Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Golden Ocean just reinstated their dividend. Its not much a couple of cents but its a signal that the opaque market we have been in for the last few years is finally coming to an end.. Cheers...!!!
This too shall pass. I wouldnt follow it too closely right now. As wel all know shipping stocks swing wildly and they will swing back but not today..
Actually all things considered they are holding their own. Lets be realistic here. The fact that they are still in business after the market collapse and 30 dollar oil is a miracle in and onto itself. Lots of companies lost money in these past few quarters.
No big surprise that they lost money but it looks like they are trying to stop the bleeding. They actually pump oil too which is also good. Oil prices seem to be stabilizing which is also good.
When i talked to my broker who knew nothing about the stock they were actually impressed about the fact that they have been reporting and the detail of the reports even when they traded gray.
Considering the shorts in the penny market who love to crush stock like this and even a company like DPDW which is actually a pretty good company and has gotten beat down to 11 cents a share now. We are in descent shape. Its slow going but its going. Worth holding on to. I was encouraged when they moved to the Pinks from Gray.. That was not even a year ago so lets keep our fingers crossed here..
Those tankers are waiting to offload on the European Union and they contain enough oil for the EU for about 2 weeks use.
The article is mis leading...
Tankers should do well in the upcoming year..
Capesize paper flies as fronthaul rate tops $100,000 per day
Finally up a little about time... If the analysts have their way its going to go to 100. When will they ever learn. Trying to predict the market especially the shipping market is a joke.. Its just a pendulum. It swung very far one way and now will swing back sometime eventually..
Baltic bounce
Baltic bounce
A sustainable dry-bulk market rebound is becoming more likely as international steel mills join China in upping their activity in the freight markets, Dahlman Rose says.
In response it has upped its rate estimates for the second half of 2009 and into 2010 and suggests asset prices are due a big shot in the arm.
In the bank's latest dry-bulk update, analysts Omar Nokta and Sam Margolin say steel producers in the US, Europe and Asia have raised prices and guided higher production due to increased demand during the past two weeks.
They said: “Last month we argued that dry-bulk carries substantial optionality on an improving worldwide steel market and we are seeing the beginnings of such a rebound.
“ArcelorMittal, Nippon, US Steel, Nucor, Severstal, AK Steel and others have announced price and production increases this month.”
More spot coal activity into China and now Japan is also a positive development, the analysts note.
With capesize rates now above $50,000 daily Nokta and Margolin believe the panamax and supramax markets are likely to piggyback on that success.
They said: “The longer the capesize market stays at such high levels, the higher the pull on the mid-size vessel classes and we look for panamax and supramax rates to push towards $30,000 per day in the coming weeks.”
Nokta and Margolin now forecast capesize rates for the third and fourth quarters of $50,000 daily, up from the $35,000 and $40,000 previously expected.
For next year, the analysts are tipping rates of $45,000 daily, up $5,000 per day from their previous guidance.
Improving freight markets have lifted ship prices by around 11% over the past month and the pair expect further climbs in the coming weeks.
“The Baltic Exchange currently assesses five-year-old capesizes at $54m but current six-month and 12-month time charter rates in excess of $50,000 per day suggest values closer to $75 million,” Nokta and Margolin said.
“While most stocks have limited exposure to improving freight rates in the near-term, we believe increasing asset values will put [listed owners] in stronger standing with their creditors and enhance their loan-to-value position.
“We expect that will lead to increased control over cash flows and allow for further dividends and reinvestment.”
Following the update, Nokta and Margolin have upgraded Navios Maritime from “hold” to “buy".
They are also sticking by their buy ratings in Diana, Eagle Bulk, Genco, Paragon and Safe Bulkers.
By Andy Pierce in London
I just read that its hedgefunds that are covering their shorts with call options. They were short selling the living daylights out of FRO and Teekay and OSG. Recent reports indicated that the rates bottomed and they all scrambled to cover their shorts by buying these call options. Now other investers must have seen them do this and copied the movement seeing it as bullish for oil. It now became an Oil play..
What do you make of all that?
Xanadu,
If you still around could you let me know your feelings on Golar i am really in the dark as to what their plans are and what you think of the whole think.
Also Golden Ocean was upgraded today by Parento of Norway and i was just wondering you opinion of that since Chins's ore stockpiles seem to have grown to the breaking point...
