Diana Shipping, Inc.

Most Recent

  • Energy & Utilities

    Why a pullback in orders is normal in a dry bulk shipping upcycle

    On November 1, ship orders for all key dry bulk vessel classes fell. Ship orders reflect managers’ expectations of future supply and demand differences.

    By Xun Yao Chen
  • uploads///Charter rates
    Company & Industry Overviews

    Are Navios Maritime Partners’ Distributions Sustainable?

    Navios Maritime Partners LP (NMM) is less sensitive to shipping cycles due to its long-term charters and staged expirations.

    By Anuradha Garg
  • Industrials

    Dry bulk shipping weekly analysis (Part 3: Construction rises)

    Continued from Part 2 Ship construction activity Part 2 of this series explains how ship orders can illustrate managers’ expectations for future supply and demand differentials. But new ship orders don’t always translate into new constructions right away. Sometimes, shipping firms specify a particular date of delivery for the new orders. If the delivery date is farther […]

    By Xun Yao Chen
  • Energy & Utilities

    Why China’s iron ore port inventory is marginally higher

    China buys around two-thirds of the world’s iron ore—iron ore supply in China outpaced demand by 52 million tons in the first half of 2014, according to the China Iron and Steel Association (or CISA).

    By Katie Dale
  • uploads///Dry Bulk Capacity    e
    Energy & Utilities

    Current positive data shows supply to grow below 7% in 2013

    In a highly commoditized industry like the shipping industry, capacity is an important metric that directly impacts companies’ top line, or revenue performance. When capacity grows faster than demand, competition will rise among individual shipping firms as they try to utilize idle ships and cover fixed costs. This will lower day rates, which will negatively […]

    By Xun Yao Chen
  • uploads///Floor Space Under Construction
    Energy & Utilities

    Chinese investing in cars and real estate drives dry bulk demand

    As long as developers continue to snatch up land, more iron ore and coal will be needed at steel mills, which is generally positive for dry bulk shippers.

    By Xun Yao Chen
  • Energy & Utilities

    Why Diana kept buying after its fleet capacity grew 23.75% in 2013

    The year 2013 was characterized by significant expansion of Diana Shipping Inc.’s (DSX) fleet, as the dry bulk shipping industry turned a corner.

    By Katie Dale
  • Industrials

    We just need decent ship orders for dry bulk shippers to recover

    Managers remain optimistic From September 13 to 20, ship orders for Capesize vessels fell by 0.25%, from 10.53% to 10.28%, as a share of the existing number of ships. Orders for Panamax improved from 15.34% of existing ships to 15.87%, while those for Supramax were up slightly, rising 0.04% to 4.64%. Analysts use a percent […]

    By Xun Yao Chen
  • uploads///Untitled
    Energy & Utilities

    Capesize rates take out 2012 high, a key driver of share prices

    Taking out 2012’s high is important because it reflects tighter supply and demand dynamics than last year, which means higher revenue and earnings from Capesize vessels this year compared to 2012.

    By Xun Yao Chen
  • uploads///Exposure Chart
    Energy & Utilities

    Why can Navios Partners give out higher distributions?

    While Navios Maritime Partners (NMM) is less sensitive to shipping cycles because of its longer-term contracts and staged expirations, it’s still subject to market rates when contracts roll over.

    By Katie Dale
  • uploads///Article
    Macroeconomic Analysis

    Why China’s iron ore and coal imports declined

    China imports almost 60% of the world’s seaborne iron ore while its coal trade accounts for almost a quarter of the global trade.

    By Katie Dale
  • uploads///Baltic Shipping Index by Ship Class    e
    Industrials

    Why shipping rates for Capesize vessels continue to outperform

    Investors can look forward to higher Capesize rates during the second half of this year compared to the first half, which is positive for dry bulk shippers.

    By Xun Yao Chen
  • uploads///Baltic Shipping Index by Ship Class    e
    Industrials

    Shipping stocks rise as Capesize rates approach $20,000

    From August 23 to 30, shipping rates for Panamax, Supramax, and Capesize vessels stood relatively unchanged.

