HOUSTON, Oct. 25, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three and nine months ended September 30, 2022 on Tuesday, November 1, 2022 at 7:00 a.m. C.D.T. A conference call with the Company will be held the same day at 9:00 a.m. C.D.T.
Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.
The live call and replay can also be heard at https://edge.media-server.com/mmc/p/ka3fjd5a, or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.
The Company Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 132-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
For further information contact: Tina Baginskis Director, Investor Relations 630-574-3024
Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
We are making adjustments to our models to reflect lower shipping rates. Dry bulk shipping rates have been weak in the third quarter. As a result, we are lowering the assumed rate for uncommitted ships to $19,500/day from $23,650/day. Management guided analysts to a $23,650/day number when reporting second quarter results but now believes the rate will be below $20,000/day. Every $1,000 reduction in uncommitted daily TCE rates reduces net income by $1.1 million or $0.01 per share.
We are also raising our interest expense estimate to reflect higher interest rates. We are raising our third quarter interest expense estimate to $5.0 million from $3.5 million to reflect higher LIBOR rates. LIBOR rates have increased from 0.1% to more than 4.0% in the last twelve months. We are also formally incorporating the $28 million term loan that was announced last week into our models.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
We are adjusting our models to reflect lower shipping rates in the third quarter. Although shipping rates remains high relative to historical levels, they have decreased relative to peak levels reached this spring.
We are lowering our revenue, cashflow and earnings estimates in response. We now project third-quarter and 2022 revenues of $158.6 million an $714.1 million, respectively, down from our previous estimates of $182.3 million and $752.2 million. Our new EBITDA estimates are $9.6 million and $112.2 million, down from $33.31 million and $142.4 million. We now estimate earnings per share of $(0.08) and $1.27 as compared to $0.45 and $1.93.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
We are adjusting in response to lower third-quarter shipping rates. Our third-quarter and 2022 revenues estimates for Genco have been modestly reduced to $130.6 million and $535.2 million. Our third-quarter and 2022 EBITDA estimates are now $68.7 million and $258.0 million, down from $70.8 million and $264.3 million. Our third-quarter and 2022 EPS estimates are now $1.21 and $4.52, down from $1.25 and $4.66.
Our rating on the shares of Genco remains Outperform with a $28 price target. Lower shipping rates will adversely affect near-term results but does not change our long-term positive view of the shipping industry and Genco, in specific.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
We are lowering our assumed TCE shipping rate for non-fixed vessels. We are lowering third-quarter TCE rates to $20,000/day from $23,000/day to reflect weaker shipping rates in the quarter. The impact on EuroDry cash flow and earnings is somewhat muted relative to other shipping companies given fixed rates for the bulk of its fleet. Nevertheless, we are adjusting downward our estimates to reflect the impact on ships tied to market prices.
Revenues, EBITDA and EPS estimate all come down slightly. Our new third quarter and 2022 revenues estimates are $25.4 million and $96.3 million, down from $26.1 million and $98.4 million. Our new third quarter and 2022 EBITDA estimates are $13.1 million and $55.5 million, down from $13.7 million and $57.1 million. Our new third quarter and 2022 EPS estimates are $3.27 and $14.88, down from $3.48 and $15.44.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
We are lowering our estimates for Eagle Bulk Shipping to reflect lower shipping rates. We have lowered our assumed TCE shipping rates to reflect recent pricing. In response, we are lowering our third quarter and 2022 revenue estimates to $168.9 million and $710.9 million respectively, down from $193.2 million and $760.0 million.
Lower revenues means lower EBITDA and EPS estimates. Adjusting our models for lower pricing and revenues results in a decline in third quarter and 2022 EBITDA to $93.2 million and $362.7 million, down from $117.6 million and $411.8 million. EPS for the quarter and year are reduced to $4.24 and $15.55, down from $5.49 and $18.07.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Grindrod Shipping operates a fleet of owned and long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), includes a Core Fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Grindrod Shipping Holdings Ltd. has entered into an agreement to sell its shares for $26 per share. Under the agreement with Taylor Maritime Investment Limited, Grindrod shareholders will receive $21 per share in cash plus a special dividend of $5 per share. The takeover terms match a proposal by Taylor Maritime announced on August 29, 2022. The offer is conditional upon Taylor receiving enough shares tendered so as to own more than 50% of the voting rights of Grindrod. With almost 40% of the common stock held by insiders, we believe the transaction will be completed as outlined.
