Old and still drinking water and eating dry white toast.
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I'm still watching the Greek banks bought shares of ALBKY and only watching NBG from the sidelines. The warrant are going to be a musical chair play for the next couple of years.
No risk no reward, pull the trigger once you do the proper DD.
The Korean Shipping Industry is pushing for Government financial support via a Korea Shipping Guarantee fund worth about $46 billion dollars which should benefit both the Korean shipbuilders and shippers. Estimated timeframe 2014
This should help restore value to the Korean Line Corporation (KLC)and benefit EGLE shareholders. The other benefit is when shipbuilders back-log increases then the cost of newbuilds rise which should restore value of the EGLE shipping fleet.
One item to note is that the Korean Line Corporation (KLC) loss is a mark-to-market loss on the KLC stock 005880:KS
KLC stock 005880:KS
EGLE should wait for the KLC stock to recover before selling or swap the KLC shares for real KLC ships.
Eagle Bulk Shipping: Value Stock, Or Value Trap?
Eagle Bulk Shipping Inc. (NASDAQ:EGLE) engages in the ocean transportation of various bulk cargoes worldwide. The company owns a fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 deadweight tons. Currently, the company has a market capitalization of just under $77 million and an average daily volume of 1.3 million shares.
Eagle Bulk Shipping
It would be fair to say that the shipping sector has been beaten down for the past few years. However, due a rise in shipment volume of iron ore to China, shipping rates have recently recovered to some extent. That said, daily spot rates are still far away from the highs seen pre-2008. Still, there are deals to be found in the market if you look hard enough and Eagle Bulk Shipping Inc. (NASDAQ:EGLE) could be one of them.
Like the majority of its peers, Eagle Bulk Shipping Inc. (NASDAQ:EGLE) trades at discount to book value. However, care needs to be taken when evaluating a shipping company based on its discount to book value alone. Indeed, many of the shipping companies currently trading below book are hemorrhaging cash and issuing stock to bolster cash flows. I won’t mention any names in particular, but some of these companies do look to be classic value traps.
Eagle Bulk is different
Nonetheless, it would appear that Eagle Bulk Shipping Inc. (NASDAQ:EGLE) is different. Based on the company’s fiscal second quarter numbers, Eagle Bulk has assets of $1.78 billion and liabilities of $1.18 billion. Long-term debt makes up the majority of the company’s total liability figure, standing at $1.16 billion. What’s more, the company has $53.6 million in cash and short term assets on its balance sheet and a current ratio of two. So, the company looks to be financially safe for the next 12 months at least. Debt as a percentage of assets works out at around 65% and interest costs were covered 1.2 times by EBITDA during the first six months of this year.
In addition, shareholder equity works out at around $601 million, or $35.97 per share, indicating that at current levels the company is trading at a price-to-book ratio of 0.13 – a huge margin of safety.
But aside from a strong balance sheet, why is Eagle Bulk so appealing? Well, surprisingly the company has been one of the few shipping companies to remain profitable from 2008 to 2010 and operating cash flow positive since 2008. Indeed, this means that apart from the funding of new ships back in 2010, (in hindsight a bad decision) the company has not issued any new debt or stock to fund operations since 2008.
Eagle Bulk is an interesting play
Eagle Bulk is an interesting play as it would appear that the company has managed to avoid much of the turbulence suffered by its peers during the past five years. Additionally, as the company is currently trading at such a huge discount to book value, the margin of safety here is appealing. As a play on the recovering dry bulk shipping market, Eagle Bulk looks well placed to ride the recovery. Furthermore, investors need not worry about equity dilution or crippling debt issuance while they wait for the market to recover as Eagle continues to turn a profit.
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Long and Strong with 5K shares....holding out for the long term payout
I can't reply to private messages. I sold out of NBG after booking about $20K in losses.
If you look at ALBKY message #139, it's provides an example of the warrant conversion rate.
