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Are you still in ??
Might pull back a little again but we will be mid $2's soon enough
What's next ?
Here we go....
Why so ? Any news coming soon ?
This things either going to tank hard or rise back to the upper $2's. Tick tock...
Got in 2k shares at $1.69. Looks oversold. Fingers crossed for a bounce
Oversold at this point. I am expecting a bounce today. Need to load up at the bell
Should be! 90% will bounce today!
Do you think it has hit the bottom???
Right about now!!! Don't miss this train!!,lol. Use your judgement. Got in at $1.85 though.
Yah, read the article.. this EAGLE has finally grounded .. for good. Wouldn't touch it except for a very quick flip.
Volume Price action seems unusual.
It kind of looks like there wasn't many sellers and the move was a bit of a take down.
The fact that the stock seems a bit weak and the market as a whole seems toppy, and yesterday's Seeking Alpha article was quite bearish, the stock seemed primed for today's move.
Bottomed out yet ?
Up 11% AH on creditor news! Big short squeeze tomorrow?
According to latest news, after they filed for 10-k form. EAGLE has been rated as a "sell"
Very strange trading in EGLE in the final few minutes each day lately.
Bought everything I could get my hands on and we're all in...
Let's see how well EGLE can spread her wings, and see just how high she can fly...
Let's go EGLE!!!
I'm planning on sending a letter to the SEC regarding the Bk news
Thanks! Same to you too...
I posted on the $DCM message board regarding closing out my EGLE position today for a $15K loss. I've been down this road on other BK play's and it was time for me to fold...need to keep chips for another play.
Good-luck on your bulk-shipping play
Authorities need to look at these "key creditors" actions. Was Pimco involved possibly as they are sccam artists in my book and I still remember what they did tot CIT stockholders/bondholders then too after promising NEVER tos ell the debt they controlled...
Just 3 days ago Baltic trading was saying how their GNK stock appreciated 40% in portfolio amongst other holdings too.. And others came forward sayign they initiated coverage fo GNK stock from here.. Now this premarket to EGLE & GNK...?? Something very fishy...
Eagle Bulk Shipping, Genco Shipping Working With Advisers To Pare Debt
Shipping Companies Enlist Restructuring Advisers After Creditors Sold Large Blocks of Debt
Two shipping companies have enlisted restructuring advisers after key creditors sold large blocks of debt to distressed investors amid balance sheet concerns.
Battered by rough seas in the industry over the past couple of years, New York based dry-bulk shippers Eagle Bulk Shipping Inc. EGLE -7.53% and Genco Shipping & Trading Ltd. GNK -4.63% are working with advisers to pare down their debts, according to people familiar with the matter.
Eagle Bulk, with a debt load of about $1.2 billion, tapped restructuring advisers at investment bank Moelis & Co. and law firm Milbank, Tweed, Hadley & McCloy LLP within the past few days.
The hirings come about a month after Royal Bank of Scotland Group RBS +0.73% PLC sold its roughly $800 million debt position in Eagle Bulk at close to 90 cents on the dollar, people familiar with the transaction said, adding that investment firms Oaktree Capital Management, Centerbridge Partners LP and Canyon Partners LLC bought the majority of the debt.
It is unusual for investment firms to buy debt of distressed companies at such high prices, these people added, but a lack of activity in the distressed market could be a catalyst. Distressed investors are known for buying debt at very discounted rates, sometimes as low as pennies on the dollar and up to around 75 cents on the dollar.
Many shipping companies borrowed to grow their fleets when shipping activity peaked in 2008. They are now struggling to make loan payments since the rates they charge to transport goods have fallen, though there has been some pickup more recently. The shares of both Eagle Bulk and Genco have fallen dramatically in recent years, and they currently have market values of about $60 million and $110 million, respectively.
Though it is still early days, people familiar with the matter say an Eagle Bulk bankruptcy protection filing in early 2014 is a possibility, in particular a so-called prepackaged plan.
Genco, another vessel owner with around $1.5 billion of debt, has enlisted restructuring lawyers at Kramer Levin Naftalis & Frankel LLP and interviewed restructuring bankers weeks ago, these people said. It faces an amortization period on its term loan in early 2014 and may not have enough cash to make the payment, they said.