The shares of GRIN now trade near the takeover offer prompting us to downgrade the shares. The share of GRIN rose approximately 25% from the pre-offering price of $20.50 per share and are now trading near $25.50 per share. We believe the current stock price appropriately reflects present value of the offering price and the time needed to close the transaction. As such, we are lowering our rating on the shares of GRIN to Market Perform from Outperform.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Any Rail Strike Would Surely Cause Transitory Inflation
There is something I taught myself years ago as a young trader on Wall Street. I appreciate this “skill” less and less as the years go on, but it has served me well. When news breaks, my mind shifts to asking, “for what sectors is this bullish and for what sectors is this bearish?” No attachment except money movement. There will be time for personal involvement with the event after the market closes. The news of a train strike that may begin on Friday is a good example. My investor mind was quick to try and determine what companies would benefit and also which could be hurt. I have no control over whether or not it happens, but I may be able to add to portfolio returns from it. Meanwhile, at home, I’m stocking up on a few of the items often shipped by rail.
Below is some helpful information about this segment of the freight and shipping industry.
Background
Rail workers may go out on strike as early as Friday, September 16.
In the U.S. the Rail network runs almost 140,000 miles. Freight rail is an $80-billion industry operated by seven Class I railroads (railroads with operating revenues of $490 million or more), and 22 regional and 584 local/short line railroads.
More than 167,000 are employed across the U.S. It’s a safer and often more efficient means of shipping as it uses less energy and rides on a more cost-effective and safer infrastructure than trucking.
Heavy freight such as coal, lumber, metals, and liquids going long distances are likely to travel by rail or some combination of truck, rail, water, or pipeline. The rail network accounts for approximately 28% percent of U.S. freight movement by ton-miles (the distance and weight freight travels). So, by weight, 28% of what is shipped within the U.S. may get stalled in the event of a strike. This would significantly add to any supply chain issues currently being experienced.
Unlike roadways, U.S. freight railroads are owned by private organizations that are responsible for their own maintenance and improvements.
What Would be Impacted
In all, 52 percent of rail freight cars carry bulk commodities such as agriculture and energy products, automobiles and components, construction materials, chemicals, equipment, food, metals, minerals, paper, and pulp. The remaining 48 percent onboard is generally being shipped in packaging that allows it to easily be moved onboard a plane, van, or other non-bulk carrier.
Source: Federal Railroad Administration
A rail strike would stop a high percentage of the transportation of food, lumber, coal, oil and other goods across the U.S.
Current Status
Rail stocks like Union Pacific ($UNP) and CSX ($CSX) are underperforming the market this week as rail workers’ unions continue to negotiate for higher pay and benefits. The unionized workers have the legal go-ahead to strike at the end of the week if no agreement is reached. This could impact all major U.S. railroads and cripple the supply chain on many raw materials until the dispute is settled. An immediate but temporary impact would be material shortages that would push prices up, largely at the producer level. These shortages should be resolved when the strike ends as increased price pressures should come back down. But the short-lived inflation will be additive to final goods prices for a period of time.
Eight of 12 labor unions have reached tentative agreements with railroad carriers. However, there are still disagreements over vacation, sick days, and attendance policies.
A “cooling off” period expires Friday, at which time workers can strike.
A freight rail shutdown would be expected to cost the U.S. economy around $2 billion per day, according to the Association of American Railroads. It would especially hit the energy sector hard as rail is the number one mode of transportation used by coal producers, according to the Energy Information Administration (EIA).
Take Away
A rail strike would hit multiple sectors as it could stop the transportation of food, lumber, coal, and other goods across the country. Much of what is shipped by train can’t easily be shipped by the already overburdened trucking industry.
A strike, if any, would put upward pressure on lumber, energy, and food prices. Assuming the strike gets resolved, these transit-related higher price pressures should prove to be transitory. As individuals, whether or not there is a strike is beyond our ability to change. If there is an industry sector or company that stands to improve earnings or a sector that may suffer losses, there should be no investor guilt in positioning investments in a way where the investor may prosper.
STAMFORD, Conn., Sept. 13, 2022 (GLOBE NEWSWIRE) — Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk,” “Eagle” or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that it has expanded its fleet with the purchase of a high-specification 2015-built scrubber-fitted Ultramax bulkcarrier for USD 27.5 million.
The vessel, which was constructed at Imabari Shipbuilding Co., Ltd. in Japan, will be renamed the M/V Tokyo Eagle and deliver to the Company during the fourth quarter of 2022.
As previously disclosed, the Company closed on the sale of the M/V Cardinal (2004-built non-scrubber fitted Supramax) in August 2022. The vessel was sold for USD 15.8 million and delivered just prior to her statutory drydock due date.
