Global Oceanic Carriers Share Discussion Threads

[mambo commando] 26/10/2007 16:44

OC

secondary listing on nasdaq? Start taking the blue pills fool. You started that same rumour on sola beginning of the year also. Is that your line of ramping.

[tadtech] 26/10/2007 12:47

Some buyers nibbling again today. Still considerable upside potential given the low forward PE

[simonparker5] 25/10/2007 19:35

Anyone know when the AGM is?
Just checked the website and it was meant to be today. Take it we will get an RNS in the morning.

[olivercromwell] 25/10/2007 10:15

premium bid for stock but little interest. Message to mgt - can we have a secondary listing on NYSE please?!

OC

[olivercromwell] 24/10/2007 11:26

that's more like it, dry-bulkers in the US having all the fun - nice to join in.

7th ship delivery announcement and chartered contract very soon

oc

[slapdash] 24/10/2007 11:17

good stuff.. we are starting to motor again..

Slapper

[sharpshare] 24/10/2007 07:06

Full steam ahead!
BDI hits new all time high of 10944.

Drybulk US listed
Symbol Last Volume Change
Diana DSX 39.86 3,476,549 +3.34 (+9.15%)
Dryships DRYS 128.41 4,124,810 +8.89 (+7.44%)
Eagle Bulk EGLE 30.67 662,341 +0.85 (+2.85%)
Excel Maritime EXM 81.38 1,115,000 +4.63 (+6.03%)
Euroseas ESEA 20.10 176,543 +0.68 (+3.50%)
Freeseas FREE 9.35 332,168 -0.05 (-0.53%)
Genco Shipping GNK 73.00 733,600 +2.40 (+3.40%)
Navios Holdings NM 16.27 1,664,800 +0.52 (+3.30%)
OceanFreight OCNF 30.48 209,197 +3.04 (+11.08%)
Paragon Shipping PRGN 25.98 397,184 +0.74 (+2.93%)
Quintana Maritime QMAR 27.45 821,256 +0.53 (+1.97%)
TBS International TBSI 67.70 1,191,966 +6.18 (+10.05%)
As of 10/23/07 04:00 PM EST.


Drybulk
- London listed Symbol Last Volume Change
Globus Maritime GLBS.L 590.00 10,500 +24.50 (+4.33%)
Global Oceanic Carriers GOC.L 163.75 83,813 +3.75 (+2.34%)
Goldenport Holdings GPRT.L 510.00 221,234 -1.00 (-0.19%)

[slapdash] 23/10/2007 23:28

what's the link????? slapper

[tadtech] 23/10/2007 15:56

Comment on Bloomburg earlier suggests shipping will remain a strong sector into 2008.

[sharpshare] 23/10/2007 15:45

Good charter rate secured at Excel Maritime (NYSE:EXM) of USD 92,750 per day for 60 days for a Panamax ship.
If GOC gets a similar rate for the GO Faith next year then its about an extra USD 23.6m in annualized revenue (current charter rate is USD 28,000 per day)

EXM has approx. 18 dry bulk carriers totalling about 1,074,022 deadweight tons with market cap of about USD 1.6billion which equates to about USD 1490 of market cap per dwt.
GOC total deadweight tons is about 456,273 which equates to about USD 285 of market cap per dwt although the capital structure, charter period, age profile and mix is different.



Nice chart for EXM

price up from 12 to 80 in 1yr

[m.t.glass] 23/10/2007 13:12

I guess there will have been times of course (and will be again) when the boot was on the other foot and customers could screw the price down to levels which hurt the shipowners. Parties involved in negotiation will both know and accept that. That for now it is the shipowners' day.

[olivercromwell] 23/10/2007 12:52

rates are sustainable until customers aren't prepared to pay them. Spot rates are exorbitant but charter rates are considerably lower so I see no reason why customers and carrier owners can't arrive at a mutually agreeable price. Seems reasonable business practices.

reckon end-2008 will see a turning point in rates but until then make hay while the sun shines

oc

[tadtech] 23/10/2007 12:45

Added again nearly all buys this morning so far.

[scburbs] 23/10/2007 12:43

Pleased to see GOC rising again today, but commments like the one below (taken from the above article) do make the current rates start to seem unsustainable. Let's hope they can hold up until GOC renews the charters due for expiry next year.

"In some cases, ocean shipping can be more expensive than the cargo itself. Iron ore, for example, costs about $60 a ton, but ship owners are charging about $88 a ton to carry it from Brazil to Asia."

