I already own diana shipping and i was wondering who would be another good shipper to add to my portfolio. Also can your suggestions include which ones would have good entry points this week. A few that i have looked at are nm, egle, and prgn. Any input would be much appreciated as the dry bulk shipping boom isnt slowing down anytime this year or next year :)
Since PRGN does not have a web site, how can you obtain information to make an objective evaluation? If dividend yield doesn't influence your decision, NM might be attractive for growth in the dry bulk sector. Their web site is impressive and full of information. I assume you read the financial report for the second quarter.
They just announced the purchase of two relatively new drybulkers that raised the average age of their fleet to less than 7 yrs. A dividend announcement is expected soon, following on the CEO's stated intent to return much of the profits to share holds through regular dividends.
Of all the shipping companies on my watch list, PRGN is up higher than any others in the lot.
Wow that one really took off the past month....would have to wait for a pull back to get into it....the chart looks good though but i would feel like i missed a good entry point if i got in on that one now :/
I am long NM, but recently sold half in order to increase my holdings of DRYS, EXM,and DSX, The good news on NM is they have purchase options on 11 ships, including two fairly new Capes for $35.7 mm each at a time when Capes are selling for $147 mm. The bad news is that they don't have a single Panamax making over $30,00 per day at a time when two year charters are going for $50,00 per day and spot rates are $85,000. Hopefully there is more hidden value that will be seen. Earnings on Oct. 30 !!!