-
Dry Bulk Shipping: Sustainably serving the world’s essential needs
Dry Bulk Shipping industry is vital for the prosperity of people all over the world, as it transports approximately 55% of the global transport work, serving essential needs, such as food and energy supply.
At the same time, Dry Bulk Shipping is achieving environmental and operational excellence, by continuing to improve energy efficiency, while bulk carriers have an average age that is half of that of the global commercial fleet.
Dry Bulk Shipping has also played a critical role in enabling trade during the COVID-19 pandemic, with the invaluable support and tireless work of seafarers, providing vital services for the global economy.
After all, seafarers are the true “heart” of global shipping.
About INTERCARGO
The International Association of Dry Cargo Shipowners has been representing...
published: 29 Jul 2020
-
2023 15th Annual New York Maritime Forum- DRY BULK SHIPPING SECTOR
DRY BULK SHIPPING SECTOR
Mr. Liam Burke, Managing Director – B Riley Securities
Mr. Ioannis Zafirakis, Chief Financial Officer & Chief Strategy Officer – Diana Shipping Inc.
(DSX)
Mr. Gary Vogel, Chief Executive Officer & Director – Eagle Bulk Shipping Inc. (EGLE)
Mr. John C. Wobensmith, Chief Executive Officer – Genco Shipping & Trading LTD (GNK)
Mr. Hamish Norton, President – Star Bulk Carriers Corp. (SBLK)
15th Annual Capital Link New York #Maritime Forum
Metropolitan Club, #new_york
Partnered with #dnb and in cooperation with #nyse & #nasdaq
For more info please visit here: https://forums.capitallink.com/shipping/2023NYmaritime/agenda.html
Music by Joystock - https://www.joystock.org
published: 19 Oct 2023
-
2023 17th Annual International Shipping Forum - Dry Bulk Shipping Sector
Dry Bulk Shipping Sector
Moderator:
Mr. Frode Morkedal, Managing Director, Equity Research – Clarksons
Panelists:
Mr. Costa Tsoutsoplides, CFA, Chief Strategy Officer - Eagle Bulk Shipping Inc. (EGLE)
Mr. John Wobensmith, CEO & Director - Genco Shipping & Trading Limited (GNK)
Mr. Edward Buttery, Founder, CEO & Executive Director – Taylor Maritime Investments (TMI)
Mr. Stamatis Tsantanis, Chairman & CEO - Seanergy Maritime Holdings Corp. (SHIP)
Mr. Hamish Norton, President – Star Bulk Carriers (SBLK)
Capital Link's 17th Annual International Shipping Forum
Monday, March 20, 2023
The Metropolitan Club, New York City
For more information on the event please visit: https://forums.capitallink.com/shipping/2023newyork/
published: 27 Mar 2023
-
2023 15th Annual Shipping & Marine Services Forum - Dry Bulk Sector
DRY BULK SECTOR
Moderator: Mr. Emanuele (Manu) Ravano, Co-CEO - IFCHOR GALBRAITHS
Panelists:
• Mr. Gary Vogel, CEO – Eagle Bulk Shipping
• Mr. Carlos Pena, CCO – C Transport Maritime; Director – GoodBulk Ltd.
• Mr. Edward Buttery, Founder, CEO and Executive Director - Taylor Maritime
Investments; CEO – Grindrod Shipping
• Mr. William Fairclough, Managing Director - Wah Kwong Maritime Transport
Holdings
The 15th Annual Capital Link Shipping & Marine Services Forum
September 12, 2023
116 Pall Mall in London
Held in cooperation with the London Stock Exchange, and in conjunction with the 2023 London International Shipping Week.
published: 19 Sep 2023
-
2021 Dry Bulk Shipping video: Sustainably serving the world’s essential needs
INTERCARGO - the International Association of Dry Cargo Shipowners - unites and promotes quality dry bulk shipping, bringing together more than 220 forward thinking companies from 30 countries.
In 2020, the 40th anniversary of our Association coincided with the unprecedented challenges faced by the shipping industry under COVID-19, which has dominated our lives and those of our seafarers. In 2021, top of the agenda remains the continued lack of universal recognition of seafarers as key workers.
