They do not have massive Capesize exposure like DRYS. The reason why BALT is holding up better than other dry bulkers, amidst this very modest pullback, is because they own 4 Supramax and 5 Handysize ships, whose rates have gone higher over this very dramatic two day sell off.
The tonnage exposure to their Capes is equal to that in Supras and Handys. Therefore, it goes without saying, the fundamental story is still firmly intact at BALT, as they are still managing to mint about 145-150k per day or on pace for $13.5 mill for the quarter–a staggering 107% increase from last quarter.
In short, the market is soft, so don’t expect miracles. However, as far as the fundamental reasons to own BALT are concerned, nothing has changed.
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XON get on board
ridden that train twice. also hopped on XLRN couple times day one. Like them both but need to recalibrate. No chance to watch today. Only the last 30 minute bought the bottom in FPRX. But I do like the others as well – just need to sleep, wake up, and figure entry and exit points. Long. hard weekend. But the new IPOs bring opportunities..
GOGO a steal here…
Some solars are dancing all the way to the sun.
This is carnage?
Fly, are you adding any on this pullback?
GNK
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Limited’s fleet, we own a fleet of 53 vessels, consisting of 9 Capesize, 8 Panamax, 17 Supramax, 6 Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,812,000 dwt. In addition, our subsidiary Baltic Trading Limited, owns a fleet of 9 drybulk vessels, consisting of 2 Capesize, 4 Supramax, and 3 Handysize vessels.
Fly, you mentioned GOGO and ANGI yesterday. I am liking the dip here, what do you think?
They recently bought two new handysizes
Hi Fly,
I’m long BALT and added around 4.90 but I am hoping that BALT management is focussing more on their business as they aren’t on their website. From their main page:
“The vessels in Baltic Trading’s fleet are expected to be delivered by October 2010.”