Roughly three weeks ago, Norwegian bank DNB AS DNB.OS +0.58% A sold around $600 million of Genco debt, also close to 90 cents on the dollar, these people said. Centerbridge was one of several investment firms that purchased the debt, some of these people said.
A DNB spokesman confirmed the bank sold its full Genco exposure but declined to comment on price or buyers. "This was a very large commitment for DNB given the long term challenges within the dry bulk market," the spokesman wrote in an emailed statement. "When the offer was on the table we could not let this opportunity pass."
Eagle Bulk, which owns 45 vessels built between 1997 and 2011, mostly focuses on "Supramax" vessels, large dry bulkers that typically transport coal, steel or ingredients like grain, sand and gravel. Vessel names include Thrush (2011), Crowned Eagle (2008) and Condor (2001), according to Eagle Bulk's website.
Genco, meanwhile, has a mixed fleet of dry-bulk carriers, ranging from smaller "Handysize" to larger "Capesize" vessels.
The average daily charter rates of Supramax vessels to transport goods has grown to nearly $16,000 per day, a level many hadn't seen since 2011, according to data from shipping service provider Clarksons reviewed by The Wall Street Journal. It dropped as low as roughly $7,000 earlier this year and had been hovering between $7,500 and $10,000 up until the fall, according to the data. In 2007, the rate peaked at $70,000, according to the data.
"The market as of late has improved tremendously," said Svein Engh, a managing director at lender CIT Group Inc.'s maritime finance unit. "The one thing a lot of people aren't certain about is whether this is sustainable improvement or just a seasonable blip again."
Shipping companies have been struggling over the last couple of years.
In July, Excel Maritime Carriers Ltd. EXMCQ -2.56% filed for bankruptcy protection with a plan to hand itself over to a syndicate of top secured lenders led by Oaktree.
A month earlier, the bulk-transportation unit of STX Group, STX Pan Ocean Co., filed for court receivership in South Korea, similar to a U.S. Chapter 11 bankruptcy-protection filing. The June filing was due in part to STX Group's failure to sell the unit amid a prolonged slump in the industry.
Overseas Shipholding OSGIQ -2.49% Group Inc., one of the largest publicly traded tanker owners, filed for bankruptcy in November 2012, sinking from a massive debt load and a big tax hit.
In November 2011, oil-tanker operator General Maritime Corp. filed for Chapter 11 bankruptcy protection in efforts to slash its debt and boost its liquidity. It emerged in May 2012.
Baltic Supramax Index (DEC 6) 1555 UP +21
Baltic Supramax Index
Reading the Tea Leaves on Global Shipping Rates
As a proxy for demand for raw materials, the index is widely considered a measure of the health of the global economy. Analysts warned, however, about reading too much into its latest jump, noting that seasonal Chinese imports of iron ore and coal have helped push rates higher in recent weeks.
Baltic Supramax Index (DEC 5) 1531 UP +9
Baltic Supramax Index
Historical Trends
Baltic Supramax Index (DEC 4) 1522 UP +15
Baltic Supramax Index
Baltic Supramax Index (DEC 3) 1507 UP +19
Baltic Supramax Index
Baltic Supramax Index (DEC 2) 1488 UP +13
Baltic Supramax Index
Baltic Supramax Index (NOV 29) 1475 UP +17
Baltic Dry Index (NOV 29) 1821 UP +102
Baltic Supramax Index
Baltic Supramax Index (NOV 28)1458 UP +17
Baltic Supramax Index
Fly like an EGLE. What was the price when I called? Oh yes under $3
http://finance.yahoo.com/q/hp?s=EGLE&a=10&b=22&c=2013&d=10&e=29&f=2013&g=d
Prices
Date
Open
High
Low
Close
Volume
Adj Close*
Nov 27, 2013
3.55
3.73
3.50
3.72
951,300
3.72
Nov 26, 2013
3.51
3.56
3.40
3.48
898,400
3.48
Nov 25, 2013
3.30
3.52
3.15
3.52
1,537,200
3.52
Nov 22, 2013
2.80
3.34
2.76
3.28
2,590,500
3.28
Proactive Grain Trading and Common Sense
If you are committed to a trade and placed the trade with valid reasoning, and most important of all, have the risk capital to hold trades don't get caught up with news used to solicit a response that isn't based on true verifiable information.
