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Eagle Bulk Shipping, Inc. Message Board

  • tencjedd tencjedd May 23, 2012 4:27 AM Flag

    BOYDEN DEBUTS DRYBULK RATINGS - EAGLE RATED 'REDUCE'

    Boyden debuts drybulk ratings
    source: fairplay24

    - global hunter securities officially unveiled its drybulk coverage,
    led by veteran analyst natasha boyden, who left cantor fitzgerald in
    march.

    'the long nightmare may be coming to an end,' boyden wrote on the
    drybulk sector, initiating coverage of 12 listed players. 'in the
    current market environment, we believe companies with long-term
    charter coverage with credit-worthy and diverse counterparties, low
    leverage, modern fleets and experienced management teams should
    outperform the sector over the long term, and therefore deserve
    premium valuation multiples.

    she continued: 'the drybulk market is at the low point of an extreme
    boom-bust cycle, driven primary by oversupply.'

    boyden also said she believes that 'starting by mid-2013, it's
    possible that supply pressures could ease substantially and rates
    could then begin a sustainable, albeit slow, rebound.'

    boyden predicted that capesize rates would average ?10,100 per day
    this year and ?16,000/day in 2013; that panamaxes would average
    ?9,575/day (2012) and ?12,500/day (2013); handymaxes ?10,175/day
    (2012) and ?12,250/day (2013); and handysizes ?8,725/day (2012) and
    ?10,500/day (2013).

    boyden initiated a 'buy' rating on six drybulk stocks: baltic
    trading, d/s norden, dryships, diana shipping, navios maritime
    holdings and safe bulkers. She placed an 'accumulate' rating on
    navios maritime partners and star bulk, and a 'neutral' on paragon
    shipping.

    in the negative column, she placed a 'reduce' rating on eagle bulk,
    excel maritime and genco shipping.

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