Dry Bits Week 5

Top & Bottom 5 Day:  DRYS @2.40 (+8.60%), SFL @12.11 (+5.95%), EXM @1.54 (+5.48%) >>>

PRGN @.592 (-7.36%), ISH @20.71 (-9.44%), TOPS @1.36 (-20.00%).  The share price of PRGN is under a two prong attack.  On one side we have a charterer who turned crawdad with a vessel under charter and stopped paying hire.  On the other side we have shipping analysts plastering the SELL rating on the company.  This (PRGN) has got reverse split written all over it.  We cannot go without mentioning DRYS taking top honors gaining most of it’s mojo on Friday. 

The Baltic Exchange:  BDI =647 (-10.88%), BCI =1436 (-1.98%), BPI =693 (-14.97%),

BSI =608 (-12.52), BHSI =382 (-10.33%).  The panasisters take lead spanking with the other smaller fleets in tow. 

The Fixtures:  Ore =13, Coal =9, T/C =68, Period =7, Grain =3, total =100.  Ore chores come in below the 4 week average 13.75 fixes… way short of our healthy market target of 30.   The coal fixtures come in below the 4 week average 11 fixes. 

            Best done period vs. spot

Capes:  none reported                                            vs. $5,327.

Pmax:  Global Bonanza  10-14 MOS     $10,000  vs. $5,515.                       

Smax:  Amoy Dream      3-5 MOS          $9,000    vs. $6,657.

The Vessels:  VLOC =0, Capes =13, PostP =4, Kmax =9, Pmax =33, Smax =35, Hmax =2, Hsize =0, Bulkers =4, total =100.

Ski Notes:

No capes on period 2 weeks in a row

More Supramax vessels found employment compared to the “workhorse” Panamax fleet.

US is moving more coal by sea than the rest of the globe.  Or close to it!

Junk fixtures may start to appear as owners reposition vessels near primo layup locations, and yes this promotes further decay of the indexes.   

EGLE was alerted short @1.43 and has since lost 4.90% but we call it flat.  Maybe next time!

Good Fortunes