March 12th

Morning report:

FFA’s  The Big Ladies (Capes) and their not so slender Panasisters are both weaker on a slow morning.  The physical market in London shows a steadily (slowly) positive tract (BDI is up to 837) although owners are still talking mutton for supper.  At the Baltic every class gained with the exception of who?  The Capes

Arctic Securities has returned its buy tag to John Fredriksen’s Golden Ocean only a month after placing a sell stamp on the bulker owner.

Analyst Erik Nikolai Stavseth says the upgrade comes as the shares are attractive at present price levels.  “Twenty twelve will be challenging for dry bulk, but only 19% of GOGLs 2012 EBITDA is spot related,” the analyst wrote in a note to clients.

Good Fortunes

 Dave