Thanks
Joe
They had planned to split up Golar a while back and it looks like JF was not happy with the way Gary Smith was running things. Seeing how he himself is taking the reins of the company i can see a definate plan developing where the shipping arm will spin off and the order book will be steered away from the spot market and more to time charters. Then the energy regasification terminal ships will be spun off to a seperate entity with a new name....
I am waiting because i want to see this baby rise already...
MWM,
What do you think about the Golar situation. Looks like Smith is out and Fredrickson is back at the helm. They are going to split Golar into 2 or 3 companies to enhance shareholder value. Whats your take?
Xanadu,
If you are still following them. Let me know what you think about the Golden Ocean debt problem. They sold off heavily today from an already diminished share price and it looks pretty bleack do you think they will even survive at all.
Bilung said he thinks so but they have a note due in March they cant cover apparently....
Thanks
Joe
Hopefully they didnt pay for that. I didnt even know how i came to find that. They probably didnt. I just want the company to survive this mess out there. I totally understand the frustration. I feel it too i have owned this stock for a few years now. I thought it would pop when oil was high but only hit about .25 cents at the peak. For a while it looked really good. Hopefully they will post some good news very soon. I see where your coming from. I am almost ready to turn my computer off to all of this and check in a month or two. Its tough on the old ticker..
How far are they from Houston. I have a friend not too far from Houston..? I could join you guys possibly.... Im sure a bunch of shareholders could get a sit down meeting with the man...
I would talk to the people running the company. Honestly i am long oil and anything this company can do to stay in a low debt position is good. The credit market is so cloudy right now a PR just might be a waste of time and alot of money. I would say they are taking baby steps and honestly and i mean this if they hadnt unloaded those leases and i have been following this. They emerged from the bankruptcy , now they have uplisted. Why let the debt from hiring a PR firm or anything that causes debt financing right now bring down good work....I was thrilled to see it uplisted. That was my only bright spot in the last few months.. If you know of other stocks soaring right now please let me know... Unless of course its too let to get in. It seems like the floor keeps droping out of everything so i understand your frustration 100 percent and hopefully a low cost PR move is in the works soon. It will help alot more if the oil sector in general rebounds...
No news is good news. Eveyr press release i have been reading from every company recently has been bad. Expecting to push forward in this market is like marching through the mud. You can push and push and push but until it stops raining your not going to get too far.
I think its definately a good thing for sure. I mean by the time they get their ducks in a row the price of oil may well rebound to some extent. From what i understand going forward 2010 is going to be a fairly good year for the energy sector as a whole. We hopefully will have the whole mortgage backed security debacle in the rear view mirror by then. Right now fundementals are out the window though so these next few quarters are going to be tough. That being said chag could do anything. I have been holding it for a couple of years now and i bought around .08 cents so i just hold and as for the rest of the market i just try not too look to often.. I havent got time for the pain...
Striper,
I think its probably good that they didnt uplist earlier. With the oil sector getting hammered right now it might have delisted or had some other issues. Also if those leases they sold off to come out of bankruptcy had been held they would have failed the loan covanants anyway with the price of oil falling the way it did. All things considered i think they picked a good time to uplist. They have nowhere to go but up at this point. Just putting one new rig in can cost 45,000 dollars a day plus all sorts of other costs. Bringing in an outside company to do it also is very complicated and expensive. They did the right thing lowering their overhead and keeping in the black. Now they have cash on hand but i wouldnt expect anything amazing right away. Its going to flow with the oil sector ...
U.S. oil above $38 after IEA talk of supply crunch
Monday, 16 February 2009
U.S. oil prices climbed above $38 a barrel on Monday after the International Energy Agency (IEA) said there could be an oil market supply crunch from next year once global oil demand begins to recover. The IEA warning gave upward momentum to a market undermined by a raft of bearish economic data from Asia. Japan's economy shrank in the last quarter by its most since the first oil crisis in 1974, hit by an unprecedented slump in exports, which is likely to lead to more calls for extra stimulus steps to fight the deepening recession.
The impact of the recession is also being felt in South Korea, where January exports dropped by a record 33.8 percent from a year earlier, even worse than forecast.
U.S. light crude oil futures for March delivery were up 65 cents at $38.16 a barrel by 1004 GMT (5:04 a.m. EST) in electronic trade, after gaining $3.53 on Friday. The New York Mercantile Exchange is closed for Presidents Day and will reopen on Tuesday.