On any day, with the hundreds of websites now dedicated to commodity trading fundamental traders can find 100s of bullish and 100s of bearish reports.
Morning Grains 11/27/13
CORN AND OATS
General Comments: Corn closed lower on fund selling. Funds were selling on big crop sizes and ideas of less demand. There is talk that Chinese interest is less right now. Farmers are not interested in selling and are waiting for higher prices, but end users keep buying. Ideas are that prices are cheap enough to créate additional export demand and that demand for Ethanol will stay strong. Export demand remains strong as well, and feed demand should be increasing as Corn is cheap when compared to Wheat. The harvest is now in its final stages. USDA might need to increase production estimates in January as yields have been very good this year. Production of over 14 billion bushels remains very posible.
General Comments: Soybeans were unchanged to lower, and Soybean Meal closed higher on very strong demand and limited offer from producers. Soybean Meal basis levels appear to be very strong in Central Illinois. Soybean Oil was lower again. Front months were stronger than back months on spreads as the demand is thought to be for nearby shipments and as traders looked south and see good growing conditions in Brazil and Argentina. Soybean Oil closed lower on weakness in Palm Oil and worries about biofuel demand. There is a lot of talk that China is about to shift its buying to South America, but it keeps buying here and may have bought more yesterday. Farmers were mostly quiet yesterday. A big crop is expected in South America and is getting planted now under good conditions. Brazil has good moisture for farmers to plant, and rains are improved in Argentina. Mucch of the demand should now be known to the market and prices could start to work lower in the next couple of weeks.
General Comments: Prices closed lower in holiday market trading. Farmers are not selling and most have got the Rice in storage and are out preparing for the holidays and doing some hunting. Buyers will have to work hard to find any producer selling interest. Asian prices were a little lower yesterday. China will remain a significant importer and should import at least 5.0 million tons. Philippines has apparently bought 500,000 tons of Vietnamese Rice and said the Thai offers were too high. The Rice production losses from Typhoon Hayan and one a few weeks ago are now estimated by the government at 400,000 tons, and could be far higher. Rice production has also been affected as the last of the storm sends big rains into northern Vietnam and southern China and caused flooding at harvest time.
U.S. 2013 Farm Income Seen Climbing 15% to Record on Big Crops
Farmers in the U.S., the world’s biggest corn grower, are projected to produce a record 13.989 billion bushels of the grain this year.
Soybean output will be 3.258 billion bushels, the third-biggest ever, government forecasts show.
Global food costs tracked by the United Nations are 14 percent below the all-time high set in February 2011 as crop supplies gained.
Market Strategy: Think Profit, Not Price
USDA’s November World Agricultural Supply and Demand Estimates report made up for a two-month absence of "official" information, proving that the corn and soybean crops weren’t anywhere near what the negative pundits were publicizing. This created a false sense of price bullishness. Demand destruction caused by high prices meant a 13-billion-bushel crop would have sufficed.
The January report will provide actual harvested data from producer surveys, eliminating the modeling and discretionary inputs of previous estimates. In the past, the January report has held some 400-million-bushel surprises for corn and could be the final nail in the coffin for prices.
Baltic Supramax Index (NOV 27)1441 UP + 23
Baltic Supramax Index
GRAINS-Wheat, soybeans resume rallies on export prospects
Chicago wheat and soybeans rose on Wednesday, resuming rallies that have been buoyed by strong export prospects.
Corn edged higher on bargain buying after a sharp drop in the previous session.
A major new wheat purchase tender from Egypt, the world's top importer, underlined robust global demand at a time of low U.S. prices.
"We've obviously found a value area for what the world is willing to pay for wheat," said J. Mark Kinoff, president of Ceres Hedge in Chicago.
Part of U.S. wheat's competitiveness in world markets is linked to recent weakness in the dollar, Kinoff said. The greenback was up slightly on Wednesday.
Chicago Board Of Trade front-month December wheat rose 0.3 percent or 1-3/4 cents to $6.48-1/4 a bushel at 9:18 a.m. CST (1517 GMT), on course for its fourth gain in five sessions after falling on Tuesday.
