The good news is Capesize rates are up more than 10% this morning, lighting a hot fire under the shares of dry bulkers. I expect to make a King’s ransom in BALT today. The bad news is SOL. These crazy people are having issues collecting money from China (shocker!). They managed to beat on the top line by $50 million, but took a major charge and missed the bottom line by 0.89!
I’d like to have the patience to understand what is going on there. I’d also like to know if I should be bailing on the stock here, down huge on a percentage basis, or double down. I don’t have a large position in SOL; but -15% hurts no matter how small it is.
For now, let’s celebrate the hedonism to come in the bulkers. Companies with most exposure to Capes are DRYS, GNK and DSX. However, BALT, thanks to their recent purchases, now have 4. More importantly, they just bought 2 Capes when rates were down to $17,000 per day. Now that day rates are above $33k per day, they look like the smartest men in the room.
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BALT is my Christmas play. Going to pay for my Disney trip next week and any and all gifts as well.
My fav is the TOWER OF TERROR.
talk about a money pit…holy cow!!
I’m happy you finally mention DSX in your boat missive.
balt gapped up out of the wedge. need to see follow thru now.