    By Xun Yao Chen
  • uploads///China Imported Iron Ore Price    e
    Industrials

    Iron ore shipments rose in June due to demand, positive for dry bulk shipping

    China’s iron ore import data China’s iron ore import is a key driver of shipping demand, making up more than 75% of the world’s total iron ore shipments. So China’s import rising is positive for shipping rates—Capesize vessels in particular—which can give short-term support to share prices and a medium-term boost to companies’ financials. While […]

    By Xun Yao Chen
  • uploads///China Interbank Repo  Months    e
    Industrials

    China’s interbank lending rate falls below 6.0%, positive for dry bulk shipping?

    Update to Must-know: Shipping companies hit by China’s financial woes The impact of China’s financial industry The financial industry is an essential part of any economy. Without a stable financial system—one that supplies liquidity to businesses and individuals and bridges the gap between savers and borrowers—an economy can’t function as efficiently and productively as it […]

    By Xun Yao Chen
  • uploads///China Daily Steel Output    e
    Industrials

    Early July steel output falls steeply, worrisome for dry bulk shipping stocks?

    China’s steel output China’s steel output is a leading indicator of iron ore and coal demand. When steel output declines, the fall is often due to adjustments to weaker demand. As China makes up 70% of the world’s total iron ore imports, lower steel output will translate to fewer iron ore imports. This will hurt […]

    By Xun Yao Chen
  • uploads///YOY BDI
    Energy & Utilities

    The Baltic Dry Index fell in January but annual growth is positive

    The Baltic Dry Index (a benchmark that reflects the overall shipping rate for transporting dry bulks such as iron ore, coal, and grain across the ocean) has fallen quite a bit since the start of the year.

    By Xun Yao Chen
  • uploads///China Interbank Repo  Months    e
    Energy & Utilities

    Must-know: Shipping companies hit by China’s financial woes

    The impact of China’s financial industry The financial industry is an essential part of an economy. Without a stable financial system—one that supplies liquidity to businesses and individuals and bridges the gap between savers and borrowers—an economy can’t function as efficiently and productively as it could. So, a collapse in the financial industry would grind […]

    By Xun Yao Chen
  • Industrials

    Shipping capacity growth breaks below 7%, first time since 2009

    Why is capacity important? Capacity is an important factor that directly impacts companies’ top line (revenue) in a highly commoditized industry, like shipping. When capacity grows faster than what’s demanded, competition rises among individual shipping firms as they try to use idle ships and cover fixed costs. This lowers day rates, which negatively affects bottom […]

    By Xun Yao Chen
  • uploads///Global Iron Ore Imports    e
    Industrials

    Why China’s interbank rates have an impact on dry bulk shipping companies

    The impact of China’s financial industry The financial industry is an essential part of any economy. Without a stable financial system—one that supplies liquidity to businesses and individuals and bridges the gap between savers and borrowers—an economy can’t function as efficiently and productively as it could. So, a collapse in China’s financial industry would grind […]

    By Xun Yao Chen
  • uploads///Baltic Dry Rates e
    Industrials

    Shipping indexes rise, driving dry bulk shipping company shares

    It’s been a while since the dry bulk shipping index has had such as large impact on the share prices of shipping companies. This reflects the fact that the market wasn’t really expecting such an increase.

    By Xun Yao Chen
  • uploads///Valuation
    Company & Industry Overviews

    The Relative Valuation of Dry Bulk Companies

    Diana Shipping is proactively investing in vessels to take advantage of the current low point for vessel valuation, and it can most likely outlast a prolonged downturn. So its valuation appears more or less full.

    By Anuradha Garg
  • uploads///Industry Sector and Market Performance    e
    Energy & Utilities

    An ETF that invests in Soros’s dry bulk shipping experiment

    Investors seeking exposure to dry bulk shipping who don’t want to buy six companies like Soros did can use the Guggenheim Shipping ETF (SEA).

