Genco Shipping & Trading Ltd. Message Board
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OUCH!!! More BAD news!
http://www.forbes.com/2009/02/10/dryships-samsun-logix-markets-equity-0210_shipping_42.html?partner=yahootix
The Dry-Bulk Domino Effect
Ruthie Ackerman, 02.10.09, 06:40 PM EST
Bankruptcies disrupt charter deals for Samsun Logix, which files for protection and puts rivals under the gun.
Samsun Logix is the latest domino to fall in they dry-bulk shipping market, bringing pressure on those companies that might be next in line. The South Korean shipping company has filed for the equivalent of bankruptcy protection, raising questions about a number of publicly traded dry bulk ship owners that had chartered their vessels to the firm.
Those at risk: DryShips (nasdaq: DRYS - news - people ), Genco Shipping & Trading (nyse: GNK - news - people ), and Navios Maritime Holdings (nyse: NM - news - people ), which all have ships chartered to Samsun Logix.-
I guess its crash city time....
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This Ruthie Ackerman sure has it out for dry shipping. Everything that she writes is so gloom and doom. She's probably really homely and has a huge chip on her shoulder because of it. I've never, ever seen a hot woman named Ruthie. Have you?
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I will post what I posted in the other thread.
Samsun only leases 1 ship from GNK, a Supramax ship. I am not going to worry about this. It is good this news is brought to our attention but the affect is 1 ship that may be leased to someone else or goes on SPOT.
Here's the info on the ship that is leased according to the Jan.27th Investor Presentation report.
Charterer-(Samsun Logix)
Supramax Ship -(Genco Cavalier)
Cash Daily Rate-(48,500)
Net Daily income from that ship -(47,700)
Contract ends -(July 2010) -
old news.
GNK only has 1 ship chartered with them. I posted about this the day this news came out.- 1 Reply to joevengence
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Thank ghod it's old news....not that it helped....my IRA portfolio took the second biggest one day hit today since I started tracking it's daily value, led by the 10.8% drop in GNK and helped by 9.7% drop in DSX...both of which stocks had been my biggest gainers, so it's not such a surprise.....but man, seeing that big overall one day 5 figure loss in plain view is tough to swallow....I went from being in the green in 14 out of 21 investments yesterday to being down to green in 7 out of 21 in one fell swoop today....ouch.
And to think just a couple days ago on the GMXR board I was discussing whether I should take some of my GNK/DSX gains off the table to buy some GMXR (I was up about 80% in both as of COB yesterday)....oops....too late, lost 20% of my gains on them today. Oh well, I'm still convinced that we'll bounce back, GNK is definitely one of the stronger shippers out there.
Better to save the trading fees and hold on for better times, unlike my brief flirtation with DRYS, where my gains suddenly went from 160% to 33% before I saw the light and bailed on the bombshell financing problems they announced two weeks ago. My greed/hesitation in taking some of my DRYS position of the table cost me a 5 figure gain, dammit....that bastard George is not to be trusted, expect more DRYS bombshells to be dropped in the near future. Still, it's a daytrader's dream if you got the balls for it.
Hang in there everyone, GNK is a keeper. This is just short term pain, as bad as it may feel right now (and it feels REAL bad!). Today's problems were mostly US bank related, I still feel that China is going to lead GNK and a lot of other commodity related stocks out of the woods within the next 6-12 months.
<Monty Python> Always look on the bright side of life, tada, tada tada tata ;-)
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