INTERCARGO will continue to stand at the forefront of the challenges faced by the bulk carrier sector and represent the views of quality owners and operators. We are proud that our sector, dry bulk shipping, is committed to the safe transportation of the world’s essential needs - sustainably.
T...
published: 13 Sep 2021
-
Bonus Episode: Dry bulk shipping market outlook for H2 2023
Any hopes that the dry bulk shipping market would improve in the first half of 2023 have failed to materialise as a bounce back in Chinese demand did not happen as expected. So, what does the second half of the year hold in store?
In the second part of our shipping market outlook series in the #SeatradeMaritimePodcast, we are focusing on the dry bulk sector with Plamen Natkoff, Associate Director for Dry Bulk Commodities and Freight with Maritime Strategies International (MSI)
#shippingnews
#podcast
You can also listen to this episode on:
Spotify: https://open.spotify.com/show/0WGkvCQlCIx3XFJMu07G8o
Apple Podcasts: https://podcasts.apple.com/gb/podcast/seatrade-maritime/id1532703829
Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vc2VhdHJhZGUtbWFyaX...
published: 24 Jul 2023
-
Dry Bulk Shipping Stocks General Industry Analysis
The dry bulk shipping industry has been thriving over the last year, in this video I give my opinion on a general outlook for stocks in the industry. My two favorite dry bulk shipping stocks at the moment:
ZIM - Zim Integrated Shipping Services
EGLE - Eagle Bulk Shipping
This video should not be taken as financial advice. Personal thoughts and opinions only.
published: 22 Mar 2022
-
Investing: Digging into Dry Bulk
Recording date: 3rd May 2022
The shipping and tankers sectors have always fitted with my investment style of looking for highly cyclical companies about to inflect. That being said, timing is everything in these sectors. Get in a year or two early, and you can ride them down 50%+ or even into bankruptcy. So I like what I'm seeing setting up in shipping, particularly dry bulk.
Supply is always the first concern; as I illustrate in the first slide, there have been six distinct shipping cycles in the late 18th century. It is simply human nature; undersupply leads to high profitability, which leads to greed and oversupply, which causes a brutal bear market, then undersupply, and so it repeats. Knowing this, the question becomes how close are we to the bottom or have we already seen it?
We h...
published: 12 Dec 2022
-
Pyxis Tankers chairman and CEO discusses strong performance and fleet expansion
Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, provides an update on the company's performance and future plans in an interview with Proactive's Stephen Gunnion.
For the nine months ending September 2023, the company reported net revenues of $32.2 million and an adjusted EBITDA of approximately $15 million, with fully diluted earnings per share at $1.21.
The average daily time charter equivalent for the MRs in Q4 increased to about $30,500 per day, with bookings for Q1 2024 at approximately $29,200 for 75% of available days. Pyxis Tankers maintains a solid balance sheet and liquidity, having completed the sale of the 2015-built MR at a record price, realising a gain of over $17 million.
The fleet currently includes three eco-efficient MR tankers with an a...
published: 27 Feb 2024
-
The Port of San Diego's Special Advantage: Dry Bulk Cargo
Shipping dry bulk cargo requires special skills, equipment and attention to detail.
With state-of-the-art storage and cargo handling, the Port of San Diego keeps your dry bulk cargo flowing from ship to dock to market, faster. Whether it's cement, soda ash, or other unpackaged, free-flowing, dry aggregate or liquid bulk commodities, take advantage of our Special Advantage. Find out more at portofsandiego.org/cargo
published: 29 Oct 2020
5:35
Dry Bulk Shipping: Sustainably serving the world’s essential needs
Dry Bulk Shipping industry is vital for the prosperity of people all over the world, as it transports approximately 55% of the global transport work, serving es...
Dry Bulk Shipping industry is vital for the prosperity of people all over the world, as it transports approximately 55% of the global transport work, serving essential needs, such as food and energy supply.
At the same time, Dry Bulk Shipping is achieving environmental and operational excellence, by continuing to improve energy efficiency, while bulk carriers have an average age that is half of that of the global commercial fleet.
Dry Bulk Shipping has also played a critical role in enabling trade during the COVID-19 pandemic, with the invaluable support and tireless work of seafarers, providing vital services for the global economy.
After all, seafarers are the true “heart” of global shipping.