    By Xun Yao Chen
  • uploads///Dry Bulk Shipping Stocks    e
    Industrials

    Why you should watch 7 key industry indicators for shipping fundamentals (Part 1)

    Dry bulk shipping companies lag behind economic recovery Despite the U.S. stock market surpassing its 2008 highs recently, with the Dow Jones Industrial Index hitting 15,464.30 and S&P 500 hitting 1,680.19 as of July 12, 2013, dry bulk shipping companies have done poorly. These companies primarily transport raw materials such as iron ore, coal, and […]

    By Xun Yao Chen
  • uploads///Contract
    Energy & Utilities

    Maturing contracts present significant downside for certain shipping firms

    The two main markets for shipping companies, such as DryShips Inc. (DRYS), Diana Shipping Inc. (DSX), Navios Maritime Partners LP (NMM) and Safe Bulkers Inc. (SB), are spot (voyage) and time charter (period). Companies that engage in the spot market will charge a one-time fee that customers pay to have a certain amount of goods […]

    By Xun Yao Chen
  • Energy & Utilities

    China’s thermal power output recorded a downfall

    China’s power consumption in August was 502.5 billion kilowatt hours (or kWh). This was a decline of 1.5% from the levels last year.

    By Katie Dale
  • Energy & Utilities

    Capacity growth portrays short-term negative but long-term positive for shipping

    In a highly commoditized industry, like the shipping industry, capacity is an important metric that directly impacts companies’ top line, or revenue performance. When capacity grows faster than demand, competition will rise among individual shipping firms as they try to utilize idle ships and cover fixed costs. This will lower day rates, which will negatively […]

    By Xun Yao Chen
  • Energy & Utilities

    Shipping recovery continues with additional purchases, long-term opportunity

    Ship orders apply most to long-term investments Ship orders reflect managers’ assessments of the industry’s future demand and supply balance. Dry bulk shipping companies will often place new orders when future demand is expected to increase more than supply, on the condition that they expect to generate profits with new vessels.[1. Dry bulk shipping companies […]

    By Xun Yao Chen
  • uploads///Baltic Shipping Index by Ship Class    e
    Industrials

    Dry bulk shipping rates rise due to restocking, but likely downside looming

    The dry bulk shipping industry’s service is commoditized. So, supply and demand balance is one of the most important drivers for dry bulk companies’ top- and bottom-line performances.

    By Xun Yao Chen
  • uploads///Dry Bulk Vessel Prices  Years Old    e
    Industrials

    Ship prices rise to 8-month high, supporting dry bulk shipping recovery

    Why should you watch ship purchase prices? Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand grows more than the supply of ships, shipping companies place additional orders, which drives up purchase prices. Additionally, when firms are able to charge higher prices for transporting goods across […]

    By Xun Yao Chen
  • uploads///China Iron Ore Price    e
    Basic Materials

    Why iron ore prices rising to two-month high is positive for dry bulk shippers

    Commodity prices and shipping Commodity prices are leading indicators of an economic cycle. Because suppliers of raw materials require time to ramp up production, an increase in demand during an economic expansion will often lead to higher prices. As a result, commodity prices correlate highly with shipping. Iron ore prices On July 25, the price […]

    By Xun Yao Chen
  • uploads///Baltic Shipping Index by Ship Class    e
    Industrials

    Why Capesize vessels are outperforming other ship vessels in rates

    Supply and demand drives dry bulk shipping companies Unlike imports data that aren’t widely available on a weekly basis, shipping rates (which reflect the difference in supply and demand) are collected daily at the London-based Baltic Exchange and published as the BDI (Baltic Dry Indexes). These indexes reflect the daily shipping rates to transport key […]

    By Xun Yao Chen
  • Energy & Utilities

    Must-know: Baltic Dry Index bouncing from its 52-week low

    The Baltic Exchange Dry Bulk Index (BDIY) is a composite of rates for different ship sizes factoring in the average daily earnings of capsize, panama, supramax, and handysize dry bulk transport vessels.

    By Katie Dale
  • uploads///Valuation
    Company & Industry Overviews

    Which Company Can Offer an Upside in the Weak Dry Bulk Market?

    Navios Maritime Partners (NMM) seems like a good way to play the current weak dry bulk market. It has an upside in case of an eventual recovery.

