Week 20

Top & Bottom 5 Day:  SB @6.46 -2.26% >>> GNK @3.04 -22.84%, GLBS @3.75 -24.54%, GPRT @62.37 -26.4%.  Talk about an entire sector being taken to the woodshed.  The best performing shipper in our coverage universe was SB only losing 2.26%.  Shockingly 12 Shippers had double digit losses in value of the 19 covered companies.  This was by far the ugliest week of the year.  We report no alerts this week and if you played Eagle last week you lost around 11% not including costs of buying and selling. 

The Baltic Exchange:  BDI =1141 up 0.26%, BCI =1633 up 1.17%, BPI =1274 down 3.63%, BSI =1108 down 0.35%, BHSI =639 up 8.60%.  Finally we see the Panamax slide slow its rate of decay.  That’s a bit of good news…sort of.

The Fixtures:  Coal =1, Ore =6, T/C =52, Period =6, Bauxite =1 total =66.  The reports showed zero fixtures Thursday so we again cannot read too much into this not having our normal 5 days of data.  I will say this much…ore chores in the single digits…not good…T/C barely breaking 50…not good…

                        Best Done Period vs. spot rates

Capes:  none reported

Pmax:  Tian Baifeng    4-6 MOS       $11,500 vs. $10,101.

Smax:  Oxygen             4-6 MOS       $15,750 vs. $11,562.

The Vessels:  VLOC =0, Capes =10, Post P =3, Kmax =7, Pmax =28, Smax =11,

Hmax =3, Hsize =3, Bulker =1 total =66.  The following Familiar vessels populated the fixture reports; Ocean Shine, Cape Canary, Genco Lorrain. 

The Futures:

                        Capes              Pmax               Smax               Hsize

Index               8,921               10,101             11,562             9,480

CAL13            13,750             10,000             10,000             8,500

CAL14            15,750             11,250             11,250             9,000

CAL15            17,000             12,000             12,000             9,750

Ski Notes:  A special note of thanks goes out to a TMT  regular “ kr”.  Thank you for your contributions to our shipping discussions and your personal comments made to me.

Good Fortunes

Dry Bits Week 19

Ahoy There!!!      Week #19

Top & Bottom 5 Day:   

GPRT @84.75 (+3.30%), SFL @12.96 (+2.28%), SHIP @3.18 (+1.27%) >>>

DRYS @7.60 (-11.68%), EGLE @1.08 (-15.62%), FREE @0.82 (-26.12%).

For the record EGLE has made the T&B 5Day laggard list 3 weeks consecutively.  Under normal circumstance this triggers an alert.  Ask yourself if EGLE has been getting unfairly hammered.  Then place your bets….

The Baltic Exchange:

BDI =1138 down 1.64%, BCI =1614 up 2.41%, BPI =1322 down big 13.42%,

BSI =1112 down 0.53%, BHSI =616 up 2.32%.  The panasisters getting punished for making their run….

The Fixtures:

Coal =5, Ore =13, T/C =54, Period =12, Bauxite =1, total =85.  This weeks report has only 4 days of data hence less reading of the tea leaves.  Period activity is pretty strong suggesting the players feel rates will stay around current levels thru the next four months.

            Best Done Period vs. spot

Capes:  Navios Stellar          1 yr                    $12,250 vs. $  8,769

PMax:  IVS Merlot              4-6 MOS           $17,500 vs. $10,774

SMax:  none reported                                                  vs. $11,671

Hsize:  CMB Mae                4-7 MOS            $10,250 vs. $  9,181 

The Vessels:

VLOC =0, Capes =25, Post P =3, Kmax =8, PMax =36, SMax =10, HMax =0,

Hsize =1, Bulker =2, total =85.

