This seems odd to me, considering the company received a 2 year reprieve from lenders - putting them solidly in the generally accepted recovery window for dry bulk rates. Is it simply their chatter of stock offerings that is killing the price? BDI looks bottomed to me. I may nibble here, but would much rather see an announcement of a stock offering first. I guess I just answered my own question? Any die-hards still following this beast?
Considering the generally bleak outlook for dry bulk in 2013 and perhaps longer, it might be worth forgetting about the 52-week low and think about the new low(s) over the next 52 week. And, also factor in the possibility that SBLK may not be around in 52 weeks.
FWIW, I am going to again suggest you look at trading your SBLK shares for SB shares. I sold out of SBLK in mid 2009 with a 50% loss and bought SB. Both had roughly the same market cap and today SB has nearly 10 times the market cap, has more than twice the fleet, is profitable, and pays a dividend which, although recently cut, is still a 5+% yield and is relatively safe (for dry bulk). They are also in conformance with their loan covenants. Take a look at SB's 4qtr and 2012 earnings information and you will also see how a well-managed dry bulk company with a reasonably good balance sheet manages its fleet and its company through what are some really tough times for dry bulk.
I still follow, but only outof curiosity. Bottom line, they lose money and have no ability to change that. But, someone has to own it so it might as well be you. besides, I could be wrong.
Or, you could sell and buy SB (a small position I have). They are in good shape... for a dry bulk company... and they pay a decent dividend that is covered by earnings..... yes they do have earnings in excess of their dividend.