    By Anuradha Garg
  • uploads/// yr charter rates
    Company & Industry Overviews

    Diana Shipping and Navios Partners Have to Weather Rollover Risk

    For Diana Shipping, contract rollover is a near to medium-term risk. Among its Capesize fleet, almost all of the 12 contracts will expire within about a year and a half.

    By Anuradha Garg
  • uploads///Global Iron Ore Imports    e
    Industrials

    Why China remains a risk for dry bulks as bank interest rate stays above average

    The impact of China’s financial industry The financial industry is an essential part of any economy. Without a stable financial system—one that supplies liquidity to businesses and individuals and bridges the gap between savers and borrowers—an economy can’t function as efficiently and productively as it could. So a collapse in China’s financial industry would grind […]

    By Xun Yao Chen
  • uploads///BDI Yoy
    Energy & Utilities

    Dry bulk opportunity: The Baltic Dry Index might have bottomed

    The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall rates of moving dry bulk cargoes like iron ore, coal, and grain across water.

    By Yanyu Mao
  • uploads///Steel producers in developed Asian countries e
    Industrials

    Contrarian approach: why high valuation multiple is positive for shipping stocks (dry bulk)

    Valuations can often tell investors the outlook of equities in the near future. Although value investors often look for valuations that are low, high valuations can often signal better times ahead. This is especially true for cyclical companies, such as steel producers and shipping companies, as has been mentioned by Peter Lynch in his famous […]

    By Xun Yao Chen
  • uploads///shaah shahidh subrrYxvA unsplash
    Energy & Utilities

    Panamax vessel price reveals low dry bulk orders, negative implication

    The price of a Panamax ship depends on two factors: the amount of cash the ship can generate within its useful life and the cost of steel.

    By Xun Yao Chen
  • uploads///NAV diagram
    Company & Industry Overviews

    How Does Net Asset Value Measure Navios Maritime’s Valuation?

    NAV (net asset value) is a valuation method under which a company’s value is equal to the difference between its assets and liabilities.

    By Anuradha Garg
  • uploads///Article
    Earnings Report

    Diana Shipping’s Investment Strategy and Market Outlook

    Diana Shipping’s investment strategy is to preserve the strength and integrity of its balance sheet and gradually increase its leverage as asset values weaken.

    By Katie Dale
  • uploads///Steel Producers in Developed Asian Countries    e
    Energy & Utilities

    Divergence in steel multiples and share prices spell positive shipping outlook

    Valuations can often tell investors the outlook of equities in the near future. Although value investors often look for valuations that are low, high valuations can often signal better times ahead. This is especially true for cyclical companies, such as steel producers and shipping companies, as has been mentioned by Peter Lynch in his famous […]

    By Xun Yao Chen
  • Energy & Utilities

    Shipping industry recovery is real, but timing remains uncertain

    Ship orders reflect managers’ assessments of the industry’s future demand and supply balance. Dry bulk shipping companies will often place new orders when future demand is expected to increase more than supply, on the condition that they expect to generate profits with new vessels.[1. Dry bulk shipping companies engage in the transportation of dry raw […]

    By Xun Yao Chen
  • uploads///BDI
    Macroeconomic Analysis

    What are the Rate Expectations for Dry Bulk in 2016?

    Though increased scrapping and minimal ordering activity could provide some relief on the supply side, the outlook for 2016 isn’t looking good for dry bulk.

    By Anuradha Garg
  • uploads///Dry Bulk Vessel Prices  Year Old    e
    Industrials

    Dry bulk shipping weekly analysis (Part 10: Ship prices)

    Continued from Part 9 Why should you watch ship purchase prices? Purchase prices for ships are often good indicators of financial health in the shipping industry. When shipping demand grows more than the supply of ships, shipping companies place additional orders, which drives up purchase prices. Plus, when firms are able to charge higher prices […]

    By Xun Yao Chen
  • uploads///Article
    Macroeconomic Analysis

    Why the Baltic Dry Index dipped in November

    Despite a decline in fuel prices, the Baltic Dry Index has recorded an approximate 40% drop since the start of November and a 62% decline year-to-date.

    By Katie Dale
  • Energy & Utilities

    Overview: Maintaining a perfect, modern, and young fleet size

    SB has paid six additional new eco-design newbuild vessels on order.