Egypt's main wheat-buying agency GASC set a tender on Tuesday to buy an unspecified amount of wheat from global suppliers.
"The market believes that U.S. soft red winter wheat will be the lowest offer in the Egyptian tender today in (free on board) terms," one German trader said. "But French and Romanian wheat will still have an advantage from lower ocean shipping costs."
Major Australian wheat customer Indonesia said it is looking elsewhere for food imports because of a diplomatic rift with Australia over phone bugging accusations.
Harvest problems in rival exporters Australia and Argentina have also brightened U.S. export prospects, said Commerzbank analyst Michaela Kuhl.
Kinoff said fund buying looked to further support both wheat and soybeans.
January soybeans gained 0.7 percent or 9-1/4 cents to $13.38-1/2 a bushel, touching $13.41, their highest level since Sept. 19.
The soybean market, heading toward its fourth gain in five sessions, has been supported by strong demand from China, the world's biggest importer.
U.S. exporters reported the sale of 235,000 tonnes of U.S. soybeans to unknown destinations, the U.S. Department of Agriculture said on Wednesday, marking the fourth straight business day that it has reported large individual U.S. soybean sales.
December corn added 0.1 percent or 1/4 cent to $4.18-3/4 per bushel, after sliding 1.5 percent on Tuesday.
Traders were making final adjustments to their positions before U.S. markets close for the Thanksgiving holiday on Thursday.
Source Link
U.S. Farm Report
U.S. Farm Report
U.S. Farm Report airs weekly on Saturday, and is hosted by John Phipps. Tune in to watch USFR's marketing roundtable discussion, hear cowboy poetry from Baxter Black, and see unusual equipment in "Tractor Tales."
The 11/23/2013 talks about farmers storing and selling corn....nice overview on the market.
Baltic Supramax Index (NOV 26)1418 UP + 14
Baltic Supramax Index
Soybeans Slip From 2-Month High as Rain Aids South America Crop
Soybean futures declined 6 percent this year as global output may climb to a record 283.5 million metric tons, spurred by bigger South American harvests, the USDA predicts.
“Weather conditions in Argentina and Brazil, as reported by the forecasters we follow, are ideal for the young crop,” Paul Georgy, the president of broker Allendale Inc., wrote in an online market comment.
Argentina’s soybean crop was 37 percent planted, the Rosario Grains Exchange reported Nov. 21. Soybeans in Brazil’s Mato Grosso state, the country’s biggest growing region, were 97 percent sown as of Nov. 22, according to researcher Instituto Mato-Grossense de Economia Agropecuaria.
Corn for delivery in March declined 1 percent to $4.27 a bushel and wheat for the same delivery month fell 0.6 percent to $6.5525 a bushel. Milling wheat for delivery in January traded on NYSE Liffe in Paris dropped 0.6 percent to 206 euros ($279) a ton.
Source Link
Baltic Supramax Index (Nov 22) 1404 UP + 11
Baltic Supramax Index Link
U.S. grains: Soybeans hit two-month high on export demand
Soybeans touched their highest price in more than two months on Monday, shaking off earlier losses on support from export demand and soaring soy meal.
Chicago Board of Trade wheat futures hit a two-week high as worries about harvests in Argentina and Australia bolstered potential demand for U.S. wheat.
Corn also rose, as funds covered part of their short positions in corn and wheat ahead of Thursday's Thanksgiving holiday.
January soybeans touched $13.34-1/2, the highest nearby price since Sept. 20 (all figures US$).
The turnaround was triggered by strength in soymeal, which surged 2.2 per cent due to tight cash supplies, as well as U.S. export inspections data that pointed to strong Chinese demand for soybeans, said Terry Reilly, senior commodity analyst at Futures International in Chicago.
"The export inspections came out below expectations, but they were very strong for China," Reilly said.
CBOT January soybeans rose 0.7 per cent, or 9-3/4 cents, to $13.29-1/4 a bushel, building on Friday's 2.2 per cent gain.
Exporters sold 120,000 tonnes of U.S. soybeans to unknown destinations for 2014-15 delivery, the U.S. Agriculture Department said on Monday.