About INTERCARGO
The International Association of Dry Cargo Shipowners has been representing the interests of quality dry bulk shipowners, since 1980, while provides the forum where dry bulk shipowners, managers and operators are informed about, discuss and share concerns on key topics and regulatory challenges, especially in relation to safety, the environment and operational excellence.
INTERCARGO is committed to safety and quality in ship operations, with a focus on operational efficiency and the protection of the marine environment.
Learn more about INTERCARGO at www.intercargo.org
https://wn.com/Dry_Bulk_Shipping_Sustainably_Serving_The_World’S_Essential_Needs
Dry Bulk Shipping industry is vital for the prosperity of people all over the world, as it transports approximately 55% of the global transport work, serving essential needs, such as food and energy supply.
At the same time, Dry Bulk Shipping is achieving environmental and operational excellence, by continuing to improve energy efficiency, while bulk carriers have an average age that is half of that of the global commercial fleet.
Dry Bulk Shipping has also played a critical role in enabling trade during the COVID-19 pandemic, with the invaluable support and tireless work of seafarers, providing vital services for the global economy.
After all, seafarers are the true “heart” of global shipping.
About INTERCARGO
The International Association of Dry Cargo Shipowners has been representing the interests of quality dry bulk shipowners, since 1980, while provides the forum where dry bulk shipowners, managers and operators are informed about, discuss and share concerns on key topics and regulatory challenges, especially in relation to safety, the environment and operational excellence.
INTERCARGO is committed to safety and quality in ship operations, with a focus on operational efficiency and the protection of the marine environment.
Learn more about INTERCARGO at www.intercargo.org
- published: 29 Jul 2020
- views: 18867
41:36
2023 15th Annual New York Maritime Forum- DRY BULK SHIPPING SECTOR
DRY BULK SHIPPING SECTOR
Mr. Liam Burke, Managing Director – B Riley Securities
Mr. Ioannis Zafirakis, Chief Financial Officer & Chief Strategy Officer – Diana ...
DRY BULK SHIPPING SECTOR
Mr. Liam Burke, Managing Director – B Riley Securities
Mr. Ioannis Zafirakis, Chief Financial Officer & Chief Strategy Officer – Diana Shipping Inc.
(DSX)
Mr. Gary Vogel, Chief Executive Officer & Director – Eagle Bulk Shipping Inc. (EGLE)
Mr. John C. Wobensmith, Chief Executive Officer – Genco Shipping & Trading LTD (GNK)
Mr. Hamish Norton, President – Star Bulk Carriers Corp. (SBLK)
15th Annual Capital Link New York #Maritime Forum
Metropolitan Club, #new_york
Partnered with #dnb and in cooperation with #nyse & #nasdaq
For more info please visit here: https://forums.capitallink.com/shipping/2023NYmaritime/agenda.html
Music by Joystock - https://www.joystock.org
https://wn.com/2023_15Th_Annual_New_York_Maritime_Forum_Dry_Bulk_Shipping_Sector
DRY BULK SHIPPING SECTOR
Mr. Liam Burke, Managing Director – B Riley Securities
Mr. Ioannis Zafirakis, Chief Financial Officer & Chief Strategy Officer – Diana Shipping Inc.
(DSX)
Mr. Gary Vogel, Chief Executive Officer & Director – Eagle Bulk Shipping Inc. (EGLE)
Mr. John C. Wobensmith, Chief Executive Officer – Genco Shipping & Trading LTD (GNK)
Mr. Hamish Norton, President – Star Bulk Carriers Corp. (SBLK)
15th Annual Capital Link New York #Maritime Forum
Metropolitan Club, #new_york
Partnered with #dnb and in cooperation with #nyse & #nasdaq
For more info please visit here: https://forums.capitallink.com/shipping/2023NYmaritime/agenda.html
Music by Joystock - https://www.joystock.org
- published: 19 Oct 2023
- views: 1460
42:44
2023 17th Annual International Shipping Forum - Dry Bulk Shipping Sector
Dry Bulk Shipping Sector
Moderator:
Mr. Frode Morkedal, Managing Director, Equity Research – Clarksons
Panelists:
Mr. Costa Tsoutsoplides, CFA, Chie...
