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Chairman's Commentary
Can you guess where in the world our NYMAR member took their photo this month? Catch up with Joseph Royce, Chief Executive of TBS International, in this interview with NYMAR. Dahlman Rose Indices Dahlman
Rose & Co has agreed to provide NYMAR
readers with its Dry Bulk Shipping and
Tanker Shipping Indices. Monthly News EU Ambassador Speaks on EU-US relations and Trade Security[read more] Analysts Reiterate ‘Buy’ Dry Bulk Stocks
Seward & Kissel in the News
US Shipping ousted from NYSE
TMM faces NYSE fury
Aegean’s strong results
OSG scans products deal?
Horizon announces restructuring
US World Maritime Day Observance Financial
Performance Charts Taste of NYC | Events & Entertainment Upcoming
events & entertainment in the Big Apple. |
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I am not sure that the maritime industry wanted the sort of attention it garnered this past month.
Rates collapsing, stock prices plummeting and bankruptcies starting. Never has shipping and the capital markets had to deal with such a raging tsunami and not surprisingly with New York being the capital center we are caught in the eye of the storm.
As the global markets fight their way back and shipping – or at the very least international trade returns to an acceptable level of normalcy much of the world will continue to focus very heavily on the New York capital markets.
At NYMAR we will continue to try to provide resources and access for all participants be they members of NYMAR or just observers of the evolving scene.
We will continue to publish our monthly newsletter , so ably edited by Ranjeeta McGroarty, and we will continue to send out regular “e-blasts” highlighting events on the calendar or significant newsworthy items that we feel merit a wide audience.
Our mailing list approaches 3,000 names and covers all corners of the globe for NYMAR is not just about New York it is about showing and telling the community of the power and the value of this cluster.
With maritime debt severely constrained the focus for the time being will be heavily directed towards alternative sources of capital and to that end we believe at NYMAR that New York has a clear lead not only in market share but also in expertise of our lawyers, bankers and other sundry professionals.
Use us.. we will use you.. NYMAR is a collaborative venture to benefit all within the industry. It is actually one of the few win-win scenarios currently around!
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Can you guess where in the world our NYMAR member took their photo this month? NYMAR’s reach is far and wide. Each month, we will feature our signature hat in yet another unforgettable location as testimony that NYMAR is everywhere! Please contribute your photos of where your NYMAR hat has taken you recently! |
NYMAR is happy to announce that Bob George and Susan Brander are joint winners of October’s “Where in the World is NYMAR?” contest! The correct answer was ‘The Baltic Exchange, London.’ NYMAR editor, Ranjeeta D McGroarty catches up with Joseph Royce, Chief Executive of New York based shipping company, TBS International.
| Ranjeeta: | Please tell us your background and how you came upon your current position? |
|---|---|
| Joe: |
In the early 1980’s, I started ventures where we would timecharter ships for our own account. The next step was ownership and we purchased our first ship in 1986 and started a pool that eventually grew to 45 ships consisting of our own plus public and private members. In 1993, we started TBS and I have been the CEO since its inception. |
| Ranjeeta: | What are the activities of TBS International, fleet size, sector and geographical locations operating in? |
| Joe: | TBS is a different type of shipping company from the traditional companies that either timecharter their ships to others or trade them in the SPOT market. We have our own customer base, operate our own liner/parcel services and concentrate on cargoes that are not suitable for containers. Our present fleet consists of 46 ships, 23 multipurpose tweendeckers and 23 handysize/handymax bulkcarriers. In December, we will add our first heavy lift/project ship to the fleet with lifting capacity up to 300 tons. Our trades consist of our Transpacific Liner Service, a scheduled liner/parcel service between Japan, South Korea and China to the West Coast, North Coast and East Coast of South America. In addition, we operate our Latin American Liner Service, a similar liner/parcel service between Brazil and the North Coast and West Coast of South America including the Caribbean basin. It is in these trades where we employ our multipurpose tweendeckers. We utilize our bulkcarriers to complement these services as well as in long-term contracts within Africa and the Middle East. |
| Ranjeeta: | Considering weak economic times, TBS saw record third quarter results. What would you attribute that to and how do you see year-end results? |
| Joe: | Our third quarter results consisted of revenues of $183.3m. EBITDA of $83.9m and net income of $59.1m. This result was a combination of our 5 Star Service consisting of Ocean Transportation, Logistics, Operations, Port Services and Strategic Planning and a positive market environment. Looking forward is a challenge due to the unprecedented financial crisis. The credit crisis resulting in a lack of letters of credit has halted the normal flow of trade creating serious problems for both Charterers and Owners. |
| Ranjeeta: | What type of business Strategy do you follow? |