Following these transactions, Eagle’s fleet will total 53 ships (91% scrubber-fitted) with an average age of 9.5 years. Since the Company commenced its vessel renewal and growth program, it has executed 51 S&P transactions, acquiring 30 modern vessels and divesting 21 of its oldest and least efficient ships. These sale and purchase transactions have enabled the Company to grow, while vastly improving overall fleet makeup; in terms of maintaining an attractive age profile, increasing cargo capacity per vessel, and reducing emissions on a per deadweight ton basis.
About Eagle Bulk Shipping Inc. Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a U.S. based fully integrated, shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile midsize drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.
Grindrod Shipping operates a fleet of owned and long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), includes a Core Fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Taylor Maritime Investment Limited (TMI) proposed a $26 per share offer to acquire share capital of the Company not already owned by TMI. TMI owned 4,925,023, or 25.9% of the shares of Grindrod as of August 17, 2022.The offer consists of $21 in cash and a $5 special cash dividend to be paid to shareholders. Grindrod has entered into a confidentiality agreement and an exclusivity agreement with TMI whereas TMI has been granting a period to negotiate the proposed transaction. Grindrod has not agreed to terms of the proposal nor its willingness to be acquired.
The shares of Grindrod rose on the news but remain below spring trading levels and our price target. The shares of GRIN rose 16.73% to $23.93 per share on Monday, the day the deal was announced. The shares of GRIN traded as high as $28.98 on May 20, 2022 but have been weak since that date in response to declining shipping rates and overall market weakness. The company reported very strong financial results for the first and second quarters allowing the company to pay down debt, acquire a vessel, and raise the dividend. As a result, we have maintained our price target of $31 even as shipping rates have declined….
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Great Lakes Dredge & Dock (GLDD) More Awards, More Work
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
More Awards Announced. Great Lakes Dredge & Dock announced yesterday the Company has received eight new awards that total $107.0 million, with the awards to be completed by the end of the fiscal 2022 year through the second half of the 2023 year. These awards include maintenance projects, an improvement project, and an access channel dredging project.
Maintenance Projects. The Company was given several maintenance projects, with the largest award ($15.4 million) being in South Carolina and dredging in the Charlestown Lower Harbor. The second largest ($13.0 million, $14.5 million with options) is in Florida and dredging in the Tampa Harbor Entrance Channel. Four smaller projects were bundled in the announcement, but the projects total $14.8 million in awards and are in New York, North Carolina, and South Carolina….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Pangaea Logistics (PANL) Ship Acquisition Follows Balanced Strategy of Growth and Rewarding Stakeholders
Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Ship acquisition announced. Pangaea announced the acquisition of a 2010-built vessel for US$17.1 million. Management had indicated it was in final negotiations for a ship purchase during its August 18th call to discuss second quarter financial results so the announcement was not a surprise. Pangaea has operated the ship for over a year on a chartered-in basis and had been approached by the owner. The ship will be delivered in September or October. Owned ships typically command higher margin contracts than chartered-in ships so the acquisition should have a positive impact on financial results going forward.
Acquisition follows management’s balanced strategy of growth and rewarding stakeholders. The Board of Directors has raised the dividend twice in the last twelve months although it opted to hold dividends constant in the most recent quarter. It has also paid down debt and capital leases in recent quarters. The ship acquisition will help grow Pangaea’s asset base. Pangaea’s cash position was $102.2 million (up from $40.6 million at this time last year). We believe the company will pay for the ship, which will be renamed Bulk Sachuest, with cash on hand….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Grindrod Shipping operates a fleet of owned and long-term and short-term chartered-in drybulk vessels predominantly in the handysize and supramax/ultramax segments. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”), includes a Core Fleet of 31 vessels consisting of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results come in above expectations. Grindrod Shipping reported above-expectation financial results for the most recent quarter boosted by higher-than-expected shipping rates and lower daily operating costs. Reported revenues for the quarter were $161.6 million including $30 million from the sale of a ship. Average TCE rates increased compared to first-quarter rates and surpassed our expectations. This wasn’t just a top-line story. Equally impressive, operating costs per day declined, bucking a trend seen by other shippers. Administrative expense also declined.
The upcoming third quarter might not surpass the second quarter, but it will still be good. Shipping rates have come down in recent months. That said, Grindrod has locked in about 70% of its shipping days at rates not too far below the second quarter. We would expect third quarter revenues to be slightly below second quarter results absent revenues from ship sale revenues….
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