Dry Bulk Shipping Sector
Moderator:
Mr. Frode Morkedal, Managing Director, Equity Research – Clarksons
Panelists:
Mr. Costa Tsoutsoplides, CFA, Chief Strategy Officer - Eagle Bulk Shipping Inc. (EGLE)
Mr. John Wobensmith, CEO & Director - Genco Shipping & Trading Limited (GNK)
Mr. Edward Buttery, Founder, CEO & Executive Director – Taylor Maritime Investments (TMI)
Mr. Stamatis Tsantanis, Chairman & CEO - Seanergy Maritime Holdings Corp. (SHIP)
Mr. Hamish Norton, President – Star Bulk Carriers (SBLK)
Capital Link's 17th Annual International Shipping Forum
Monday, March 20, 2023
The Metropolitan Club, New York City
For more information on the event please visit: https://forums.capitallink.com/shipping/2023newyork/
https://wn.com/2023_17Th_Annual_International_Shipping_Forum_Dry_Bulk_Shipping_Sector
Dry Bulk Shipping Sector
Moderator:
Mr. Frode Morkedal, Managing Director, Equity Research – Clarksons
Panelists:
Mr. Costa Tsoutsoplides, CFA, Chief Strategy Officer - Eagle Bulk Shipping Inc. (EGLE)
Mr. John Wobensmith, CEO & Director - Genco Shipping & Trading Limited (GNK)
Mr. Edward Buttery, Founder, CEO & Executive Director – Taylor Maritime Investments (TMI)
Mr. Stamatis Tsantanis, Chairman & CEO - Seanergy Maritime Holdings Corp. (SHIP)
Mr. Hamish Norton, President – Star Bulk Carriers (SBLK)
Capital Link's 17th Annual International Shipping Forum
Monday, March 20, 2023
The Metropolitan Club, New York City
For more information on the event please visit: https://forums.capitallink.com/shipping/2023newyork/
- published: 27 Mar 2023
- views: 2462
40:06
2023 15th Annual Shipping & Marine Services Forum - Dry Bulk Sector
DRY BULK SECTOR
Moderator: Mr. Emanuele (Manu) Ravano, Co-CEO - IFCHOR GALBRAITHS
Panelists:
• Mr. Gary Vogel, CEO – Eagle Bulk Shipping
• Mr. Carlos Pena, CCO ...
DRY BULK SECTOR
Moderator: Mr. Emanuele (Manu) Ravano, Co-CEO - IFCHOR GALBRAITHS
Panelists:
• Mr. Gary Vogel, CEO – Eagle Bulk Shipping
• Mr. Carlos Pena, CCO – C Transport Maritime; Director – GoodBulk Ltd.
• Mr. Edward Buttery, Founder, CEO and Executive Director - Taylor Maritime
Investments; CEO – Grindrod Shipping
• Mr. William Fairclough, Managing Director - Wah Kwong Maritime Transport
Holdings
The 15th Annual Capital Link Shipping & Marine Services Forum
September 12, 2023
116 Pall Mall in London
Held in cooperation with the London Stock Exchange, and in conjunction with the 2023 London International Shipping Week.
https://wn.com/2023_15Th_Annual_Shipping_Marine_Services_Forum_Dry_Bulk_Sector
DRY BULK SECTOR
Moderator: Mr. Emanuele (Manu) Ravano, Co-CEO - IFCHOR GALBRAITHS
Panelists:
• Mr. Gary Vogel, CEO – Eagle Bulk Shipping
• Mr. Carlos Pena, CCO – C Transport Maritime; Director – GoodBulk Ltd.
• Mr. Edward Buttery, Founder, CEO and Executive Director - Taylor Maritime
Investments; CEO – Grindrod Shipping
• Mr. William Fairclough, Managing Director - Wah Kwong Maritime Transport
Holdings
The 15th Annual Capital Link Shipping & Marine Services Forum
September 12, 2023
116 Pall Mall in London
Held in cooperation with the London Stock Exchange, and in conjunction with the 2023 London International Shipping Week.
- published: 19 Sep 2023
- views: 1627
3:52
2021 Dry Bulk Shipping video: Sustainably serving the world’s essential needs
INTERCARGO - the International Association of Dry Cargo Shipowners - unites and promotes quality dry bulk shipping, bringing together more than 220 forward thin...
