It was a mildly positive week for listed bulk carrier firms on Wall Street with the emergence of improved rates among the bigger bulker sizes helping boost stocks prices ever so slightly. DryShips Inc. [DRYS] ended the week back near US$ 1 per share after spiking by 50% at midweek. DRYS has been flirting with investor volatility all year with a series of reverse stock splits that have kept investors ready to pounce on the next opportunity for a quick turnaround. The rest of the more traditional listed stocks steadily rose through midweek with Navios Maritime Holdings briefly rising 15% before ending the week at a 5% premium above US$ 1. Stronger stocks included Scorpio Bulkers Inc [SALT] which held steady all week near US$7.35 and Star Bulk Carriers Corp [SBLK], which climbed 3.5% over the week to close at just under US$ 10 per share. Safe Bulkers, Inc. [SB] increased by a respectable 8% through the week to end at US$ 2.6 per share on the NYSE.
One of the largest bulker companies in the world, Pacific Basin, has reached an agreement to acquire five bulk carriers for a combined US$ 104.6m. Owners welcomed the move as it would keep total bulker capacity from expanding while consolidating tonnage simultaneously. The five vessels include one 2014-built Handysize, two 2014-built Supramaxes, one 2016-built Supramax and one resale Supramax.
A new joint venture, Ivy Shipping LLC, has been launched by Paris Kassidokostas-Latsis with the intent of acquiring Supramax and Panamax bulk carriers. The new JV has already acquired four Japanese-built Supramaxes of build year 2011 to be delivered next month and to be managed by Marla Shipmanagement Ltd. Mr. Kassidokostas-Latsis, who had previously invested in LPG and tanker ships, says his new direction into bulker was based on considering current market conditions, seeing potential in the market and collaborating with strategic investors.
…continue reading in today’s BMTI Daily Report.