USDA on Friday confirmed sales of 115,000 tonnes of U.S. soybeans to China, after reporting on Thursday weekly soybean sales well above expectations at nearly 1.4 million tonnes.
Chicago Board of Trade December wheat rose 0.5 per cent, or three cents, to $6.52-1/2 a bushel, climbing for a third straight session. It earlier reached $6.55, a front-month level last reached on Nov. 11.
"Funds have (previously) been heavy sellers in the wheat pit and they're sitting relatively short on corn, so we're seeing a bit of buying, because CBOT will be closed on Thursday, short day on Friday," said Karl Setzer, market analyst at MaxYield Co-op in West Bend, Iowa.
Improving competitiveness of U.S. wheat, as suggested by strong weekly export data last week, and worries about weather damage in key exporters Argentina and Australia have helped stir Chicago futures.
"Previously, you have seen tenders bypassing U.S. wheat, but now with Australia for one seeing unfavourable weather conditions, this could shift demand to the U.S," said Vanessa Tan, investment analyst at Phillip Futures Singapore.
Unseasonal rains in Western Australia and frost on the country's east coast have hit wheat crops in the world's No. 2 exporter of the grain, dragging down quality and reducing harvests.
Elsewhere, the Rosario Grains Exchange last week forecast Argentina's wheat crop at 9.1 million tonnes in its first estimate of the season, well below the 11-million-tonne view of the U.S. Department of Agriculture.
CBOT December corn added 0.6 per cent, or 2-1/2 cents, at $4.24-3/4 a bushel, picking up support from a strong U.S. cash market, Setzer said.
The trade was awaiting USDA's weekly report on crop progress and conditions, due Monday at 3 p.m. CDT. The corn harvest was likely 95 per cent complete as of Nov. 24, up four percentage points from a week earlier, according to the average of estimates in a Reuters poll of 11 analysts.
Source Link
EU wheat at five-month peak on bullish exports
Wheat futures in Chicago also rose on Monday, reaching a two-week
high with support from weather concerns in Argentina and Australia that could divert demand towards U.S. wheat. But weekly U.S. export inspections for wheat later came in at the low end of expectations.
Traders also reported on Monday that Iranian private buyers were inquiring about booking around 300,000 tonnes or more of milling wheat, in a sign a weekend agreement over Iran's nuclear programme could ease difficulties in financing import deals.
But traders cautioned that it may take some time for financing to become viable again for private importers in Iran. The country's state buyer has bought a large amount of EU wheat in the past year, notably from Germany and the Baltic countries.
Source Link
They have over 1b in debt, I doubt it. They actually have so much debt I doubt the debtors can afford for them to fail, unlike our banks.
I think they own most - if not all - of their fleet of 45 ships, do they not?
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This board's subject is fundamental and technical discussion about Eagle Bulk Shipping Inc., EGLE.
Eagle Bulk Shipping Inc. is a holding company. Through its subsidiaries, the Company is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. As of December 31, 2006, Eagle Bulk Shipping Inc. owned and operated a fleet of 16 oceangoing vessels with a combined carrying capacity of 796,663 deadweight tons. The Company carries out the commercial management of its fleet through its wholly owned subsidiary, Eagle Shipping International (USA) LLC. Eagle Bulk Shipping Inc. expanded its fleet from 13 vessels to 16 vessels by acquiring the KESTREL I, TERN and JAEGER in June and July 2006, respectively. In August 2007, Eagle Bulk Shipping Inc. announced that it has completed the fleet acquisition from the parent of Anemi Maritime Services, a private Greek shipping company.
477 Madison Avenue
New York, NY 10022
(212) 785-2500
http://www.eagleships.com/
Eagle Bulk Shipping Inc. Reports Fourth Quarter and Fiscal Year 2008 Results
http://www.eagleships.com/phoenix.zhtml?c=189576&p=irol-newsArticle&ID=1261693&highlight=
http://finance.yahoo.com/news/Eagle-Bulk-Shipping-Inc-to-pz-15054442.html
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Best DD for all Dry bulk carriers can be found in the Dryships IBOX by Eastunder
http://investorshub.advfn.com/boards/board.aspx?board_id=10556
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