London Brent crude for April rose 29 cents to $45.10, maintaining a premium to U.S. oil due to high stock levels at the main U.S. storage hub in Cushing, Oklahoma.
The IEA's executive director, Nobuo Tanaka, told reporters on the sidelines of a conference in London he expected world oil demand to resume growth from next year, rising by about 1 million barrels per day (bpd) in 2010.
SUPPLY CRUNCH
"Currently the demand is very low due to the very bad economic situation but when the economy starts growing, recovery comes again in 2010 and then onward, we may have another serious supply crunch if capital investment is not coming," Tanaka said.
Analysts see most oil prices trapped within a fairly tight trading range for the time being.
"We continue to maintain that crude prices will be trapped in a sideways band for the next several weeks," brokers MF Global said in a note to clients. "Rallies above $50 look vulnerable, as given the deteriorating global macro backdrop, we do not think prices north of that level will be sustainable."
Oil's jump on Friday was largely boosted by renewed optimism that a giant U.S. stimulus package could help pull the economy out of a 14-month recession, while the gains were further encouraged as traders booked profits by selling the spread between front and second month futures contracts.
U.S. President Barack Obama on Saturday hailed congressional approval of the $787 billion economic stimulus bill as a major milestone in the country's economic recovery and the White House said he would sign the legislation on Tuesday.
Obama's aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.
Oil prices have tumbled from their peak above $147 a barrel last year, as the economic downturn has spread to all regions of the world, cutting energy consumption.
Analysts see downside risks for oil, as economies struggle through their worst recession in decades.
World oil demand will contract more sharply than expected this year due to the economic crisis, OPEC said on Friday, an outlook that may bolster the case for further supply cuts when the group next meets in March.
U.S. economic data due to be released on Tuesday include manufacturing production in New York State and U.S. home builder sentiment for February.
Source: Reuters
Navios,
I didnt even know that. So they provide marine fuel like gasoil and bunker nice...
I will have to check them out more closely.
Thanks
I just checked that out. They have FRO right above Tidewater.
They are both U.S. listed maritime sector companies but FRO is the worlds largest crude oil shipper and Tidewater has the largest fleet of tug boats. Tidewater is in the offshore supply boat sector along with other things. They operate anything from legacy boats to ahts. FRO has VLCC's and Suezmax vessels. They are different...
If the economy recovers fairly soon we are in great shape either way. Lets just hope that happens soon.....!!!!1
Thats a whole mixed bag of different shippers. TMM is not a shipping company at all.
TMM is offshore supply sector (mexico) mostly. Grupo TMM
Horizon. is box containers
Free is dry bulk...
Ultr looks like a product carrier refined gasoline and gasoil.
Containers and dry bulk are totally different. You really cant bunch all of those together in one basket.
Navios is a hellenic bulk carrier i am not all that familiar with.
Xanadu mentioned to me Claymore has and ETF named SEA .. Its a fund that has basket of shippers mostly in dry bulk and crude oil shipping. Exchange traded funds are a good way to play this sector if you not all that familiar with exactly what each company does. For instance i dont like DRYS. But i do have stock in Golden Ocean. Some people might say im nuts but i just like them more.
Management is everything in the shipping business. I like Golden Ocean because i think Herman Bilung is an ace and they have great management. They are not traded as of yet in the U.S. and only on the Oslo Bors.
Thats a whole different ballgame altogether because on the Bors you are exposed to the Crown. It fell against the dollar and effected stock prices on the bors.
One thing is for certain its not always smooth sailing in the shipping or maritime sectors. Lets hope for the best...!!!!
Morgan Stanley,
I think there are a number of reasons that deal fell through. One of them might have been FRO thinks the spot market is going to rised dramatically at sometime in 09.
They also did a 60 minutes special about oil storage and contango and specifically mentioned Morgan Stanley about a week ago.
That might have drawn too much heat form various critics ...
Who knows why that happened...
