It seems everything I read that this is a short term scare.
I personally see 2 things going on.
1) The Chinese want lower shippping rates and they may get it in the short term.
2) Investors that bought high are bailling.
The analsyts and CEO's of the shippers keep saying the same things. That demand is high and fundementals are good.
I think this is a buying opportunity and I plan to hold through 2008 and maybe until 2009.
btw I bought GNK in 03/07 and 05/07 and now I am in EXM
I think this explains a lot.
..I bought Sept 7, so I've seen alot of paper profits disappear.
But this is not the type of stock you try to trade.
I'm holding this one for a year for long term cap gains.
When I bought the BDI was 6000, now it's 10,000.
Phenomenal earnings are in the bag, and there's not a damn thing the Chinese can do in the coming year to put a real dent in the BDI.
They'll just bitch and pay the bill.
ROCK ON, EXM!