    By Katie Dale
  • uploads///Article
    Industrials

    Star Bulk comments on coal and grain

    Star Bulk believes the recent coal import restrictions were minimal, while the freight rate agreement signing between Australia and China can be a positive development.

    By Katie Dale
  • Energy & Utilities

    Why the fundamental stock analysis is positive for the future

    DryShips expects that iron ore production will increase in the next three years, which will increase the demand for transportation.

    By Katie Dale
  • Industrials

    Must-know: Weekly dry bulk shipping industry fundamentals update (Part 2)

    Continued from Part 1 The importance of ship orders One measure that reflects managers’ expectation of future supply and demand differences is the number of ships on order. When managers expect future supply to increase more than demand, they refrain from purchasing new ships. However, when they expect demand to outpace supply growth, companies return to […]

    By Xun Yao Chen
  • uploads///China Manufacturing State PMI BDI    e
    Financials

    Why it pays to be patient about China’s manufacturing activity

    Because China is the largest importer of raw material in the world, China’s manufacturing is a key driver that affects shipping demand and rates.

    By Xun Yao Chen
  • uploads///TCE
    Energy & Utilities

    Why declining time charter rates dented revenue

    During the quarter, Safe Bulkers operated 31 vessels with a time charter equivalent rate of $11,642—compared to 26 vessels with time charter equivalent rate of $17,116 during 2Q13. The weighted average time charter equivalent of the Baltic Panamax (or BPI) and Baltic Capesize (or BCI) indices stood at $6,846 for 2Q14.

    By Katie Dale
  • uploads///Cyclicality of BDI
    Energy & Utilities

    Why we could see fewer volatile swings in dry bulk shipping stocks

    The recent volatility we’ve seen among dry bulk shippers can scare people into thinking they should trade in and out of the stock.

    By Xun Yao Chen
  • uploads///Article
    Earnings Report

    Why maturing contracts are a risk to Navios Maritime Partners

    Navios Maritime Partners has a modern, diverse fleet of 32 vessels with 3.3 million DWT and an average age of 7.5 years for its combined fleet.

    By Katie Dale
  • uploads///Article
    Industrials

    Depreciation expense increases; Star Bulk addresses capex fund

    Star Bulk’s depreciation and interest costs Star Bulk Carriers Corp.’s (SBLK) depreciation expense increased to $10.7 million for the third quarter of 2014, compared to $4.0 million for the third quarter of 2013. The increase was due to the increase in the company’s average number of vessels in its fleet and the corresponding increase in […]

    By Katie Dale
  • uploads///Article
    Industrials

    What is Star Bulk’s vessel financing status?

    Due to rapid expansion, Star Bulk’s financing levels are higher compared to its industry peers.

    By Katie Dale
  • uploads///Article
    Industrials

    Changes in Star Bulk’s management fees and operating and net income

    Star Bulk’s management fee income is at $0.3 million compared to $0.5 million for 3Q13, due mainly to a decrease in the number of vessels under management.

    By Katie Dale
  • uploads///Article
    Industrials

    Star Bulk’s liquidity and cash flow

    This part covers Star Bulk’s cash flow numbers given the company’s rapid expansion of its fleet size through acquisitions and other related developments.

    By Katie Dale
  • uploads///Article
    Industrials

    Dry bulk trade demands Star Bulk dynamics

    Star Bulk management stated that commodity demand remains healthy, while substantial supply expansion has resulted in surpluses across various commodity markets.

    By Katie Dale
  • uploads///Article
    Industrials

    Overview: Star Bulk Carriers’ earnings and fleet

    Star Bulk Carriers’ fleet includes 52 operating vessels, 16 second-hand vessels yet to be delivered, and 35 newbuilding vessels still under construction.

    By Katie Dale
  • uploads///Article
    Industrials

    Perfect timing for Star Bulk’s fleet acquisition

    Star Bulk merged with Ocean Bulk in July, right after the high price levels of March weakened. It took advantage of even lower vessel prices in its Excel acquisition in August.