More newbuilding cancellations on the road, as ship owners look for some "damage control"
Tuesday, 20 January 2009
Another Hellenic shipping company, this time from the private ones, Costamare Shipping, owned by Cpt. Vassilis Konstantakopoulos, moved forward with its plans to axe part of its new building programme. Costamare, one of the most reknowned companies of the container shippping sector, which has been hit even worse than dry bulk shipping by the recent financial crisis, is set to cancel new building orders for three containerships. The order had been placed with China’s Hudong and was of an estimated value of $480 million. It involved the building of four containerships of 4,800-TEUs each. If the report is confirmed three out of four vessels won’t reach the sea, at least for Costamare. As for the remaining vessel it will be built with a nine-month delay, which will bring its scheduled delivery at the beginning of 2010. One of the reasons for this delay could be the fact that Costamare hasn’t yet managed to secure the ship’s employment with any charterer. Of course, Costamare still remains the largest Hellas-based shipping company of the container sector, controlling a fleet of about 60 vessels.
The Constantakopoulos family is also involved in one of the country’s biggest tourism developments which are currently underway. The project is ran by TEMES, an affiliated entity, and involves the development of four large plots in the region of Messinia, the family’s homeland. It will include a number of golf courses, luxurious hotels, housing, marinas and related amenities.
Besides Costamare, a number of Hellenic shipping companies have already announced plans to axe part of their new building programmes, with most of them being publicly-traded like Navios Maritime of Angeliki Fragou, Stealthgas of Harry Vafias and Genco Shipping of Mr. Peter Georgiopoulos. Among the private ones one can include Metrostar of Theodore Angelopoulos, Target Marine of Mr. Komninos and Brave Maritime of the Vafias family.
Nikos Roussanoglou, Hellenic Shipping News
09 looks like a tough year all around. Dry Bulk will rebound but its going to take some time.
Common sense would dictate that quite a large percentage of the new order book will be impacted by bankruptcies especially in the Greenfield ship yard in the far east.
This will further be fueled by bankruptcy filings in the dry bulk sector such as Brittania and others who have defaulted on debt service ....
No question there will be a rise in dead weight tonnage but no where near the expected rise.....
Yes,
That article has some good points. Crude and product shippers though have to be classified as an entire different sub sector than containers.
Im don't hold any container companies and i dont even like any of them except for Moeller Maersk. That company does everything and has alot of product tankers that shipped refined gas products.
The crude shipping sub sector is in contango. In the crude area the amount of scrappings and shipbuilding cancellations plus the new long term routes are going bode well for shippers.
As far as a second wave of torrent in the shipping sector that article is vague about what part. Dry bulk has no where to collapse. They are at the bottom.
The natural gas shippers are moving more and more to regasification and very long term contracts like Golar.
Container sub sector is not my strong area so i stay away from it.
Alot of the analysts even Cramer on T.V. arent all the well vetted in shipping. He still calls Frontline a dry bulk company. They ship little or no dry bulk.
Golden Ocean is the dry bulk shipper in that family of companies.
Its still a pretty good article all in all. I wish i knew more about containers but for some reason i stayed away from that. I like dry bulk and crude shipping..
Crude Tankers,
A recent report on Tanker routes around the world pointed out that the current trend in U.S. Crude imports which originated in the Western Hemisphere has been decreasing. Especially the short term routes of Mexico and Venezuala.
Since they are also prediciting quite a few cancellations of newbuilding contracts on tankers and the Contango storage situation it all bodes well for World Spot rates.
Even with the majors reluctance to book single hulled tonnage the rates on those tankers are good too.
These new trends in the trade routes for crude are looking like a long term trend also. This bodes very well for companies like FRO, NAT, OSG and Teekay.
Part of the reason for this trend is the decline in Mexican domestic production along with U.S. in a similar situation.
Canadian imports have risen but only modestly .
Good day..!!!
AD,
I think your absolutely right. The dry bulk shippers swing with the prices of commodities. Since all those commodities that are shipped in dry bulk are so oversold there is no great hurry to get them to market. Since this BDI has been falling the producers are in no great hurry to get their product to market because they know by just waiting they can get a higher price for those goods. It would take a great force just to hold this action from correcting with all of the forces pushing back twards a fair market price again. Oil is a great example of that. Oil is way way way oversold. Its on the same playing field as copper , silver and steel. Once there is any activity indicating an upswing of any kind these shipping companies that survive this consolidation and messy financial cloudiness are going to run downhill for a long time to come.
Thats just my opinion though..
I could be way off , this market has a real way of making me eat humble pie....!!!!
Happy New Year,
Lets look forward to a nice turnaround here ....