INTERCARGO - the International Association of Dry Cargo Shipowners - unites and promotes quality dry bulk shipping, bringing together more than 220 forward thinking companies from 30 countries.
In 2020, the 40th anniversary of our Association coincided with the unprecedented challenges faced by the shipping industry under COVID-19, which has dominated our lives and those of our seafarers. In 2021, top of the agenda remains the continued lack of universal recognition of seafarers as key workers.
INTERCARGO will continue to stand at the forefront of the challenges faced by the bulk carrier sector and represent the views of quality owners and operators. We are proud that our sector, dry bulk shipping, is committed to the safe transportation of the world’s essential needs - sustainably.
To view the extended video produced in 2020 visit: https://bit.ly/3A9AkXw
Learn more about INTERCARGO at https://www.intercargo.org
https://wn.com/2021_Dry_Bulk_Shipping_Video_Sustainably_Serving_The_World’S_Essential_Needs
INTERCARGO - the International Association of Dry Cargo Shipowners - unites and promotes quality dry bulk shipping, bringing together more than 220 forward thinking companies from 30 countries.
In 2020, the 40th anniversary of our Association coincided with the unprecedented challenges faced by the shipping industry under COVID-19, which has dominated our lives and those of our seafarers. In 2021, top of the agenda remains the continued lack of universal recognition of seafarers as key workers.
INTERCARGO will continue to stand at the forefront of the challenges faced by the bulk carrier sector and represent the views of quality owners and operators. We are proud that our sector, dry bulk shipping, is committed to the safe transportation of the world’s essential needs - sustainably.
To view the extended video produced in 2020 visit: https://bit.ly/3A9AkXw
Learn more about INTERCARGO at https://www.intercargo.org
- published: 13 Sep 2021
- views: 2110
10:25
Bonus Episode: Dry bulk shipping market outlook for H2 2023
Any hopes that the dry bulk shipping market would improve in the first half of 2023 have failed to materialise as a bounce back in Chinese demand did not happen...
Any hopes that the dry bulk shipping market would improve in the first half of 2023 have failed to materialise as a bounce back in Chinese demand did not happen as expected. So, what does the second half of the year hold in store?
In the second part of our shipping market outlook series in the #SeatradeMaritimePodcast, we are focusing on the dry bulk sector with Plamen Natkoff, Associate Director for Dry Bulk Commodities and Freight with Maritime Strategies International (MSI)
#shippingnews
#podcast
You can also listen to this episode on:
Spotify: https://open.spotify.com/show/0WGkvCQlCIx3XFJMu07G8o
Apple Podcasts: https://podcasts.apple.com/gb/podcast/seatrade-maritime/id1532703829
Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vc2VhdHJhZGUtbWFyaXRpbWUv
Follow us on Social
Twitter: https://www.twitter.com/Seatrade
Facebook: https://www.facebook.com/SeatradeGlobal
LinkedIn: https://www.linkedin.com/company/seatrademaritime
https://wn.com/Bonus_Episode_Dry_Bulk_Shipping_Market_Outlook_For_H2_2023
Any hopes that the dry bulk shipping market would improve in the first half of 2023 have failed to materialise as a bounce back in Chinese demand did not happen as expected. So, what does the second half of the year hold in store?
In the second part of our shipping market outlook series in the #SeatradeMaritimePodcast, we are focusing on the dry bulk sector with Plamen Natkoff, Associate Director for Dry Bulk Commodities and Freight with Maritime Strategies International (MSI)
#shippingnews
#podcast
You can also listen to this episode on:
Spotify: https://open.spotify.com/show/0WGkvCQlCIx3XFJMu07G8o
Apple Podcasts: https://podcasts.apple.com/gb/podcast/seatrade-maritime/id1532703829
Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vc2VhdHJhZGUtbWFyaXRpbWUv
Follow us on Social
Twitter: https://www.twitter.com/Seatrade
Facebook: https://www.facebook.com/SeatradeGlobal
LinkedIn: https://www.linkedin.com/company/seatrademaritime
- published: 24 Jul 2023
- views: 730
4:01
Dry Bulk Shipping Stocks General Industry Analysis
The dry bulk shipping industry has been thriving over the last year, in this video I give my opinion on a general outlook for stocks in the industry. My two fav...