| Joe: | TBS is a company built on service and long-term customer relationships. We utilize a ‘business first - fleet second strategy’ where we concentrate on building businesses before we purchase a ship. This- combined with our 5 Star Service of our various services mentioned above- creates customer loyalty while adding value to the supply chain. The result is that many of our customers see TBS as their shipping arm in many of the markets we serve. |
| Ranjeeta: | How does your average day look like and what do you like most about your job? |
| Joe: | An average day consists of managing the needs of a worldwide organization while keeping focus on our long terms strategic goals. As we all know, shipping changes by the minute therefore no matter how well you plan your day, your must also be flexible to whatever challenges arise. There are many things I like about my job but if I had to pick one, it would be our people. In TBS, we have 42 nationalities within our worldwide group and their dedication and professionalism is the key to our success. This diversity not only makes us a stronger company but it has enriched me in ways that I could have never imagined. |
| Ranjeeta: | Given the current environment what are the major challenges faced by a ship owner? |
| Joe: | Before the financial crisis hit, I would have had a different list but today, it is the short term and long term effects of the worldwide financial crisis. Shipping is a cycle industry and we are entering a period of great challenges. Companies and management that have never experienced downturns will be at a major disadvantage. At TBS, we have been through the wars plus our strategy built around our 5 Star Service and our long terms customer relationships will carry us through these difficult times while putting us in position to take advantage of future opportunities. |
| Ranjeeta: | Please describe a challenging situation that you faced and overcame? |
| Joe: | Recently, we had the opportunity to expand our multipurpose/tweendecker new building program but decided in today’s environment to postpone it. |
| Ranjeeta: | Explain your risk management strategy? |
| Joe: | Our services and our 5 Star Service is the core of our risk strategy. Our goal from the start is to base our business on service. Our logistic business is growing and we see our project business as being a big part of our revenue base next year. |
| Ranjeeta: | Have the current markets affected your company? |
| Joe: | Yes, the lack of letters of credit has had a negative effect on our customers’ ability to move their cargo. We see it more in Latin America than in Asia. It has also affected the positioning of our ships for dry docking in China. |
| Ranjeeta: | Given the market situation, we have seen some ship owners defaulting. In your opinion was that avoidable and what were their main mistakes? |
| Joe: | I think the business became too easy. There was easy financing and it was simple to timecharter ships to operators and just sit back and collect hires. In many cases, it became a financing business instead of a shipping business. There is more to the business then that. You need a strategy and a business plan plus the experience to know who your charterers are. What is happening today in the shipping market is similar to the housing bubble. There are too many owners with high leverage and expensive ships in a market where many charterers are defaulting. |
| Ranjeeta: | In the current condition of the markets, there may be some good buys out there. Do you have any expansion plans? |
| Joe: | I agree there will be opportunities but it’s too early. We are at the beginning of the process and just have to wait. TBS is a growth company and we see opportunities to expand especially in our project/logistic business. We are presently looking into expanding our liner/parcel multipurpose business into other markets. |
| Ranjeeta: | Do you see new companies accessing the public markets in New York and will raising public equity be difficult in 2009? |
| Joe: | Today, the markets are closed and until the difficulties in both the worldwide financial and shipping markets are clear, it will be difficult, if not impossible to access public equity. As the situation starts to settle, the market for public equities should slowly reopen but you better have a good story or strong business plan. |
| Ranjeeta: | What changes do you see in the shipping industry and what are the main challenges for the industry in 2009? |
| Joe: | I see the industry going back to basics. Owners will have to work directly with Charterers and not through a daisy chain of operators. I think the biggest challenge is one of survival for many owners during what will be a very difficult 2009. |
| Ranjeeta: | Being a NYMAR member what do you expect the New York Maritime Cluster to achieve? |
| Joe: | I feel NYMAR is a great step in renewing New York’s position in the world shipping market. Not only do we have Wall Street and the public markets, we also have a high level of shipping talent and expertise. The fact that the community is spread out has hurt us but I feel NYMAR is a great opportunity to energize and strengthen the tri-state shipping community while also bringing us closer together. |
I come from a non-shipping background. I knew nothing about shipping until I applied for a job as a trainee in the late sixties. I started in the chartering department and found the business both challenging and exciting. In late 1973, I started my own business as a charterer’s broker concentrating on a customer base mainly in South America. It was here where I learned to operate ships and voyages to support the needs of an expanding client base.