You may want to google "Spyros Pagratis Be Ware Warrants" to see how the share prices could be driven up to support the warrant in the future.
Added and holding 1750 shares....waiting out the storm.
No worries here
The other ships did not provide information on there location. At least the ships are making money...
Can the moderator remove the redundant post, Ihub was showing a posting error and I did not intent to post so many post....
List of FREE ships and real time positions around the world
Tracking FREE Jupiter
Tracking FREE KNIGHT
Tracking FREE IMPALA
Tracking FREE NEPTUNE
Tracking FREE GODDESS
Background website for Terren Peizer ( Chairman of a Los Angeles-based investment company, Crede Capital Group (CCG). )
Crede - Terren Peizer Link
Goldman cuts corn price forecast
Investment bank Goldman Sachs lowered its three and six month price forecasts for Chicago Board of Trade corn futures to $4 per bushel from $4.25 and forecast prices would fall to $3.75 in 12 months.
Goldman, in a note to clients dated Monday, cited "our expectation for US corn inventories near 2.0 billion bushels."
The bank left its three-month price forecast for CBOT soybeans at $12.50 per bushel and its six-month forecast at $11.50, and cut its 12-month forecast to $9.50 from $10.50.
The bank forecast that US soybean plantings would rise in 2014 to a record 83 million acres from 76.5 million in 2013. It forecast US 2014 corn plantings at 92.5 million acres, down from 95.3 million in 2013.
"While US planting margins will decline in 2014, they remain sufficiently high to incentivize record soybean planting," Goldman said.
"We believe that this holds even if new-crop corn and soybean prices decline another 10 to 15 percent by spring time, given the large decline in input costs, especially fertilizers."
Goldman projected 2014/15 US corn production at 13.881 billion bushels, with an average yield of 164.0 bushels per acre and harvested area at 84.6 million acres.
It projected 2014/15 US soybean production at a record-high 3.686 billion bushels, with a yield of 45.0 bushels per acre and harvested area at 81.9 million acres.
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Euro Coal-Prices firm on potential Colombian export shortfall
European physical coal prices were firm on Monday as a major Colombian miner said it might struggle to meet its export targets for 2013 following a strike and a rebel attack earlier this year.
Cerrejon, Colombia's top coal producer, said on Sunday that meeting its 2013 production target of 34 million tonnes would be difficult after a month-long strike earlier this year and guerrilla attacks on its railway.
A potential shortfall in Colombian exports during the peak demand winter season in Europe has sustained a premium for European import prices over South African and Australian coal contracts.
The bid-offer range for coal prices for delivery in December into Europe's main import terminals at Amsterdam, Rotterdam and Antwerp (ARA), which include cargoes from Colombia, was at $83-$85.50 a tonne on Monday, over $4 above the equivalent South African cargo range of $80-$81.75 a tonne.
"If the Colombians can't meet their export targets, then that affects Europe's coal markets more than Asian prices, where most demand is met by Australia, Indonesia and South Africa," one coal trader said.
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Floods to Drought Curbing China Corn Harvest: Commodities
China’s corn harvest is poised to decline for the first time in four years after flooding in its biggest-producing province and drought in its fifth largest cut yields, easing a global glut as the U.S. reaps a record crop.
U.S. corn for shipment to China in December already costs 18 percent less than local grain, according to Shanghai JC Intelligence Co., a research company.
Even a smaller-than-expected Chinese harvest won’t be enough to erase the global surplus that the International Grains Council in London says will swell stockpiles by 26 million tons in the 2013-14 crop year. China has been a net importer of corn every year since 2010, data from its customs agency shows.
U.S. farmers will reap a record 14.03 billion bushels (356 million tons) this year, 30 percent more than in 2012, according to the average of estimates from 36 analysts and trading firms compiled by Bloomberg.