The Futures: 

                              Capes          PMax         Supra         Hsize

Spot                     8,769           10,774        11,671        9,181

CAL13              14,000             9,750        10,000        8,500

CAL14              16,000           11,000        11,500        8,750

CAL14              17,000           12,000        12,000        9,750

Ski Notes:  The following “familiar” vessels populated the fixture reports;  Proteus,Navios Stellar, Ocean Dragon, Navios Felecity, Ocean Confidence,

Genco Challenger, Golden Enterprise, Golden Zhejiang. 

dry bits week 18

Ahoy There!   Week 18   2012

Top & Bottom 5 Day:  GLBS @5.10 unchanged >>> BALT @4.05 down 15.09%, GNK @4.30 down 21.10%, EGLE @1.28 down 26.01%.  The folks who regularly  read the ton mile trader are not surprised by the spanking Peter Pan’s magic companies (GNK & BALT) took, nor by them being joined in the laggard world by the likes of EGLE.  As the earnings (or lack of same) are being reported shock effects are expected. 

The Baltic Exchange:  BDI =1157 (+0.086%), BCI =1576 (+5.13%), BPI =1527 (-12.14%), BSI =1118 (+1.45%), BHSI =602 (+2.20%). 

The Fixtures:  Coal =7, Ore =7, T/C =41, Period =8, Sugar =1, total = 64.  The week had only four trading days so not too much can be said.  Saved by the bell if you ask me.  The volume fell apart with some holidays being an influence.

            Best Done Period vs. Spot

Capes:  C Triumph        11-13 MOS             $11,750 vs. $7069

Pmax:  Tian Tong            4-6 MOS             $17,000 vs. $13,051

Smax:  Equinox Star        4-6 MOS            $12,400 vs. $11,582

Hmax:  none reported                                                vs. $ 9,066

The Vessels:  VLOC =0, Capes =16, Post P =3, Kmax =2, Pmax =22, Smax =14, Hmax =0, Hsize =2, Bulker =5, total =64.

The Futures:

                           Capes       Pmax        Supra         H/S

Spot                  $7,069      $13,051     $11,582     $9,066

CAL13            $14,250     $10,000     $10,250     $8,500

CAL14           $16,000     $11,250     $11,750      $9,000

CAL15           $17,000     $12,000     $12,000      $9,750

Ski Notes:

Speaking of Earnings (or lack of same) nobody should be surprised if they read our dry bulk seer’s predictions.  Check out Ohms HERE

Good Fortunes

Week 17

Week 17

Top & Bottom 5 Day: 

GLBS @5.10 up 8.51%, VLCCF @12.51 up 5.65%, SBLK @0.99 up 5.31% >>>

EGLE @1.73 down 2.80%, SHIP @3.50 down 8.13%, FREE @1.23 down 11.51%.  I could cut and paste this … FREE gives up another double digit loss in five days.  I could point out some of the differences beholden to a foreign issued equity that allows………

The Baltic Exchange:

BDI =1156 (+8.34%), BCI =1499 (-2.21%), BPI =1738 (+16.87%),

BSI =1102 (+8.03%), BHSI =589 (-7.24%).  The BPI catches flight as SA grain runs continues to draw vessels thereby leaving tonnage tight in other key panasister routes.  SWEET!

The Fixtures:

Ore =8, Coal =10, T/C =89, Period =16, Sulphur =1, total =124.  The ore chores fall to the lowest full week volume this year.  Not good!  On a brighter note the coal fixtures doubled the 4 week average.  Very good! 

            Best Done Period vs. Spot

Capes:  Blue Moon                11-13 MOS     $12,000 vs.  $6,417

Pmax:  Obelix Bulker            4-6 MOS         $12,000 vs. $13,798

Smax:  Barilone                     4-6 MOS         $15,000 vs. $11,471

The Vessels:

VLOC =0, Capes =21, P/Pmax =5, Kmax =11, Pmax =44, Smax =30,

Hmax =5, Hsize =7, Bulker =1, total =124.