09 Bring it in...!!!!!
Good days ahead for dry bulk market, poised for another week of growth
Monday, 15 December 2008
A revival of the ailing Capesize market drove the Baltic dry market ahead during the past week, with the Baltic Capesize Index (BCI) moving at fast paces, quickly leaving the 1,000-points mark and closing the week at 1,331 points. The BCI managed to post a whopping 52% increase, translated at 460 points. This development brought the whole Index (BDI) up, by more than 100 points in a week, or 15 percent, with more than half of that increase coming at the end of the week. One explanation for this recovery can be found at Dahlman Rose’s latest daily report, which indicated that the Capesize market retained its activity. At least 16 Capesize iron ore cargoes were fixed out of Australia with deliveries to China between Tuesday and Thursday. Another two vessels were contracted to China as of Friday morning, but with higher rates. At th same time, both the BPI (Baltic Panamax Index) and the BSI (Baltic Supramax Index), although they kept shedding points, now at 440 and 490 levels respectively, they managed to do that a slower pace, which could be an indication of them returning to higher grounds within the week.
According to Weberseas’ latest report on the dry bulk market, the ongoing negotiations between China's steel companies and the top iron ore producers (Vale, Rio Tinto and BHP Billiton) seem to be moving towards an early resolution. This would help drive the drybulk freight market towards higher levels due to the increase in the iron ore shipments.
“As far as this week is concerned it seems to be a repetition of last week's Sale & Purchase activity, with a couple of small tankers being sold and a decent number of bulk carriers. It is interesting to note the sale of a couple of older 1984 blt 29,000 dwt lakers (Woody & Milo) which have been committed for US$ high 2's and at the same time 2 younger 28000 bulkers built 2001 and 2000 (Captain Corelli & Prince Rupert) achieving excess US$ 19 mill and excess US$ 18 mill respectively” said Weberseas in its report.
Of course, even this slight recovery in rates, doesn’t mean that the market is suddenly up and running. Most vessels are still not earning enough to return to profit. This prompts more and more ship owners to decide to scrap their older tonnage. Demolition prices have been hovering around the mid/high US$ 200's per lightweight. But these price levels are increasingly coming under great pressure as the supply of tonnage is on the increase. What’s more important, Weberseas points out that “a number of inactive scrap yards are resuming their operations therefore; we hope that this will keep some sort of price stability. Unlike Chittagong, where there is reduced space for further acquisitions, India's Alang seems to have more capacity to take fresh tonnage” said Weberseas.
Nikos Roussanoglou, Hellenic Shipping News
It was either press release over the summer when the stock hit 70 dollara a share. It had so much momentum at the time they thought they would do the paperwork just incase it zoomed up over 100. Later they issue a second press release saying now would not be the time making that move and it would be postponed until market conditions got better. Golar on the other hand i had no idea about until i read the press release saying they werent splitting the company due to the same reasons. Golar looked more like they would be issuing new shares in a spinoff.....
AD,
I just got done reading that. Im just taking things day by day at this point. I hold GOGL, DESSC, PRGN, FRO, GLNG, and think they will all recover well from this. I hold all JF companies except Marine Harvest I even have ITCL. I think Golar will eventually spin off , and FRO will eventually 5 for 1 split also. The paperwork is already done. Just on hold until the financial market clears and the sectors consolidate more. I expect a firm rebound eventually possibly sooner than later but we will have to see....
Thanks for the post,
Joe
I think this sector was so oversold it was ridiculous.... !!
Lets Roll>>>>!!!!!
The question is will Golden Ocean surivive this currennt situation. They seem to be under attack at several points at one. It seems like they are trying to get the shipyards to work slower and cancell a contract. For somekind a deferred payment. Possible stock . JF knows how to hand these things.
I just saw a show on a channel here in the U.S. about Los Angeles California. That is the largest container port in the United States. Years ago it was Oakland. Im sure they also still have a large one there too. From Los Angeles the containers go onto a Burlington Northern Santa Fe train with 4 locomotives. That train takes them to Ft. Worth Texas. That is a major distribution point for several large U.S. companies.
Its an amazing operation. Containers really arent my thing. Im familiar with companies like Horizon and Maersk. I have no investments at all in the container side of operations.
I think once a recovery package is in place in the U.S. the European Union will follow suit to some extent.
Tomorrow they are talking about bailing out Citigroup Bank.
The U.S. govt is going to give them the equivelent of a Bridge Loan. Their valuation was 180 billion one year ago.
Today it is 20 Billion. They are planning to lay off 53,000 people very soon if they don't get bailed out.