The dry bulk shipping industry has been thriving over the last year, in this video I give my opinion on a general outlook for stocks in the industry. My two favorite dry bulk shipping stocks at the moment:
ZIM - Zim Integrated Shipping Services
EGLE - Eagle Bulk Shipping
This video should not be taken as financial advice. Personal thoughts and opinions only.
https://wn.com/Dry_Bulk_Shipping_Stocks_General_Industry_Analysis
The dry bulk shipping industry has been thriving over the last year, in this video I give my opinion on a general outlook for stocks in the industry. My two favorite dry bulk shipping stocks at the moment:
ZIM - Zim Integrated Shipping Services
EGLE - Eagle Bulk Shipping
This video should not be taken as financial advice. Personal thoughts and opinions only.
- published: 22 Mar 2022
- views: 765
35:46
Investing: Digging into Dry Bulk
Recording date: 3rd May 2022
The shipping and tankers sectors have always fitted with my investment style of looking for highly cyclical companies about to inf...
Recording date: 3rd May 2022
The shipping and tankers sectors have always fitted with my investment style of looking for highly cyclical companies about to inflect. That being said, timing is everything in these sectors. Get in a year or two early, and you can ride them down 50%+ or even into bankruptcy. So I like what I'm seeing setting up in shipping, particularly dry bulk.
Supply is always the first concern; as I illustrate in the first slide, there have been six distinct shipping cycles in the late 18th century. It is simply human nature; undersupply leads to high profitability, which leads to greed and oversupply, which causes a brutal bear market, then undersupply, and so it repeats. Knowing this, the question becomes how close are we to the bottom or have we already seen it?
We have seen the bottom in the sector and are nearing a serious inflection. Orderbook is the easiest way to judge this, and with dry bulkers, it now stands at 5.6%, which, to put into context, at the bottom of the early 2000s bear market, the lowest it got was 7.2%. So before considering all the new regulations, the older ship's economics are questionable. I subscribe to a shipping intelligence service, and their take is; that "come 2023, only 74% of dry bulkers and 77% of tankers will meet the new carbon intensity indicator (CII) requirements."
It is similar to ESG in the energy space when you consider the amount of regulation being added (Ballast water treatment mandates, IMO 20,30 and 50, CII and the EESI(efficiency existing ship index).
Another bullish factor regarding supply is the limited capacity of shipyards following a brutal bear market and the high pricing as a result. Then there is the fact that the containerships have experienced great returns in the past two years, so they have claimed the majority of the shipyard capacity for new builds.
Next comes demand, and the only uncomfortable part of the dry bulk thesis for me is its heavy reliance on China (the Baltic Dry index is 0.7 correlated with Chinese GDP growth). Those who have watched my video on China will know I'm not the biggest China bull due to their demographic and policy issues. The Capesize vessels have the most exposure to this as they mostly carry iron ore and, to a lesser extent, coal. That being said, Capesize rates are very depressed, and they have historically been the most volatile of the dry bulks, so there is an argument the upside is worth the risk. Dry bulk is also strongly correlated to global GDP growth, which I'm not particularly positive on, with a recession looking increasingly likely over the next year.
That said, there are a lot of additional tonne miles resulting from the Russian sanctions. This looks to be a favourable tailwind for the sector for years to come as commodities such as coal from Russia to Europe now have to come from Indonesia and Australia, adding significant tonne miles.
Regarding how I'm playing this trend, I'm starting a small position (1%) in Genco Shipping & Trading (Ticker: GNK) as it is well managed and has a nice diversity of vessels (17 Capesize, 15 Ultramaxes and 12 Supramaxes). In addition, they have the lowest debt in the sector at 10% debt to assets and look to be an absolute cash cow moving forward with their dividend policy. This is more of an income wealth reservation play than the typical multi-baggers I hunt out.
The other is Seanergy Maritime Holdings Corp (ticker: SHIP), which I'm taking a 0.5% position as I try to build my conviction on the outlook for Capesize vessels (I'm interviewing someone who has a large holding in SHIP soon). Seaenergy has diluted its share count too high heaven over the last two years and increased the fleet from 10 to 17 ships as a result of it. Most importantly, they look to have turned the corner and started to buy back their shares at roughly half of NAV.
I plan to continue interviewing people in this sector to help build my conviction, but for now, I'm just dipping a toe in the water.