The Futures:

………….Capes         Pmax          Smax

Spot         $6,417       $13,798     $11,471

CAL13   $13,750      $10,250     $10,250

CAL14   $15750       $11,500     $11,750

CAL15   $16,750      $12,250     $12,000

Ski Notes:

The recent panamax run has been over examined but I will add that 1 out of every 3 fixtures last week was a panna!   The long overdue report on DRYS will be published this week.  Boomer has been on an extended holiday and we hope… given a few good meals (and some non alcoholic beverages) his digestive operations may return to normal.  The office just is not big enough.

Good Fortunes

Dry Bulk Fleet Growth

Ahoy There!

In conversation with Mike reviewing Clarksons last weekly publication the data on an extrapolated basis suggests the following.

The total dry bulk fleet has grown by ~27Mdwt since the beginning of this year.  The net fleet growth implied by this during 2012 will be close to 88Mdwt of additional capacity giving us in effect real close to a 14% net fleet growth for the year.  CRS is expecting dry bulk demand growth to be around 4% in 2012.  If we look at historical fleet utilization percentages and rates the correlation is clear.  Capacity kills utilization, and then utilization kills rates. 

Of course this is all based on extrapolated numbers that could dramatically change. 

Dry Bits Week 16

Ahoy There!  Week #16

Top & Bottom 5 Day: 

BALT @4.64 up 13.73%, SBLK @0.94 up 8.05%, EXM @1.75 up 5.42% >>>

DRYS @3.16 down 3.95%, VLCCF @11.84 down 7.57%, FREE @1.39 down 9.15%.

If we could count on BALT to stay lock stepped with the changes in the Baltic Index we might be able to make a play or two.  The big name DRYS being listed among the laggards was a bit of a surprise.  The sector worst performing equity FREE played out exactly as we thought it would giving up almost ten percent while the index gained 10%.

The Baltic Exchange:

BDI =1067 (+9.77%), BCI =1533 (-2.48%), BPI =1487 (+28.41%), BSI =1020 (+8.97%), BHSI =635 (+17.59%).   

The Fixtures:

Ore =15, Coal =7, T/C =82, Period 11, Scrap =1, total =116. 

The ore chores hold par with the 4 week average of 14.5 ore fixtures, but the coal underperformed the average by 20 percent. 

            Best Done Period vs. Spot Rates

Capes:  none reported                                            vs.   $6,627.        

PMax:  Pan Uno                    4-6 MOS   $15,000 vs. $10,835.

SMax:  Toucan Bulker          4-6 MOS  $12,000  vs. $10,374.

HMax:  Marleybone               3-5 MOS  $13,500  vs. $ 8,399.

The Vessels:

VLOC =0, Capes =24, Post P =5, Kmax =15, Pmax =44, Smax =24, Hmax =1,

Hsize =1, Bulkers =2, total =116.

The following “Familiar Vessels” populated the fixture reports this past week.

Ocean Trader, Nord Aquila, Thor Achiever, Akmi, Navios Meridian, Navios Vector, Genco Titus, Grand Clipper, Calipso, Lusitania G, Golden Bull, Clipper Monarch, Torm Atlantic.

The futures:

Capes              Pmax               Supra               H/S

Spot                 6,627              10,835             10,374             8,399

CAL13            14,250             10,250             10,250             8,500

CAL14            15,750             11,500             11,750             9,000              

CAL15            17,000             12,250             12,000             9,750

If we examine CAL13 last month we might get a sense of …? 

Therefore in the last 30 days the change in CAL13 future values are as follows. 

Capes:  gained 5.5%

Pmax:   lost 2.38%

Smax:   lost 4.65%,

Hsize:   unchanged

Ski Notes:

Good Fortunes

Dry Bits Week 15

Top & Bottom 5 Day: 

FREE @1.53 (+48.54%), SHIP @3.96 (+26.92%), DRYS @3.29 (+1.54%) >>>

VLCCF @12.81 (-7.17%), DSX @7.76 (-7.51%), SFL @13.61 (-7.92%).  From the leader board we ask you….Who is bullshitting who?  The only vote of confidence here in this weeks top & bottom 5 day is a suspicious vote for DRYS.  As for  FREE up by what?...and SHIP up by what??  If you can find them, borrow some of both.  It will pay!

