suited for typical long investors and investments in the sector should be made by attentive momentum traders. 

Good Fortunes

Ski