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FACTBOX-Growth in future coal-fired power capacity
Oct 22 (Reuters) - China and India are forecast to account for the lion's share of coal demand in the coming decades, but a potential slowing of consumption in the world's largest developing countries could mean that the next wave of emerging economies increase their share of global coal demand, leading to new import/export routes.
Here are details on plans by major developing countries - other than China and India - to increase coal-fired power capacity in the next decade.
INDONESIA - The world's largest exporter of coal aims to increase its coal-fired capacity by 40 GW over the next seven years, according to state-owned utility PLN. Exports of the fuel from Asia's fifth-largest economy will more than double to 655 million tonnes by 2025, while the amount burnt at home will rise threefold to 300 million tonnes, the Indonesian Coal Mining Association estimates. VIETNAM - In common with its large communist-ruled neighbour to the north, Vietnam wants to use coal to power breakneck economic growth. A trebling of the country's coal-fired capacity to 36 GW would mean that the country becomes a net importer from 2015 as coal demand is forecast to rise to 67 million tonnes a year by the end of the decade.
MALAYSIA - Plans to build 5 GW of coal-fired capacity by 2023, doubling the country's coal demand to 40 million tonnes over the next decade.
PAKISTAN - Signed a deal earlier this year with China to build up to 6 GW of new coal-fired capacity, and intends to convert 3 GW of oil-fired electricity to cheaper coal. THAILAND - Has not specified how much coal capacity it wants to add but the government is keen to increase the share of coal in the country's energy mix and reduce reliance on imported gas.
PHILIPPINES - Industry groups reckon the country needs to build 4GW of coal-fired power by 2017 to avoid a supply crunch, while government has planned for 2.5GW over the next four years
NIGERIA - Africa's most populous country wants to build 4GW of coal-fired capacity so it can use more of its gas for export. Intends to develop potential supplies of domestic coal and avoid the expense of importing coal from elsewhere in Africa or the Americas.
NORTH AFRICA - Egypt wants to build around 5GW of coal-fired capacity to supply energy-intensive industries such as cement.
TURKEY - Imported coal, but also domestic lignite, could be used in 10 GW of installed capacity a year from now as the country tries to reduce its reliance on imported gas.
CHILE - The country's state power provider said in 2010 that up to 4 GW of new coal-fired power could be built this decade, partly to supply the copper industry, but some new projects have recently been blocked by the courts.
SOUTH AFRICA - Africa's biggest economy may need to build 20 GW of new coal-fired capacity over the coming decades, the World Resources Institute estimates. State power producer Eskom thinks the world's fifth-largest coal exporter will need an extra 60 million tonnes a year of the fuel by 2020 to meet extra domestic demand .
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Waiting for the 52 week
Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented:
"The third quarter was our tenth consecutive profitable quarter as a public company, and our revenues, EBITDA and net income were all higher than a year ago. In addition, the Company has taken steps to reduce its debt burden and increase its financial flexibility by retiring all of its unsecured debt before its maturity in early next year. However, the Board of Directors had to make a prudent but difficult decision to reduce the dividend to $0.06 per share this quarter to preserve our liquidity, as the containership market has not shown any signs of a rebound and asset values remain at historically low levels. We believe this reduction is necessary as we have secured for 2014 under our existing charter contracts only 48% of our fleet capacity, and the continued weakness in the containership market has resulted in time charter rates remaining well below the rates our vessels currently earn. The Board of Directors will evaluate market conditions at regular intervals to consider a potential increase of the dividend to prior levels, and we remain committed to our policy of paying out our excess free cash flow in the form of dividends despite the very challenging market conditions we are facing."
Chartering Update and Strategy:
In September 2013, Box Trader extended its time charter with Hapag Lloyd for an additional period of 5 to 7 months, commencing on October 22, 2013, at a gross daily charter rate of $8,000. The charterer has the option to extend the term of the charter by an additional period of 6 months, plus or minus 30 days, at a gross daily charter rate of $15,500.
