yes, the timing could not be worse, these morons in DC will spin this as much as they possibly can, to make their party looks better. if those a*sholes for once put the country first, but this is wishful thinking on my side.
He's saying that shipyards and small shippers could go under with no credit and that the impact on Excel would be that they would not be able to make additional purchases. With less ships that would drive the BDI back up. He also affirms that Excel is not as impacted by BDi fluctuations due their high percentage of long term contracts, many of which go to 2010.
My thinking is: once we get through this credit crisis and all the panic, this stock will recover. But who am I to say.
The CEO is responsible for atleast a $2 haircut today. The stock would have recovered in the afternoon session, but for that news. It is as if he has downgraded his stock himself. I was actually expecting someone to downgrade this stock, which is what this a$$h@les usually do. I still wonder why he made the statement at this stage? Everyone knows there is a credit crunch hanging over every industry. The CEO should provide forward guidance for the coming quarter and next if he does not want this stock to meet milkman's expectations or even worse.