BMTI Investment Review (27 July 2021)

shipping financeListed bulk carrier companies have seen share prices bounce back in recent days (thanks to a modest rebound in dry bulk freight rates) after declining for the first two weeks of July. Year-to-date (YTD) share prices remain at historically high levels even after fading slightly from their late-June peak. Interestingly, the top performer this year has been a bulker-based fund, the Breakwave Dry Bulk Shipping ETF [BDRY], up by 239% YTD at US$ 26.10 per share, presently. Actual bulk carrier shares, meanwhile, are up by an average of about 150% YTD with Safe Bulkers [SB] leading the pack at US$ 3.40 per share with YTD gains of 162%. Eagle Bulk [EGLE] boasts the higher share price at the moment with US$ 42.34, up 123% YTD.

Taylor Maritime Investments made headlines in May with its listing on the London Stock Exchange, the first shipping IPO in London in many years. The company, focused on investing in the Handysize bulker segment, announced plans this week to raise US$ 75m to acquire six Japanese-built Handysize vessels at an average price of around US$ 15m each.

Himalaya, the new dry bulk shipping endeavour from Tor Olav Trøim, started trading on the OTC exchange in Oslo this week. The venture, launched in June with capital of US$ 30m, plans to invest US$ 800m in a fleet of LNG-driven bulk carrier vessels.

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