    By Katie Dale
  • Industrials

    DryShips improves its time charter equivalent and outlook

    DryShips notes that it has significant leverage in the dry bulk and tanker spot markets. So, positive developments in these sectors will result in substantial cash flow to its bottom line.

    By Katie Dale
  • uploads///Coal
    Basic Materials

    Why China’s coal and grain trade increased

    Coal trade saw significant changes over the past few years. China was a net coal exporter in 2009—only five years ago. Today, it’s the world’s largest importer.

    By Katie Dale
  • uploads///Dry Bulk Shipping Stock Performance    e
    Industrials

    Dry bulk shippers aren’t celebrating, but their silence is golden

    It’s times like this, when nobody is saying anything, that investors are slowly building positions and advancing like silent troops in the night.

    By Xun Yao Chen
  • Industrials

    Why dry bulk shipping supply growth below 4% is possible for 2014

    With good shipyards fully booked until 2016 and beyond, based on CEOs’ inputs, investors should view the current trend as a medium-to-long-term positive.

    By Xun Yao Chen
  • Industrials

    Why Capesize vessel construction fell to a level unseen for years

    The importance of ships under construction Ship orders reflect managers’ expectations for future supply and demand differentials. But new ship orders don’t always translate into new constructions right away. Sometimes shipping firms specify a particular date of delivery for the new orders. If the delivery date is farther out, ship construction firms will delay work. […]

    By Xun Yao Chen
  • Industrials

    Lower dry bulk ship supply growth is a catalyst for higher rates

    Why is capacity important? Analysts evaluate capacity growth to see whether it will exceed demand growth, instead of solely relying on indicators such as ship orders and ship prices that reflect managers’ perspective of future supply and demand dynamics. When capacity grows faster than demand, competition rises among individual shipping firms as they try to […]

    By Xun Yao Chen
  • Industrials

    With robust Panamax orders, dry bulk fundamentals are improving

    Managers remain optimistic From September 27 to October 4, ship orders for Capesize vessels fell slightly from 10.34% to 10.32%, after rising from 10.28% on September 20. Supramax vessels also registered a decline from 4.66% to 4.59% over the same period, while orders for Panamax vessels surged ahead from 16.04% to 16.64%. Analysts use a […]

    By Xun Yao Chen
  • Industrials

    We’re at the start of higher fleet utilization, so rates will rise

    Annual capacity growth remains positively in a downtrend From September 27 to October 4, year-over-year growth in dry bulk capacity, measured in deadweight tonnage (DWT, the weight a ship can safely carry across the ocean) and published weekly by IHS Global Limited for Capesize vessels fell from 4.70% to 4.63%. Year-over-year growth for Supramax vessels […]

    By Xun Yao Chen
  • uploads///Bulk Vessel Newbuild Price    e
    Industrials

    Scorpio and Diana’s higher purchase prices support dry bulk stocks

    The significance of vessel values The prices of new builds are useful indicators that reflect the dry bulk shipping industry’s future fundamental outlook. New prices often rise because of higher orders for ships. Usually, this is the result of managements’ speculation that future shipping rates (which can increase or stay the same from the current […]

    By Xun Yao Chen
  • uploads///Baltic Shipping Index by Ship Class    e
    Industrials

    Idea: Do dry bulk stocks actually follow the Baltic Dry Index?

    For new investors, the government shutdown crisis could be a great opportunity if the long-term fundamental outlook remains positive for shipping.

    By Xun Yao Chen
  • uploads///China Iron Ore Inventory    e
    Basic Materials

    Iron ore inventory still low, good for dry bulk shipping stocks

    Iron ore inventory Iron ore inventory at Chinese ports can be an important factor that affects shipping rates, since it reflects the safety net and the imbalance between iron ore supply and steel mill demand. When inventory levels are high, they reflect possible over-purchases by importers, which may prompt importers to cut back on imports […]

    By Xun Yao Chen
  • uploads///Bulk Vessel Newbuild Price    e
    Industrials

    Higher new build prices mean higher dry bulk shipping share prices

    What new build prices reflect The prices of new builds are useful indicators that reflect the dry bulk shipping industry’s future fundamental outlook. New prices often rise because of higher orders for ships. Usually, this is the result of managements’ speculation that future shipping rates (which can increase or stay the same from the current […]