Dahlman Rose & Co index data is calculated by Standard and Poor's and disseminated on a real-time basis by the Chicago Mercantile Exchange, representing publicly available indices that track the movements of U.S. listed Marine Transport companies.
The historic US election is over and the country hopes the new Chief Executive, Barack Obama will bring good tidings in the New Year. The economy will be a priority for the new chief, with energy remaining a core focus. For many industries it has been tough going, but despite falling fuel prices energy related businesses have perhaps been better off than others.
So far, oil companies have reported strong quarterly profits with tanker companies doing pretty well. Nevertheless, with the steep drop in crude prices, tanker owners certainly have reasons for concern. As the global economy sags, oil has staged a dramatic nosedive, falling from a record $147 a barrel in early July to its close in New York November 14, at $57.04.
Few weeks ago, the usually prudent International Energy Agency cautioned that triple-digit oil prices are ready to return as the economy bounces back and deteriorating production supply limitations, linked to resources as well as investment, become clear. The agency also forecast that the average oil price will exceed $100 per barrel between now and 2015. The IEA expects global oil demand this year to be roughly in line with 2007 at around 86 million barrels a day. Next year, the agency believes demand will creep up by a few hundred thousand barrels, but fall in the world's most developed countries. The agency cautioned, “Prices are likely to remain highly volatile, especially in the next year or two. A worsening of the financial crisis would most likely depress economic activity, exerting downward pressure on prices.” Clearly, stabilizing the economic crisis will be a tough job for the new President, but time will tell if he is able to bring some answers to the equation.
EU Ambassador Speaks on EU-US relations and Trade Security
In a speech given at the Bertelsmann Foundation recently, Ambassador John Bruton, Head of the Delegation of the European Commission to the United States, gave his personal reflections on prospects for EU-US relations under the Obama administration and a prescription for how common problems should be addressed. Speaking of the enormous domestic and external challenges facing President-Elect Obama, Ambassador Bruton said ‘now is the time for the European Union and the United States to join together to make the case to the rest of the world’ to turn the series of separate and seemingly insoluble problems into a chain of interlinked opportunities.
Regarding trade security, Ambassador Bruton said, that the European Union fully shares US concerns about port security and the risk of WMD coming into ports in containers. “But we want a system of protection that will work. The requirement that all containers leaving European ports for the United States, which US law mandates for 2012, is excessively costly for traders and is also discriminatory in two ways. First the US is not proposing to scan all containers leaving the US, and secondly all the costs are to be borne by the European exporter,” said the Ambassador. He believes this is a protectionist measure which will harm transatlantic trade at the time when flagging economies need more, not less, trade. “A targeted, risk-based system on which we are already agreed would be much better from both a trade and a security point of view,” he said.
On the economy, he said, “The world will expect the United States to take a leading role in ensuring that a global re-evaluation of financial assets takes place. On trade and investment, Ambassador Bruton said the world will be looking to the United States for a lead in trade and investment. “This will not be an easy task for the new President either,” he added.
Analysts Reiterate ‘Buy’ Dry Bulk Stocks
The lack of liquidity in the trade finance market has led to the halt in dry bulk spot market trades not to mention the substantial slowdown in demand. “The volume of spot fixtures is the canary in the coal mine for the dry bulk shipping markets and for global trade,” said Urs Dur, analyst at Lazard Capital Markets. The WTO now estimates the liquidity gap in trade finance to be approximately $25bn, which Lazard analysts do not believe is an insurmountable obstacle considering the concerted liquidity measures being taken by global authorities.
