sooooo, im going to pull the trigger and pick up some NM. made a truckload of money (drys, exm, DSX, NM, PRGN) in shipping from 2003 to 2006.(also gave back a chunk before i got out all together) BDI is on a steady climb, and NM charters appear to be expiring this month and first quarter next year. given the steady increase in BDI, should they go into the spot market, or at least float 25 to 50 percent in the spot and the BDI doesnt crater, it looks like a decent spec play. plus a modest (for shipping) yield of 3% looks decent. plus, its trading below book and the fleet is all new double hulls.
The buzz I hear is on DRYS, but the CEO George Economo, has history of #$%$ management and BKing companies, despite the huge runup in pps share he has 100% spot market and the BDI went bananas.
NM has always had decent management, not as sexy and they have diversity with their terminals, barges, etc., thus i think its a decent speck play. have bait set at 8.25 so if anyone wants to play along or at least watch, your thoughts are welcome and appreciated.