The Baltic Exchange:

BDI =972 up 4.72%, BCI =1572 up 4.31%, BPI =1158 up big 11.78%,

BSI =936 down 1.37%, BHSI =540 down 1.28%. 

The Fixtures:  Ore =7, Coal =0, T/C =45, Period =13, total =65.

The fixtures contain only 3 days of activity this holiday shortened week.  I do not remember any other time in my dry bulk experience that there where zero coal fixtures reported during a 3 day trading week.

            Best done Period vs. spot rates

Capes:  none reported                                                  vs.  $7080

Pmax:  Anagel Omonia         3-5 MOS          $11,000 vs.  $8,874

Smax:  Krania                        5-7 MOS          $11,000 vs. $9,719

Hsize:  Great Leader            11-13 MOS        $ 9,500 vs. $8,155

The Vessels:  VLOC =0, Capes =7, Post P =3, KMax =9, PMax =22

SMax =17, HMax =2, Hsize =4, Bulkers =1, total =65.

The Futures:

This is in the developmental stage so hang with me for bit.  Ideas r welcome!

I am inclined 2 not only address the ffa closing values,  but 2 try and add a measure of comfort/confidence through the addition of a time component.  Mayb 4wkavg? Sort of…

Capes;

PMax;

SMax;

Ski Notes:

The fleet valuation for DRYS remains incomplete, we expect next midweek.   The desk sits empty with a sign saying Boomer James is gone fishing!  Folks remember he is a bottom roller from the old days…

Good Fortunes

Dry Bits Week 14

Ahoy There! - -Week 14

Top & Bottom 5 Day: 

GPRT 90.75 (+11.01%), BALT 4.30 (+3.61%), GOGL 5.25 (+1.16%), >>>

EXM 1.75 (-12.50%), EGLE 1.69 (-12.89%), ESEA 1.98 (-13.16%).  For those who still enjoy the fun of trading we alert you to BALT earning a spot on the Top & Bottom 5 Day leader board… 2 weeks in a row.  Those who shorted EGLE are probably anticipating the price will continue to drop this next week (correcting for the recent rise in share price) as does Boomer James.  However we remind readers the equity has recently been able to find support in spite of the apparent fundamentals.

The Baltic Exchange:

BDI =928 down 0.64%, BCI =1507 up 6.73%, BPI =1036 down 1.43%,

BHSI =949 down 7.86%, BHSI =547 down 3.19%.  The Capes must have hit a rock while dragging the bottom as they bumped up while all others are sinking.

The Fixtures:

Ore =16, Coal =2, T/C =25, Period =5, Grain =1, total =49 

            Best done Period vs. spot

Capes:  Anagel Merchant  3-6 MOS $10,000  vs.   $5,852.

PMax:  Ribbon                   5-7 MOS  $10,000  vs.  $8,337.

SMax:  NIKOLAOS A       4-6 MOS  $12,250  vs.  $10,092.

The Vessels:

VLOC =0, Capes =21, Post P =0, KMax =2, PMax =13, SMax =11

HMax =1, Hsize =0, Bulker =1, total =49.

Ski Notes:  At the beginning of the week I had some hopes for a run-up before Easter.  Well!!!  There is only 3 days worth the fixtures this week.  The Anagel Merchant worst performing Capesize period fixture we have seen in a while.  Sign of things to come?

Good Fortunes

Ski

Ag Clip

During the week ending March 29, 34 ocean-going grain vessels were loaded in the Gulf, down 33 percent from last year. Forty-one vessels are expected to be loaded within the next 10 days, 18 percent less than the same period last year.