Despite a lack of trade finance, spot dry bulk fixtures appear to have increased in recent weeks as evidenced by some stabilization in dry bulk charter rates, Mr Dur said in a report, “And, when liquidity for letters of credit improves, we believe spot dry bulk charter rates will return to levels above those of average cash breakevens.”
Mr Dur also adds that it strongly disagrees on the current valuations of Genco Shipping & Trading (GNK), Eagle Bulk (EGLE), Navios Maritime (NM), and Diana Shipping (DSX) with or without dividends, which assume the complete collapse of asset values and world trade with or without dividends. “We believe that, when trade resumes to some modicum of normalcy, asset values will stabilize and recover and so will share valuations,” Mr Dur said.
Lazard has lowered Seaspan’s and Danaos target to $20 from $41 and to $18 from $39 respectively with a ‘BUY’ rating following a softening on both company’s ability to raise equity in coming years. Lazard lowered Navios’ estimate on lower FFA assumptions and assigned a BUY rating on lower FFA assumptions. “Given the collapse in the FFA market, we have gone to an assumed zero net effect for NM’s FFA program, down from a net positive,” Lazard added.
Craig Sklar, a partner at New York based law firm, Seward & Kissel’s Business Transactions Group as been selected to Institutional Investor News’ list of “10 Rising Stars of Private Equity and M&A.” The list profiles individuals expected to shape the private equity and M&A legal field in the years to come. The list appeared in the Global Private Equity and M&A Legal Guide supplement, which was published recently.
One of Mr Sklar’s notable deals was taking a small private Greek shipping company, Euroseas public, through a merger of one of its subsidiaries with a public shell company, the structure is known as a reverse merger.
Besides, Seward & Kissel has also been named by The M&A Advisor as a Finalist for the Law Firm of the Year award at the Middle Market M&A Awards Gala for 2008. The law firm’s Business Transactions Group focuses on mergers and acquisitions, private equity and debt transactions, venture capital transactions, joint ventures, seed capital arrangements, PIPEs, SPACs and other alternative business transactions.
Trading in US Shipping Partners (USSPZ:OTC) has been suspended by the New York Stock Exchange (NYSE) on November 6 as its shares fell below the NYSE’s continued listing standard. The average global market capitalization over a consecutive 30 trading day period should not be less than $25m, which is the minimum threshold for listing said the NYSE. The company’s stock was less than $1 since end October.
In view of the unusual market activity in US Shipping Partners stock, the NYSE requested the company to issue a public statement indicating whether there are any corporate developments, which may explain the unusual market activity. US shipping said that its policy is not to comment on unusual market activity.
Now the Edison, New Jersey based company with a 12-unit fleet made up of tank-barge units, chemical tankers and a products tanker is trading on the over-the-counter bulletin board. US Shipping have been hit first by hurricane’s Hannah and Ike, secondly from interest rate swap agreements and revolving credit facilities with the now defunct Lehman Brothers, which gives no assurance of fulfilling its obligations.
US Shipping is the second shipping company to get the suspended from the New York Stock Exchange recently, with Britannia Bulk de-listing as well.
Another company on the wrong side of the New York Stock Exchange (NYSE) is Grupo TMM, when the company was notified that it was not in compliance with its continued listing standard, requiring a minimum average closing price of $1.00 per ADR (American Depository Receipts) over a consecutive 30-day trading period.
Under the NYSE’s rules, the company has six months from the date of the notice to cure this deficiency. During this period, the company’s ADRs will continue trading on the NYSE, subject to compliance with other applicable NYSE listing requirements. TMM confirmed to the NYSE that it intends to cure this deficiency.
Headquartered in Mexico City, TMM is a Latin American intermodal transportation company operating a 36vessel fleet including tankers and offshore support vessels. Through its branch offices and network of subsidiary companies, TMM provides a combination of ocean and land transportation services.
The other three companies feeling the NYSE wrath is US Shipping Partners, Britannia Bulk and Todd Shipyards.