Pursuant to our chartering strategy, we focus on containerships with carrying capacities ranging from 1,700 TEU to 7,000 TEU employed on short- to medium-term time charters of one to five years with staggered maturities, which provide us with the benefit of stable cash flows from a diversified portfolio of charterers, while preserving the flexibility to capitalize on potentially rising rates when the current time charters expire. Based on the earliest redelivery dates, the Company has secured under such contracts 94% and 48% of its fleet capacity for the remainder of 2013 and 2014, respectively.
Dividends: On November 7, 2013, our Board of Directors declared a dividend of $0.06 per common share, with respect to the third quarter of 2013, payable on or about November 28, 2013, to common shareholders of record as of the close of business on November 21, 2013. This is our tenth consecutive quarterly dividend to common shareholders since we became a public company in April 2011.
Add a few shares on the dip....to start a small position
Moved my bid up to 20 cents.....waiting for the bagholders to fold.
Annual Report on the company website provides all of the supporting information.
Cheaper Chickens Seen in Record Corn Cutting Costs: Commodities
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Long @ 5K
Every board has a cheer leader, just keep your eye on the game.
GNW reaching new highs
It's gonna be a 4-year pump and dump each time the Warrant holder's off-load the shares on the market.
It's gonna be a 4-year pump and dump each time the Warrant holder's off-load the shares on the market.
Interest-Rate Swap Most in Four Months Versus Treasuries
Treasuries declined, led by longer maturities, before an industry report that economists said will show U.S. service industries expanded in January.
Benchmark 10-year yields approached the highest since April after euro-area data showed services and manufacturing output based on a survey of purchasing managers was revised higher last month. German bunds also declined as a rally in equities curbed demand for the safest assets. The Federal Reserve said last week that it remains committed to buying about $85 billion of government and mortgage securities a month.
“We’ve had slightly better PMIs from some of the euro zone countries, which has knocked bunds and Treasuries are going with that,” said John Wraith, a fixed-income strategist at Bank of America Merrill Lynch in London. “People are waiting to see if the rally in risk assets has got legs. The U.S. data has been better than it was, which is welcome, but it’s not yet strong to the point where QE will be wound up soon,” referring to the Fed’s asset-purchase program, known as quantitative easing.
The benchmark 10-year yield climbed four basis points, or 0.04 percentage point, to 1.99 percent at 6:53 a.m. New York time, according to Bloomberg Bond Trader prices, after rising to 2.06 percent yesterday, the most since April 12. The 1.625 percent note maturing in November 2022 fell 10/32, or $3.13 per $1,000 face amount, to 96 3/4.
Yields on German 10-year bunds also gained four basis points, to 1.66 percent.
U.S. Data
The Institute for Supply Management’s U.S. non- manufacturing index was 55 in January after climbing to a 10- month high of 55.7 in December, according to a Bloomberg News survey. A reading above 50 indicates expansion.
Fed Bank of St. Louis President James Bullard and Fed Bank of Dallas President Richard Fisher both said this month the central bank should reduce the pace of its asset purchases if growth picks up. Bullard votes on monetary policy this year, while Fisher doesn’t.
European services and manufacturing output shrank less than initially estimated in January, adding to signs the currency bloc’s economy is beginning to emerge from recession.
A composite index rose to 48.6 from 47.8 in December, London-based Markit Economics said in a report today. That’s above an initial estimate of 47.2 published on Jan. 24. A reading below 50 indicates contraction.
The difference between five-year swap rates and same- maturity Treasuries was 16 basis points, after reaching 16.25 yesterday, the most since Sept. 26, on a closing-price basis. A widening spread suggests investors are seeking refuge in government bonds.
Treasury 10-year yields tumbled yesterday from a 10-month high on concern political uncertainty in Spain and Italy threatened to intensify Europe’s fiscal crisis. That pared a surge this year on speculation the U.S. economy will grow enough to allow the Federal Reserve to reduce its debt purchases.