—
Crux Investor is an investing app for busy people. For a small, monthly membership fee you’ll receive a single stock recommendation each month, curated by industry experts and presented in a clear and focused one-page memo. Head to Crux Investor to learn more and to sign up for your time-saving, stress-slaying membership today.
Learn more: https://cruxinvestor.com
Sign up for Crux Investor: https://cruxinvestor.com
https://wn.com/Investing_Digging_Into_Dry_Bulk
Recording date: 3rd May 2022
The shipping and tankers sectors have always fitted with my investment style of looking for highly cyclical companies about to inflect. That being said, timing is everything in these sectors. Get in a year or two early, and you can ride them down 50%+ or even into bankruptcy. So I like what I'm seeing setting up in shipping, particularly dry bulk.
Supply is always the first concern; as I illustrate in the first slide, there have been six distinct shipping cycles in the late 18th century. It is simply human nature; undersupply leads to high profitability, which leads to greed and oversupply, which causes a brutal bear market, then undersupply, and so it repeats. Knowing this, the question becomes how close are we to the bottom or have we already seen it?
We have seen the bottom in the sector and are nearing a serious inflection. Orderbook is the easiest way to judge this, and with dry bulkers, it now stands at 5.6%, which, to put into context, at the bottom of the early 2000s bear market, the lowest it got was 7.2%. So before considering all the new regulations, the older ship's economics are questionable. I subscribe to a shipping intelligence service, and their take is; that "come 2023, only 74% of dry bulkers and 77% of tankers will meet the new carbon intensity indicator (CII) requirements."
It is similar to ESG in the energy space when you consider the amount of regulation being added (Ballast water treatment mandates, IMO 20,30 and 50, CII and the EESI(efficiency existing ship index).
Another bullish factor regarding supply is the limited capacity of shipyards following a brutal bear market and the high pricing as a result. Then there is the fact that the containerships have experienced great returns in the past two years, so they have claimed the majority of the shipyard capacity for new builds.
Next comes demand, and the only uncomfortable part of the dry bulk thesis for me is its heavy reliance on China (the Baltic Dry index is 0.7 correlated with Chinese GDP growth). Those who have watched my video on China will know I'm not the biggest China bull due to their demographic and policy issues. The Capesize vessels have the most exposure to this as they mostly carry iron ore and, to a lesser extent, coal. That being said, Capesize rates are very depressed, and they have historically been the most volatile of the dry bulks, so there is an argument the upside is worth the risk. Dry bulk is also strongly correlated to global GDP growth, which I'm not particularly positive on, with a recession looking increasingly likely over the next year.
That said, there are a lot of additional tonne miles resulting from the Russian sanctions. This looks to be a favourable tailwind for the sector for years to come as commodities such as coal from Russia to Europe now have to come from Indonesia and Australia, adding significant tonne miles.
Regarding how I'm playing this trend, I'm starting a small position (1%) in Genco Shipping & Trading (Ticker: GNK) as it is well managed and has a nice diversity of vessels (17 Capesize, 15 Ultramaxes and 12 Supramaxes). In addition, they have the lowest debt in the sector at 10% debt to assets and look to be an absolute cash cow moving forward with their dividend policy. This is more of an income wealth reservation play than the typical multi-baggers I hunt out.
The other is Seanergy Maritime Holdings Corp (ticker: SHIP), which I'm taking a 0.5% position as I try to build my conviction on the outlook for Capesize vessels (I'm interviewing someone who has a large holding in SHIP soon). Seaenergy has diluted its share count too high heaven over the last two years and increased the fleet from 10 to 17 ships as a result of it. Most importantly, they look to have turned the corner and started to buy back their shares at roughly half of NAV.
I plan to continue interviewing people in this sector to help build my conviction, but for now, I'm just dipping a toe in the water.
—
Crux Investor is an investing app for busy people. For a small, monthly membership fee you’ll receive a single stock recommendation each month, curated by industry experts and presented in a clear and focused one-page memo. Head to Crux Investor to learn more and to sign up for your time-saving, stress-slaying membership today.
Learn more: https://cruxinvestor.com
Sign up for Crux Investor: https://cruxinvestor.com
- published: 12 Dec 2022
- views: 1219
7:56
Pyxis Tankers chairman and CEO discusses strong performance and fleet expansion
Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, provides an update on the company's performance and future plans in an interview wit...
Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, provides an update on the company's performance and future plans in an interview with Proactive's Stephen Gunnion.
For the nine months ending September 2023, the company reported net revenues of $32.2 million and an adjusted EBITDA of approximately $15 million, with fully diluted earnings per share at $1.21.
The average daily time charter equivalent for the MRs in Q4 increased to about $30,500 per day, with bookings for Q1 2024 at approximately $29,200 for 75% of available days. Pyxis Tankers maintains a solid balance sheet and liquidity, having completed the sale of the 2015-built MR at a record price, realising a gain of over $17 million.
The fleet currently includes three eco-efficient MR tankers with an average age of approximately nine years and has expanded into the dry bulk sector with the acquisition of three vessels, bringing the total fleet to five.
The company is exploring further acquisitions, particularly in the eco-friendly dry bulk space, and remains positive about the market conditions for both tanker and dry bulk sectors, despite geopolitical tensions and weather-related disruptions.
Pyxis Tankers has repurchased 7% of its outstanding float and holds approximately 400,000 shares of Series A convertible preferred stock, trading under the symbol PXS AP.
#ProactiveInvestors #PyxisTankers #ShippingIndustry #TankerMarket #DryBulkShipping #FinancialPerformance #FleetExpansion #EcoEfficientVessels #MarketOutlook #StockRepurchase #UndervaluedShares #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
https://wn.com/Pyxis_Tankers_Chairman_And_Ceo_Discusses_Strong_Performance_And_Fleet_Expansion
Pyxis Tankers Inc (NASDAQ:PXS) chairman and CEO Valentios (Eddie) Valentis, provides an update on the company's performance and future plans in an interview with Proactive's Stephen Gunnion.
For the nine months ending September 2023, the company reported net revenues of $32.2 million and an adjusted EBITDA of approximately $15 million, with fully diluted earnings per share at $1.21.
The average daily time charter equivalent for the MRs in Q4 increased to about $30,500 per day, with bookings for Q1 2024 at approximately $29,200 for 75% of available days. Pyxis Tankers maintains a solid balance sheet and liquidity, having completed the sale of the 2015-built MR at a record price, realising a gain of over $17 million.
The fleet currently includes three eco-efficient MR tankers with an average age of approximately nine years and has expanded into the dry bulk sector with the acquisition of three vessels, bringing the total fleet to five.
The company is exploring further acquisitions, particularly in the eco-friendly dry bulk space, and remains positive about the market conditions for both tanker and dry bulk sectors, despite geopolitical tensions and weather-related disruptions.
Pyxis Tankers has repurchased 7% of its outstanding float and holds approximately 400,000 shares of Series A convertible preferred stock, trading under the symbol PXS AP.
#ProactiveInvestors #PyxisTankers #ShippingIndustry #TankerMarket #DryBulkShipping #FinancialPerformance #FleetExpansion #EcoEfficientVessels #MarketOutlook #StockRepurchase #UndervaluedShares #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
- published: 27 Feb 2024
- views: 303
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The Port of San Diego's Special Advantage: Dry Bulk Cargo
Shipping dry bulk cargo requires special skills, equipment and attention to detail.
With state-of-the-art storage and cargo handling, the Port of San Diego ke...
Shipping dry bulk cargo requires special skills, equipment and attention to detail.
With state-of-the-art storage and cargo handling, the Port of San Diego keeps your dry bulk cargo flowing from ship to dock to market, faster. Whether it's cement, soda ash, or other unpackaged, free-flowing, dry aggregate or liquid bulk commodities, take advantage of our Special Advantage. Find out more at portofsandiego.org/cargo
https://wn.com/The_Port_Of_San_Diego's_Special_Advantage_Dry_Bulk_Cargo
Shipping dry bulk cargo requires special skills, equipment and attention to detail.
With state-of-the-art storage and cargo handling, the Port of San Diego keeps your dry bulk cargo flowing from ship to dock to market, faster. Whether it's cement, soda ash, or other unpackaged, free-flowing, dry aggregate or liquid bulk commodities, take advantage of our Special Advantage. Find out more at portofsandiego.org/cargo
- published: 29 Oct 2020
- views: 267