    By Xun Yao Chen
  • uploads///Bulk Vessel  Years Old Value Relative to Newbuilds    e
    Industrials

    Why second-hand ship values suggest dry bulk shares will climb

    The significance of second-hand ship values The prices of older vessels are another indicator that reflects the fundamentals of shipping companies. Because these vessels are sold and bought in the secondary market, it doesn’t take as long for the buyer to receive these vessels. So price movements in older vessels often reflect nearer-term fundamental outlook […]

    By Xun Yao Chen
  • Industrials

    Ship construction activity stabilizing, good for shipping stocks

    Stabilizing construction activity means managers are expecting rates to recover to adequate levels that can generate good returns for existing constructions soon.

    By Xun Yao Chen
  • Industrials

    Construction activity signals dry bulk shipping recovery in 2014

    On August 30, the number of ships under construction as a share of existing vessels held steady from the previous week, based on four weeks of data to smooth out short-term noise.

    By Xun Yao Chen
  • Industrials

    Panamax and Supramax supply growth slides more, supporting rates

    With construction levels falling, it’s just a matter of time until capacity growth falls even further, especially for Panamax and Supramax ships.

    By Xun Yao Chen
  • Industrials

    Star Bulk could become largest U.S. dry bulk shipping company

    Star Bulk Carriers Corporation (SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, is en route to becoming the largest U.S. listed dry bulk shipping company.

    By Katie Dale
  • Industrials

    Star Bulk’s countercyclical Excel Maritime acquisition

    Star Bulk Carrier’s (SBLK) acquisition from Excel Maritime is well-timed from a short-term and a long-term point of view. The company acquired Panamax/ Kamsarmax vessels at historically low prices, with Panamax vessel prices currently at the lowest level in 2014, a 21% decline compared to its peak in April.

    By Katie Dale
  • uploads///Newcastlemax
    Industrials

    Star Bulk eco fleet and Newcastlemax vessels a benefit for the company

    By using Newcastlemax vessels, Star Bulk Carriers Corporation (SBLK) experiences a significant reduction of dollar per ton cost on major routes during a high bunker environment. The benefits of eco are improving cash flow during a high-freight market and downside protection during a low-freight market.

    By Katie Dale
  • Financials

    Why should you understand spot exposure and contract coverage?

    There are two main types of contracts in the dry bulk shipping industry, spot charter contracts and time charter contracts.

    By Yanyu Mao
  • uploads///Grain Imports and Exports
    Industrials

    Major importers and exporters of grain and oilseed

    Compared to iron ore and coal, the grain and oilseed trade makes up a much smaller part of overall dry bulk shipments—about 10%.

    By Xun Yao Chen
  • uploads///Dry Bulk Global Trade Estimate
    Industrials

    Investing in dry bulk shipping: A must-read overview

    This series covers key suppliers of various commodities in the seaborne market as well as indicators pertaining to economic and industry fundamentals.

    By Xun Yao Chen
  • uploads///NM CEO
    Industrials

    CEO profile: Navios Holdings’ Angeliki Frangou helps NM and NMM

    Angeliki Frangou has been Navios Maritime Holdings Inc.’s chairman and CEO since August 25, 2005.

    By Xun Yao Chen
  • uploads///Bulk Vessel Newbuild Price    e
    Industrials

    Keep it simple: New build prices are key dry bulk stock drivers

    Shipping rates are subject to seasonal factors and can be volatile. To overcome that problem, investors should follow new build prices.

    By Xun Yao Chen
  • uploads///Raw Beta
    Industrials

    Tip: Accept dry bulk shipping volatility and make better decisions

    The combination of high fixed costs and variations in shipping rates are two factors that make industrial companies more volatile.

    By Xun Yao Chen
  • Industrials

    Overview: DryShips’ fleet management and 1Q earnings turnaround

    In regards to the management agreement, TMS Bulkers is entitled to a fixed management fee of $2,069 per vessel, per day, payable in equal monthly installments in advance.