During the week ending March 30, the ocean freight rate for shipping bulk grain from the Gulf to Japan was $51 per mt, unchanged from the previous week. The cost of shipping from the Pacific Northwest to Japan was $29.50 per mt, unchanged from the previous week.

Ag Rates

U.S. Gulf China Heavy Grain Mar 1/10 50,000 46.65

U.S. Gulf Korea Heavy Grain Mar 1/10 55,000 46.00

U.S. Gulf Japan Heavy Grain Apr 1/10 58,000 46.00

U.S. Gulf Turkey Heavy Grain Feb 25/28 50,000 25.00

U.S. Gulf Kenya1 Wheat Jan 16/25 11,000 188.00

PNW China Grain Jan 10/20 55,000 26.75

St. Lawrence Nigeria Wheat Apr 5/15 25,000 45.00

Argentina Morocco Barley Apr 1/10 25,000 39.75

Australia Vietnam Grain Mar 1/10 60,000 19.00

Brazil Tunisia Wheat Feb 14/16 23,750 38.50

Brazil Taiwan Heavy Grain Feb 1/10 65,000 29.50

Brazil China Heavy Grain May 1/30 66,000 40.50

Brazil China Heavy Grain Apr 1/10 60,000 47.75

Brazil China Heavy Grain Mar 5/15 60,000 43.00

Brazil China Heavy Grain Mar 1/10 60,000 44.75

Brazil China Grain Mar 1/10 55,000 47.00

River Plate China Heavy Grain Feb 20/25 60,000 45.00

River Plate Egypt Med Corn Feb 25/ Mar 5 30,000 39.25

River Plate Morocco Corn Mar 25/30 25,000 35.00

Ukraine Japan Corn Apr 6/15 47,000 47.50

EXM Current Fleet Value

Excel Maritime Carriers LTD Present Day Fleet Valuation. 

The current market value of EXM vessels is considered using the latest values from CRS. 

The EXM fleet has 7 Capesize vessels ranging in age from 1 to 13 years old with an average age of 6.71 years.  The combined value of these 7 vessels calculates to $219.5M.

The EXM fleet has 14 Kamsarmax vessels ranging in age from 5 to 7 years old with an average age of 5.85 years.  The combined value of these 14 vessels calculates to $294.0M.

The EXM fleet has 21 Panamax vessels ranging in age from 8 to 19 years old with an average age of 14.95 years.  The combined value of these 21 vessels calculates to $253.0M.

The EXM fleet has 2 Supramax vessels aged 7 years.  The combined value of these 2 vessels calculates to $54.0M.

The EXM fleet has 3 Handymax vessels ranging in age from 14 to 27 years old.  The elder vessel is skewing the average age to 19.66 years old.  The combined value of these 3 vessels calculates to $25.5M.

The EXM fleet has a total of 47 vessels ranging in age from 1 to 27 years old with an average age of 10.83 years old.  The combined value of these 47 vessels calculates to $846M. 

The average age of a vessel is not included in any valuation calculations and is used for reporting purposes only.  EXM reported via sec filings it thought the fleet carrying value exceeded market value by $1.6B.  Our calculations show the carrying value presented in the balance sheet is overvalued by about $1.8B with a present day fleet value of around $846M. 

Good Fortunes

Ski

Week 13

Ahoy There!

Week #13 March 31^st 2012

Top & Bottom 5 Day: 

EGLE @1.94 (+7.78%), EXM @2.00 (+4.71%), BALT @4.15 (+4.27%)>>>

FREE @1.05 (-2.78%), SBLK @0.90 (-4.26%), SHIP @3.32 (-6.48%).  The folks keeping score have got Eagle pulling off a double earning a short alert again.  There is a divergence between what the market performance of EGLE shares has been in contrast to what we know the future holds for the earnings. 