[olivercromwell] 23/10/2007 12:07

interesting article from yahoo.com (drys) -

The cost of shipping raw materials across the world's oceans has reached an all-time high, pushing up prices of grain, iron ore, coal and other commodities.

The average price of renting a ship to carry raw materials from Brazil to China has nearly tripled to $180,000 a day from $65,000 a year ago. In some cases, ocean shipping can be more expensive than the cargo itself. Iron ore, for example, costs about $60 a ton, but ship owners are charging about $88 a ton to carry it from Brazil to Asia. The trend may force manufacturers to pay more for the basic ingredients they need to make their products. And those higher costs could be passed on to consumers, affecting the price of everything from automobiles and washing machines to bread.

The main reason commodity shipping rates are escalating: not enough bulk ships. The shortage stems from the surging volume of global trade as growth explodes in China, India and other developing nations. China's voracious manufacturing sector is compelling it to look increasingly far afield for resources, such as to Brazil for iron ore. The Baltic Exchange Dry Index, the most important and widely used indicator of freight rates for bulk commodities, hit a record Friday. And shippers, brokers and commodity merchants are braced for higher shipping rates for the next year and possibly two, by which time a new batch of bulk freighters is expected to begin coming online, adding to the about 205 now in service world-wide.
"All of the ship owners are making a lot of money because these are numbers that the market has never seen," said John P. Dragnis, commercial director of Athens-based Goldenport Inc., one of the largest providers of ships to commodity sellers.

Even when ships are available to carry the cargo, inadequate port facilities can cause delays, driving up the cost of shipments. At Brazilian ports, ships often wait offshore for as long as two weeks for their turn to load or unload, like airplanes sitting on a runway waiting for a gate.
Brazil isn't the only source of bottlenecks. As of last week, 131 vessels were waiting to pick up or unload coal and iron ore at Australia's main ports, up 35% from a year earlier, according to the Global Ports Congestion Index, which tracks wait times world-wide.

As a result, some Australian coal producers are being forced to cut back on exports, which is expected to add to the upward pressure on global coal prices. Likewise, commodity merchants are building higher costs for transportation into the price of steel, grain and aluminum.
The steep run-up in bulk shipping rates has largely bypassed other types of vessels, like oil tankers or the container ships that transport finished goods like television sets, because they aren't in such short supply.
Though bulk shipping costs have been rising for a couple of years, the run-up has intensified over the past year. The full impact of those spot-market rate increases has yet to filter through to the 70% of bulk commodity shipments that are covered by long-term contracts.

Still, rather than rely solely on shipping companies, some commodity producers are buying or chartering their own ships. Corus Group, a subsidiary of Tata Steel Ltd. of India, paid $135 million to charter a seven-year-old bulk cargo ship. Other companies say they may shut down certain operations if they can't get a ship at a reasonable price or can't justify higher shipping costs when it comes time to renew their contracts.

end

oc

[tadtech] 23/10/2007 11:53

lucky


The low free float can hold off Ins for sure. But what better than having a management team with nearly 80%. Surely better than having sleepy Ins investors.

A while back it was suggested that the Management may buy out the minority shareholders. Who knows?


The current valuation is surely too low given the run up in other shipping stocks.

When Globus Maritime was floated some months back it was suggested that it was the nearest comparison to GOC. Their shares have doubled yet GOC are lagging behind. On the Globus thread some are suggesting a switch to GOC could be more profitable in the short term. I tend to agree.

Interesting.

[luckyjonah] 23/10/2007 11:39

Interestingly, and disappointingly, none of the institutions hold in excess of 3%. I wonder if the small float and liquidity issues are offputting to them?

[tadtech] 23/10/2007 10:09

lucky.. thanks I felt it was higher but stand corrected on my 90% figure. With Ins investors obviously on board that still leaves a tiny free float.

[luckyjonah] 23/10/2007 09:46

Management hold 79.3% through holding companies, the rest are in public hands.

A renegotiation of charter rates would indeed send it flying, but how's that going to happen just now? They woiuld have to negotiate renewals extremely early and to be honest the only people likely to benefit from that are the short-term traders hoping the stock spikes!

[olivercromwell] 23/10/2007 09:31

a renegotiation of charter rates should send this flying,

oc

[tadtech] 23/10/2007 09:27

Sharp

Yes we may get more news.

One of the reasons I like this is the tiny free float in the shares which means small buying pressure often amounts to out of proportion rises, often leaving the MM'ers chronically short of stock.

I do believe the Board (or their associate Co's) hold close to 90% of the shares if my memory serves me correctly from my last research here.