Treasuries have handed investors a 0.9 percent loss this year as of yesterday, according to Bank of America Merrill Lynch indexes, as money managers sought higher-yielding assets.
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Euro Stimulus Withdrawal Rally Vulnerable to Risk Trends, ECB
Fundamental Forecast for the Euro: Neutral
Spain suffers deeper recession in 4Q as banks repay LTRO funds
Euro-area inflation cools as unemployment holds near record highs
Retail traders continue to try and pick a top to EURUSD despite drive higher
Despite a conspicuous string of disconcerting headlines and economic releases, the euro put in for the best performance amongst the FX benchmarks this past week. While both the 15-month high for EURGBP and nearly three-year high for EURJPY are remarkable, it is still the EURUSD that stands out in the market. The 1.3 percent climb for this most liquid pair easily cleared the 1.3500 level that stood as the mid-point of the 2011 (high) to 2012 (low) range. After six consecutive months of rally, when will this pair show some exhaustion? That is a determination for fundamentals.
There is a reason that the Euro has been able to ignore pressing issues like expectations of a 2013 recession for the regional economy, lingering fiscal risks in Spain (amongst others) and troubled liquidity health. All of those issues have become almost normal in the past three years as the markets have reacted to crisis and then to policy officials’ efforts to forestall crisis. What is novel – especially given the escalation of the so-called ‘currency war’ – is the European Central Bank’s (ECB) unusual reduction of its balance sheet.
Increasing stimulus means injecting more currency into the money system and lowering market rates. Though this supports growth and lending, it also diminishes a currency’s return potential. And, on that point, we know that the Federal Reserve is adding $85 billion per month in stimulus while the Bank of Japan has vowed 13-trillion-yen (roughly €100 billion) moves come the beginning of 2014. In contrast, the ECB has maintained only a threat of buying a potentially unlimited amount of government debt through the Outright Monetary Transactions (OMT) program should vague conditions be met.
That relative position alone may have kept EURUSD and other euro crosses steady, but we have seen the shared currency surge because that steady policy has turned into a tightening one after the Long-Term Refinancing Operation (LTRO) early repayment threshold was met. Last week, European banks paid back more than €137 billion of the more than €1 trillion they took in liquidity assistance starting in December 2011. Such a big reduction runs the risk of putting the European banking system into a dangerous position should global investor confidence fade, but the €3.5 billion pledged repayment in the coming week speaks to a more restrained pace that helps avoid disaster.
There is no driver that is currently more influential for the FX market now than balance sheet adjustment and the impact it has on both speculative interests and yields. With other global counterparts looking to flood the markets, confidence is bolstered. While in Europe, an easing policy boosts rates and attracts that cheap capital generated within its trade partners. But there are risks that the euro faces.
Without doubt, the most prominent and omnipresent risk to the EURUSD’s run (as it is to equity indexes, speculative commodities, high-yield bond funds and Treasury yields) is risk appetite. It is the belief that risk has been drained from the global financial system as much as the Eurozone that is reversing the flow of capital that had previously fled the impending doom so many had fears. It has also made the anemic yields the region has to offer acceptable. Yet, that oblivious yield search can easily come crashing down and bring the euro with it.
A swing in risk appetite is the most immediate and ever-present threat to a sustained euro advance. The second most urgent threat – though it carries a lower probability of occurring – is the ECB rate decision. With Eurozone inflation cooling to 2.0 percent and the economy heading into another year of recession, the ECB may respond to the ill-advised liquidity drain in LTRO with further easing that offset austerity efforts. A rate cut (or sign of future rate cut) would a sharp, but not lasting impact. An active stimulus program would last.
And, finally, the third factor that could pull the Euro down moving forward is a revived appreciation (fear) of the region’s financial and economic troubles moving forward. On that front, we have seen plenty of headwinds, but so far little corresponding fear. - JK
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