Dry bulk access to loans slowly improving-DnB NOR
Fri Nov 21, 2008 8:23am EST
OSLO, Nov 21 (Reuters) - Norway's DnB NOR (DNBNOR.OL: Quote, Profile, Research, Stock Buzz), a large lender to the shipping industry, said on Friday that access to capital was slowly improving in the dry bulk market, which would help boost trading activity.
Company Release - 11/30/2010 09:05
RANCHO SANTA FE, Calif.--(BUSINESS WIRE)-- White River Capital, Inc. (NYSE Amex: RVR) (“White River”), announced that its Board of Directors has declared a one-time special cash dividend of $4.00 per share on its common stock to be paid December 21, 2010 to shareholders of record on December 9, 2010.
I've owned shares of FR for the past several years, and I'm adding shares at this point. Q2 FFO was $1.16 per share, which is at the upper level of their guidance.
Henry Paulson Comments on The Role of the GSEs in Supporting the Housing Recovery
January 7, 2009 12:35 PM EST
Washington – Good afternoon. Thank you, David and thanks to the Washington Economic Club for this opportunity to provide my thoughts on long-term reform of the housing Government Sponsored Enterprises, the GSEs, Fannie Mae and Freddie Mac.
Debate over the role and function of these entities has raged for years. Congress established Fannie and Freddie decades ago to meet a public policy goal – to increase the funding available for home mortgage financing. The GSEs achieve this through providing liquidity to the secondary market for a limited range of home mortgages, either through credit guarantees on mortgage-backed securities (MBS) or by directly investing in mortgages and mortgage-related securities through their retained mortgage portfolios. To further this mission, their congressional charters grant the GSEs several benefits which together created a perception that the GSEs were backed by the U.S. government, even though this was not the case. This "implicit" government guarantee provided the GSEs with a funding advantage over other mortgage market participants....
We took these actions first, to avert the financial market meltdown that would ensue from the collapse of these institutions and, second, to allow the GSEs to continue, in the midst of overall market stress, to perform their essential role of providing mortgage finance. This conservatorship, with the explicit backing of the federal government, is temporary and must be resolved for the long-term. In the meantime, the GSEs must serve the taxpayers' interest by assisting in turning the corner on the housing correction, which is critical to return normalcy to the capital markets and resume U.S. economic growth. The GSEs can facilitate progress through the housing correction by keeping mortgage rates low and by mitigating foreclosures....
"...Kitimat LNG Inc., the Canadian company planning to build the liquefied-natural-gas export terminal in Kitimat, British Columbia, will announce Monday that Apache has become the second major North American gas producer to sign on to the project. Last month, another Houston-based gas producer, EOG Resources Inc., signed a similar deal.
If the Kitimat project is completed in 2013 or early 2014, as planned, it would be the only North American LNG export terminal south of Alaska. The terminal would be in the ideal location for serving Asia, where gas prices are higher than in the U.S. because demand is stronger and sales contracts are usually linked to the price of oil, which is higher than the price of gas...."
From NAR midyear meeting:
WASHINGTON � The four major sectors of the commercial real estate market � office, retail, industrial and multifamily �can expect improvement over the next two years, according to a forecast presented at a commercial real estate forum at the National Association of Realtors� Midyear Legislative Meetings & Trade Expo....
In the retail sector, merger activity is continuing while there�s been a growth in retailers targeting the youth market. Rent gains are strong, as consumer spending growth is holding steady. Most new construction is in strip malls and power centers. �REITS also have been very active in the retail market, which offers the best long-term investment return,� Lereah said.
The average retail vacancy rate is projected to average 6.3 percent this year and about the same during 2006; rent growth is forecast at 4.4 percent in 2005 and 4.0 percent next year. Net absorption of retail space is estimated at 34 million square feet in 2005, and 29 million next year.
The current 10-K adds the note: "However, the Company may terminate the merger agreement if a majority of the NAPE shareholders who are not bound by the shareholders' agreement do not approve the merger."
What is the likelihood that NAPE shareholders would terminate the merger?
UPDATE 1-Navios Maritime Holdings Q3 profit surges
Tue Oct 30, 2007 2:34 PM BST136
"...Average daily time charter equivalents, excluding forward freight agreements, were $31,122 for the current quarter, up from $15,932 last year..."
In the meantime, here's a piece about market manipulation:
...or you could buy PWE and collect the 12% dividend yield while the oil sector gyrates...
On 5/22/09,The Wall Street Journal reported on the dry bulk sector and noted:
"Industry participants warn that any route to recovery could be clogged by a huge influx of new vessels and that the index could fall sharply before the year is out.
"The message has to be, first and foremost, that while the global demand situation will be improving, the supply situation is going to prevent any major recovery for the industry," said Will Fray, shipping analyst at MSI Ltd. in London.
Even though shipowners are scrapping older ships and canceling some orders, capacity is expected to grow by 10% each year through 2013 while the amount of tonnage being shipped is likely to fall 2.8% this year, according to Lloyd's Register-Fairplay, a provider of information services to the shipping industry.
"Rates could keep moving up in the short term," said Peter Norfolk, London-based shipping analyst at Simpson Spence & Young. "But if fleet supply starts to accelerate, and some of the congestion [at ports] comes down a bit, rates will come under pressure again."
DRYS and EXM are also strapped with significant debt. On 5/19/09, sector analyst at Dahlman Rose, upgraded DSX, EGLE, and GNK to rise.
OPEC Members Will Cut to Get Oil Prices Near $75, Angola Says
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By Candido Mendes
Dec. 16 (Bloomberg) -- OPEC members will cut oil production as much as 2 million barrels a day at this week’s meeting to get prices near $75 a barrel, Angola’s oil minister said.
“We don’t know how much will be cut yet, but some OPEC members are suggesting cuts of 1.5 to 2 million barrels,” Jose Maria Botelho de Vasconselos told reporters in Luanda today before tomorrow’s meeting in Oran, Algeria. “It is consensual amongst member countries that $70-75 a barrel is satisfactory.”
The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world’s oil, is gathering for the fourth time in as many months to discuss further production cuts after crude prices plunged 70 percent from July’s all-time high of $147.27 a barrel.
OPEC is ready to make a “big” cut in supplies when it meets tomorrow, Venezuelan Oil Minister Rafael Ramirez said. Crude has tumbled 70 percent from a record $147.27 a barrel on July 11 as the deepening global recession cuts demand for fuel.
Angola vies with Nigeria to be Africa’s largest oil producer.