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Strategies & Market Trends : Value Investing

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From: Paul Senior	4/10/2010 4:55:06 PM
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I find evaluating shipping stocks generally to be beyond my capabilities. For dry bulk shippers, I generally prefer to rely on pro analysts for their buy/sell opinions. I hold shares in the following dry bulk carriers: NM. Mentioned here by me many times. I'm only sorry I didn't add to my position each time it was discussed. Long-term charters with counter party default risks ameliorated by government insurance. SBLK. Analysts say over-discounted for its older fleet. Fully contracted business with fairly safe counter parties (it is said). Company has limited track record with not much (i.e. too little) institutional following. I have an order in to add to my few shares if stock will drop. DSX. GNK. I hold a few shares. Not sure what I will do here. I'd like to know more if or how the new iron ore pricing policy between mining companies and China companies will affect these ore shippers. BALT. I am considering for a very small spec buy. Recent ipo. Managed by GNK's ceo. Co. will buy ships, place on spot market, and maintain a no-debt policy. Essentially will be a proxy for the Baltic Dry Index, it seems. =============== I am told that the equivalent of 60% of current dry bulk fleet is on the order books of shipbuilders. Even with cancellations/deferrals there, and scrapping of old ships, that is such a high percentage imo, that I am reluctant to make any significant investment into the dry bulk subsector. My preference at this time is for off-shore oil service/storage/delivery ships.

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