ALL IN ON BULKERS

Via Briefing:

Drybulk shipping rates rise again. Panamax pops 8.9%, capesize rises 5.2% overnight. Since Aug 12 capesize rates are up 300%
Overnight, capesize rates rose 5.2% (or $2,206/day) to $42,211/day, panamax rates rose 8.9% (or $1,144) to $13,989/day, while supramax rates rose 2.6% to $10,579/day. The overall BDI rose 5.2% (or 106 pts) to 2,127 overnight.

The Baltic Dry Index (BDI) is now up 17 out of the last 18 sessions (up 27 out of last 31 sessions).

Since August 12 (a recent low), the BDI is up 114% to 2,127 (from 996), led by capesize rates. Meanwhile, capesize drybulk ship rates are up 300% (or $31,661/day) to $42,211/day, also since Aug 12, largely driven by higher iron ore shipments to China out of Brazil and Australia. Panamax rates are up 87%, largely driven by coal activity and anticipation of a good amount of shipments from a bountiful U.S. harvest.

I sold out of hundreds of thousands of shares of EGLE for a 40% profit. I sold another 20 blocks yesterday at $7.1. The reason why I swapped EGLE for BALT is balance sheet, mate. In my opinion, thanks to the debt/eq ratio at EGLE, there is a distinct possibility that a secondary offering is just around the corner. That risk is significantly less with BALT. BALT also has exposure to Capesize rates.

Full retard to the upside.