The Baltic Exchange:

BDI =934 up 2.86%, BCI =1412 up 3.14%, BPI =1051 up 1.45%,

BSI =1030 down 0.48%, BHSI =565 up 2.54%.  The “Mother of all Indexes” our BDI is again up this week, but to quote our senior editor describing the progress in a slowly rising environment  “still a lot of wood to chop” because at these rates the only good is to discourage potential first time ship-owners from going out and buying a boat.  That is one good thing about low rates.  Trying hard to be positive…but

The Fixtures:

Ore =16, Coal =11, T/C =85, Period =9, HSS =1, Corn =1, Wheat =1,

Sugar =1, total =125.  The ore chores maintaining the 4 week average demand, meanwhile the coal runs are strong and have increased their average now up to 9.5 fixtures per week.  Nice to see some of the small bulker fixes get reported to the Baltic.  I do not remember the last time we documented a dry bulk sugar fixture.  Pretty Cool ya know. 

            Best Done Period vs. spot rates

Capes:  Successor                               8-12 MOS        $11,000  vs.  $4,940.

Pmax:  ROSALIA D'AMATO          4-6 MOS          $10,650  vs.  $8,348.

Smax:  Mare Trader                          3-5 MOS          $14,000 vs.$10,905.

HSize:  n/r                                           n/a                                 vs.  $8,576.

The Vessels: 

VLOC =1, Capes =23, Post P =5, KMax =13, PMax =47, SMax =20,

HMax =8, HSize =4, Bulkers =4, total =125.  It is noteworthy that a VLOC hit the fixtures this week potentially absorbing 2 capesize vessel employments.  Nice touch…

remember this is shipping and we must cut off our foot 2 spite ourselves. 

“Dammit… Jim” 

Ski Notes:

My good friend Ohms has released another fine article on his website.  The article is titled “The Law of Averages”.   If you have not paid our official TMT’s Dry Bulk Seer  a visit recently you may be remiss???   http://blog.littledief.com/

Good Fortunes

GNK

Genco Shipping Present Day Fleet Valuation:  The resale value of dry bulk vessels is considered utilizing the latest values from CRS. 

The GNK fleet has 9 Capesize vessels with the average age of 4 years old.  The oldest capesize vessel aged 5 years while the newest is 2 years old.  The combined value of these 9 vessels calculates to $341M.

            The GNK fleet has 8 Panamax vessels with an average age of 11.125 years old.  The oldest panamax vessel aged 14 years while the newest is 5 years old.  The combined value of these 8 vessels calculates to $130.8M.

            The GNK fleet has 17 Supramax vessels with an average age of 4 years old.  The oldest supra vessel aged 8 years while the newest is 1 year old.

The combined value of these 17 vessels calculates to $416M.

            The GNK fleet has 6 Handymax vessels with an average age of 14.33 years old.  The oldest handymax vessel aged 16 years while the newest is 11 years old.  The combined value of these 6 vessels calculates to $59.5M.

            The GNK fleet has 13 Handysize vessels with an average age of 7.3 years old.  The oldest handysize vessel aged 14 years while the newest is 1 year old.

The combined value of these 13 vessels calculates to $212M.

            The GNK fleet has a total combined present day value of $1,170.3M.  This does not include any consideration for the value of any period charter that may exist.  The average age is used for reporting only, and does not figure into any individual vessel value calculations.

Good Fortunes

Dry Bits Week 12

Top & Bottom 5 Day: 

EGLE @1.80 (+2.27%), GPRT @80.00 (+2.89%), ISH @22.65 (+0.71%) >>>

EXM @1.91 (-9.05%), SHIP @3.55 (-10.58%), FREE @1.08 (-16.28%). 

The Baltic Exchange:

BDI =908 +4.85%, BCI =1369 -7.19%, BPI =1036 +8.25%, BSI =1035 +10.46%,

BHSI =551 +10.20%.

