Navios Maritime Holdings Inc. (NM)

[EZ2]

WHAT do they know that we don't ?
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Indie Research
Quintana is a Favorite Drybulk Shipper Among Pro Investors
Monday October 22, 10:27 am ET
By the tickerspy.com Staff


Commodity supply and demand helps drive business for drybulk shippers, and at present, the trends look good for the industry, driving substantial gains for stocks in this sector. Analysts are expecting dry bulk shipping demand to outpace fleet additions during the remainder of this year and 2008, which would boost spot charter rates and underpin further enthusiasm for the sector.


According to Jefferies & Co., "approximately 60 million tons per annum of incremental iron ore production capacity is scheduled to come online, and the onset of the North American grain season soaks up Panamax tonnage in a supply constrained market. Meanwhile, dry bulk fleet deliveries are likely to slow in 2H07 versus 1H07, and deliveries are likely to remain flat relative to 2007 levels in 2008."

Jefferies has one drybulk shipper, DryShips (Nasdaq: DRYS - News) on its "Top 10" list, but other Wall Street institutions have been bullish on the sector as well, with a few funds holding sizeable stakes in a number of drybulk shipping firms.

Glickenhaus & Co, an investment advisor, added to positions in a pair of drybulk shipping firms in Q2: Quintana Maritime (Nasdaq: QMAR - News) and Eagle Bulk Shipping (Nasdaq: EGLE - News). However, Glickenhaus also trimmed its stake in Navios Maritime Holdings (NYSE: NM - News) during that period. Glickenhaus also held shares of companies in other sectors, with its largest equity holding being a $118.8 million stake in midstream energy services company Enterprise Products Partners (NYSE: EPD - News). A list of the other companies Glickenhaus is investing in is available at tickerspy.com.

Quintana proved to be the most popular drybulk shipper among Pro investors in Q2. Among the four investment firms holding stakes in the company, Glickenhaus' $71.3 million position was the largest. Meanwhile, Diana Shipping (NYSE: DSX - News) is the favorite drybulk shipping stock among tickerspy members, though Eagle, DryShips, Excel Maritime Carriers (NYSE: EXM - News), and Genco Shipping & Trading (NYSE: GNK - News) are popular as well.

Pro portfolio performance is based on institutions' top 15 holdings as disclosed in quarter-end filings with the SEC. Pro performance does not take into account additional holdings beyond the top 15 nor does it include positions that are not required to be disclosed by the SEC. As such, Pro portfolio performance should be considered an approximation and not a precise record of how an institution has performed over time.

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