    By Katie Dale
  • Industrials

    Overview: DryShips’ bank compliance and effective balance sheet

    As compared to its earlier periods, DryShips’ (DRYS) value to loan compliance situation has improved significantly.

    By Katie Dale
  • Financials

    Must-know: What caused the Greek, Irish, and Spanish debt issues?

    Tourism revenues—a key revenue component for all these countries—declined substantially because foreign tourists stayed away during the aftermath of the Great Recession. Key industries were also affected—notably cyclical industries like shipping.

    By Phalguni Soni
  • Energy & Utilities

    Baltic Dry Index on the downfall with capsize rates down

    In trading, the Baltic Dry Index declined to 850 on June 30, 2014, from 934 at the beginning from the month.

    By Katie Dale
  • uploads///Revenue Chart
    Industrials

    Navios Maritime Partners: A must-know company overview

    For the first quarter of 2014, Navios Maritime Partners’ revenue rose 14.4% year-over-year to $57.5 million, led by vessel acquisitions.

    By Katie Dale
  • Financials

    Why China’s March PMI is positive for dry bulk shippers

    China’s official PMI For the month of March, China’s official PMI (purchasing managers’ index) inched up to 50.3 as compared to 50.2 recorded in February, allaying fears of slowdown in the world’s second largest economy and a key driver of dry bulk shipping stocks such as DryShips Inc. (DRYS), Navios Maritime Holdings Inc. (NM), Diana […]

    By Katie Dale
  • uploads///part
    Energy & Utilities

    Why Indonesia’s nickel ore export ban affects dry bulk shippers

    As a major producer and exporter of oil, gas, and minerals (including gold, nickel, copper, tin, and thermal coal), Indonesia’s exports account for a significant share of Indonesia’s GDP.

    By Yanyu Mao
  • uploads///Baltic Dry Index YOY and Shipping
    Energy & Utilities

    Have dry bulk shippers like Navios gotten ahead of themselves?

    We’ve learned through previous research that week-to-week movements in the Baltic Dry Index don’t really have a strong relationship with week-to-week movements in dry bulk shipping stocks.

    By Xun Yao Chen
  • uploads///Diana Shipping TCE
    Energy & Utilities

    Timeline: Diana’s time charter fell despite higher BDI in 4Q13

    Diana Shipping Inc.’s (DSX) revenue for the fourth quarter, $39.5 million, missed analysts’ consensus of $42.6 million.

    By Xun Yao Chen
  • uploads///Drys CEO
    Industrials

    CEO profile: DryShips Inc. CEO George Economou’s key experience

    George Economou appears to have an empire of several kinds of shipping companies as well, including container ships and drill ships.

    By Xun Yao Chen
  • uploads///Baltic Shipping Index by Ship Class    e
    Energy & Utilities

    As the Baltic Dry Index turns, Soros tests dry bulk shipping

    The companies that Soros bought are some of the largest publicly traded dry bulk shipping companies in the world.

    By Xun Yao Chen
  • uploads///Steel Producers in Developed Asian Countries    e
    Energy & Utilities

    To see the future of shipping, you should follow steel profits

    Valuations and outlook Sometimes, instead of looking at what’s happening within the shipping industry, investors may gather more important insight by looking at how customers are doing—using steel producers. One quick way to find out the future outlook of a cyclical industry like steel is to look at how the valuations and share prices of […]

    By Xun Yao Chen
  • Energy & Utilities

    Why ship scrapping activity affects dry bulk shippers

    The significance of scrapping level and shipping rates While shipping scrappage activity does affect supply, it’s best suited to get an immediate to medium-term assessment of supply and demand dynamics (depending on how you slice and dice it). The rate at which companies scrap ships often reveals whether the dry bulk shipping industry is facing excess […]

    By Xun Yao Chen
  • uploads///China Real Estate Climate and Baltic Dry Index    e
    Industrials

    Why the real estate climate index affects the Baltic Dry Index

    Why is the real estate climate index important? China’s real estate activity has a significant influence on dry bulk shippers, as it uses a lot of steel. One indicator that reflects this activity is the Real Estate Climate Index. The National Bureau of Statistics developed the index to capture the trends and situation in the […]

    By Xun Yao Chen
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