The Fixtures:

Ore =13, Coal =7, T/C =67, Period =12, Barley =1, Coke =1, total =101

            Best Done Period vs. Spot

Capes:  PONTOTRITON      5-9 MOS         BCI Linked     vs. $4,708

PMax:  Clemene                     20-26 MOS     $10,450           vs. $8,212

SMax:  Mare Trader               3-5 MOS         $14,000           vs.  $10,708

Other:  none reported

The Vessels:

VLOC =0, Capes =25, Post Pmax =5, Kmax =6, Pmax =36, Smax =19, Hmax =2,

Hsize =4, Bulkers =4, total =101.

Ski Notes:  Folks keeping score are reminded EGLE has been top dog 2 weeks in a row outperforming the entire sector.  The trade alert is a given, short the equity if you can.

Time constrained the entire weekend.  My apology for the generic report.

Good Fortunes

Morning Report

The FFA’s are all slightly lower across the curve this Thursday morning.  The index has been released and yes our beloved BDI has broken 900 slamming the plate at 902.  The Capes again are retreating, while the three smaller classes are all green. 

For the record Boomer James is all over the fleet tables from GNK as he prepares a fleet valuation to be published here on the Ton Mile Trader as part of a series wherein we will examine all the publically traded company’s current fleet value.  Keep em honest we say!

Good Fortunes

Morning March 20th 2012

Ahoy There!

The FFA’s dipped early but later found some support with low volume while the physical market has a streak of 18 positive sessions to 879 as we await for today’s index to be released.

The Exxon Valdez Vessel at the centre of Prince William Sound oil spill 23-years ago is sold for demolition in India.  For many people it was the most well known oil tanker ever as everyone had heard of the Exxon Valdez.

Week 11 March 17th 2012

Top & Bottom 5 Day: 

EGLE @1.76 (+18.12%), SFL @15.66 (+18.01%), SHIP @3.97 (+16.76%) >>>

SB @6.88 (-4.58%), PRGN @0.85 (-5.56%), GLBS @5.34 (-6.97%).

The alert for ESEA traded flat gaining around 2.5% on the week, and this week produces zero Top & Bottom 5 Day Alerts as we have no repeat performers.  We had expected GLBS to be among the laggards last week after an impressive run but that did not materialize until this week.  Timing…like luck… is everything sometimes!

The Baltic Exchange:

BDI =866 up 5.10%, BCI =1475 down 1.86%, BPI =957 up 7.65%,

BSI =937 up 8.45%, BHSI =500 up 6.61%.  The story line this week has been the 3 smaller classes making some headway but not the Capes.  I wonder if we can call them like we see them…Ore Whores! 

The Fixtures: 

Ore =16, Coal =8, T/C =100, Period =8, Bauxite =1, Grain =1, total =134.  Without a doubt the best week this year for T/C fixtures providing needed employment while breaking into triple digits for the first time in a long time.  Back in 2008 we counted triple digit T/C as normal.  Now with more vessels afloat it bodes badly relative to implied utilization rates. 

            Best done period vs. spot;

Capes:  YURITAMOU          4-8 MOS          $12,300  vs. $5,474

PMax:  D. Prosperity             4-6 MOS          $10,500 vs. $7,664

SMax:  Beks Senk                  4-6 MOS          $11,900 vs. $9,802

              None smaller than SMax.

The Vessels:

VLOC =0, Capes =24, Post P =5, KMax =17, PMax =42, SMax =34, HMax =4,

HSize =4, Bulkers =4, total =134.

Ski Notes:  Without wanting to pick on any particular company I have been openly critical of EGLE near term and further out.  The shares of EGLE rose more than any other company in the dry bulk universe this week gaining an impressive 18%.  It is clear to me how much the market values my inputs.  We will see over the course of the next few months just how wrong going Long on EGLE will be.

 This of course is only the opinion of us folks @ Dry Bits and should not be misconstrued as investment advice.

Good Fortunes

Ski