I think they are going to lay those people off anyway and replace half of them with new employees. The new employees will be paid less have little or no internet access at work and not be permitted to use hand held devices for talk or texting. Basically they will have an employee handbook the size of the King James Bible.
Since they are an what amount to an institutional employer they will be under pressure to re hire many new people after their initial layoffs. This of course is just my opinion but its an opportunity for them to start fresh. The era of mortgage backed securities and the excesses that went along with them is over. Those who worked in that environment at the financial houses as middle managers will be ushered out.
The major auto companies in the U.S. will see either a bridge loan of 25 billion for help through 2009 or bankruptcy . Jack Walsh the former CEO of General Electric has stated that bankruptcy would give them an opportunity to rid themselves of many jobs controlled by the UAW United Auto Workers Union International which operates in the U.S. and Canada.
It is said that for every 1 assembly line worker the 3 major U.S. auto makers employ there are 7 jobs further down the stream of components and accessories that go into U.S. auto's.
Either way it will get sorted out in 2009 because as institutional employers, the U.S. cannot lose those jobs even though sentiment here is negative. The moral of the U.S. economy and industry which is still large by world standards cannot suffer the blow of losing these jobs and institutions.
GM, Ford and Chrysler have made strides in the last few years to improve and actually do make a better product than ever. Unfortunately the U.S. auto industry has been on a downward spiral since the riots in Detroit in 1967.
14 square miles of Detroit were burned to the ground in 5 days of rioting in 1967 starting on July 23rd of that year. They didnt end until July 29th. 48 people died , 1150 were injured and 6000 people were arrested. By far it was the worst act of civil disobedience ever in U.S. history. The wounds of this have yet to heal.
Sadly their are still burned out houses on empty blocks of that city stand as reminders of a bygone era.
Up until that time the U.S. automakers stood alone as masters of the auto industry in North America.
I am optomistic that the U.S will find a way to pull through this messy situation. Even though the world economy looks bad at the present time it should recover within a year or so.
The new more conservative outlook in the banking sector should be a more stable atmosphere for the world economy.
Dry bulk should recover sometime soon. No one is going to know when though. Once it does though alot of people are going to wish they had bought in at these ridiculous levels.
I believe many of the ships marked for delivery in 2009 are going to be delayed especially when the smaller shipyards in the far east go bankrupt. That is not a matter of time but a matter of when. Many of the larger yards are going to downsize which will reduce their capacity and output.
Since the world economy is a copycat economy i look for layoffs in all sectors many of which have already happened.
Shipbuilding will not be the exception. This will greatly reduce the new Dead Weight Tonnage expected to be delivered in 2009. Once they slow down that gigantic mechanism it will take years for them to once again produce those ships in such great numbers.
It is much riskier for a bank to finance a shipbuilding than an individual shipment. Shipbuilding takes years so the exposure is much greater.
The way i see it Golden Ocean is well positioned to benefit from all of this. Lets hope so....!!!!!
I know i need a break from all of this....
Have a good day...
I think Golden Ocean has a good charter book. The things that worry me are:
1) Do they have any exposure to other bulk shippers as in if they own shares of Dryships. That concerns me. Dryships is now down under 5 dollars a share. I see Golden Ocean possibly acquiring some of their ships or newbuildings. Since the owner of dryships is interested in Ultra Deep water drillships Golden Ocean may have an opportunity to buy some of their newbuilding contracts that are not at the Pipayev shipyard. I read the same thing that they are in financial difficulty.
2) Will Golden Ocean use this opportunity to buy another Bulk Shipper and reverse merge onto a U.S. exchange in 2009.
3) Will the bad apples spoil the whole bunch. As in if a company like Dryships goes belly up or has to delist from the Nasdaq will it spell the ruin for a shipper like Golden Ocean with a strong T/C position in their charter book?
4) Has the drop in commodities lowered the cost of bunker and is that going to streghthen Golden Oceans cash position going into 2009.
I think any turnaround, even a stabiliziation of the commodity market will be bullish for the Dry Bulk sector considering the massive cancellation aspect of the world new building book.
I suspect you feel the same way , am i correct?
http://www.mffais.com/gdocf.pk.html
Looks like some funds bought into Golden Ocean
The link is above.
Xanadu,
How do you think Golden Ocean will fare in this turbulence. They seem ok but who knows....?