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November 24, 2008Order Cancelations Will Not Approach Half of The Order Book
Analysis of: Half of dry bulk orders will ‘not be delivered’ | www.lloydslist.com
Author: Craig Marston, Managing Director, CEM Marine
Navios' prediction that up to half of the dry bulk orderbook through 2010 will be canceled won't happen.
November 13, 2008Current Capesize Fleet Not Yet Oversupplied
Analysis of: Australian miners cut iron ouput as China slows | www.theaustralian.news.com.au
Author: Craig Marston, Managing Director, CEM Marine
Iron ore and steel production cut backs, whether short-term or longer, do not support the current abysmal dry bulk shipping rates.
November 13, 2008US Shipping Partners Outlook Poor
Analysis of: ITB writedown? | www.tradewinds.no
Author: Craig Marston, Managing Director, CEM Marine
Tradewinds reported on USS' SEC filing on a likely write-down of their fleet values, continuing the problems facing the Jones Act tanker company.
November 12, 2008Smart Move Or Not, $50M A Lot For Genco To Eat
Analysis of: Genco Shipping shares fall as it cancels 6 orders | biz.yahoo.com
Author: Craig Marston, Managing Director, CEM Marine
Hailed as a "no brainer" by analysts, Genco's forfeiture of over $50M in deposits to cancel the purchase of 6 new ships is nevertheless a bad indicator of how the company will fare going forward.
November 10, 2008EGL Should Be Fine
Analysis of: Eagle on edge? | www.tradewinds.no
Author: Craig Marston, Managing Director, CEM Marine
Tradewinds quoted Fearnley Fonds as suggesting that EGL is already in breach of its debt covenants due to falling asset values and that dividend cuts will be necessary. While dividend cuts are inevitable, true asset values are higher than suggested.
October 28, 2008DWT A Victim Of Market Speculation
Analysis of: Britannia Bulk Holdings Inc. Provides Operational and Financial Update | biz.yahoo.com
Author: Craig Marston, Managing Director, CEM Marine
Britannia Bulk Holdings (NYSE:DWT) published a press release indicating a dire financial crisis at the company. DWT is an example of issues facing many speculative dry bulk owners.
October 23, 2008FFA Gamble Rolls Snake Eyes
Analysis of: ICI hits rocks | www.tradewinds.no
Author: Craig Marston, Managing Director, CEM Marine
The bankruptcy filing by Industrial Carriers Corp (ICI) is likely to be replicated many times over the next two years, but will not affect a significant percentage of drybulk operators.
October 23, 2008Current Low Rates For Dry Bulk Shipping Will Not Persist
Analysis of: Sector Snap: Drybulk shares sink on demand worries | biz.yahoo.com
Author: Craig Marston, Managing Director, CEM Marine
Spot rates for dry bulk shipping have dropped below variable operating costs. Fundamentally, this should not be the case. Rates will recover.
October 16, 2008Kuhne Paid Way Too Much
Analysis of: "Extremely high" | www.tradewinds.no
Author: Craig Marston, Managing Director, CEM Marine
The Albert Ballin consortium, led by Klaus-Michael Kuhne, admitted to Tradewinds that they paid an "extremely high" price for Hapag-Lloyd in an effort to keep the company away from NOL. The move was based upon Nationalistic emotions, not business metrics.
October 15, 2008Timing is Everything
Analysis of: G.M. and Chrysler Explore Merger | www.nytimes.com
Author: Michael Cain, President / Consultant, MFC Consulting
The idea of GM buying out Chrysler is an exciting idea. GM was willing to pay up to five billion dollars for the Jeep Division just a few years ago. Imagine a Cadillac with a Hemi engine and so on. Both companies would benefit from this merger and it would be an exciting time in the...
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