Peter Georgiopoulos led Aegean Marine Petroleum just reported a net income of $9.5m, or $0.22 per diluted share, for the third quarter ended September 30, 2008, compared to $7.8m, or $0.18 per diluted share, for the same period of 2007. The bunker supplier’s rise in quarterly profits was following increasing demand for marine petroleum products. For the third quarter, the volume of marine fuel sold increased by 49.2% to 1,338,914 metric tons compared to 897,147 metric tons in the year-earlier period, as sales volumes improved significantly in Greece and Singapore, the company said. Nikolas Tavlarios, president of Aegean Marine Petroleum Network, said, “During the third quarter and year-to-date, Aegean continued growing sales volumes at a robust pace. For the three and nine months ended September 30, 2008, sales volumes increased 49.2% and 50.6%, respectively.”
Total revenues for the three months ended September 30, 2008, increased by 167.1% to $950.6m, compared to $355.9m for the same period in 2007.Year-to-date net income was $26.8m, or $0.63 basic and diluted earnings per share, compared to $21.5m, or $0.51 basic and diluted earnings per share, for the same period of 2007. Total revenues for the first nine months ended increased by 160.9% to $2.22bn compared to $852.3m for the same period in 2007.
New York and Piraeus based company controls nine marine service centers and owns 27 bunkering tankers and barges, as well as three crude tankers used as floating storage facilities with 23 new building bunkering tankers on order.
Rumor has it that NYSE listed Overseas Shipholding Group (OSG) is looking to invest a whopping $2bn in the product carrier sector. Reports indicate that the company is eyeing a large fleet of medium range vessels from South Korea’s Cido Shipping.
With liquidity of $1.5bn including $340m in cash, reports indicate that the company’s name is one of the few that comes up during potential acquisitions in these days of credit crunch. The deal involves as many as 50 ships and there is speculation that financing provisions or the need to bring other party’s to the table is preventing an announcement from the company. The vessels ranging in size from about 40,000dwt to about 52,000dwt is being built at Hyundai Mipo and STV Shipbuilding and are due for delivery by next year.
The company believes that given the current times there may be some bankruptcies, therefore increasing options for stronger companies to buy at good prices. Nevertheless, specialists say the sheer size of the financing may be tough to secure in these markets, but not impossible for sturdy players like OSG.
A New York investment advisory Bay Harbour Management has revealed a large minority stake in Nasdaq listed Trico Marine Services (TRMA). According to a securities filing by Bay Harbour, it has accrued 1.72 million shares, increasing its stake to over 10% in the offshore vessel operator. At the most recent price of $5.75, the holding would be worth $9.90m.
Since earlier this year in February, Bay Harbour has been accumulating Trico shares, when it had 804,000 shares, or 5.4% of the company. SEC filings indicate that the company bought 154,076 shares of additional stock in October. Steven Van Dyke led Bay Harbour Management controls about $1.4bn in assets and focuses on distressed securities.
Houston based Trico operates a fleet of 59 offshore supply vessels, platform supply vessels, anchor handling tug-supply vessels and crew boats. It also has an order book of 11 vessels. The Trico Group led by Joseph Compofelice is an integrated provider of sub-sea, trenching and marine support vessels and services.
Horizon announces restructuring
Horizon Lines, announced a non-union workforce restructuring initiative targeted at reducing annualized labor-related costs by an estimated $7m to $10m. “We continue to face a very difficult macro-economic environment that is having a significant adverse impact on the markets we serve,” said Chuck Raymond, Chairman, President and Chief Executive Officer. “We expect these challenges to continue through at least 2009 and are taking the appropriate, necessary steps to adjust our business without impacting our ability to continue providing excellent service to all our customers and execute our business strategy,” he added.
The company intends to reduce its workforce by at least 10%, or approximately 70 of its 700 plus non-union employees. Initially, the company said it will offer a voluntary severance program to certain eligible non-union employees but will implement an involuntary severance program for non-union employees, if required. The company expects to complete the workforce reduction initiative by January 31, 2009, and it is expected to result in a fourth-quarter 2008 charge of approximately $3.5m to $5m pretax, or $0.11 to $0.16 per fully diluted share.
“We also are continuing to evaluate all other non-personnel aspects of our business and assess additional restructuring opportunities to remove costs from our system,” Mr Raymond added. While the company said it remains well-capitalized with strong liquidity, its focus for 2009 will be on conserving cash and removing costs wherever possible.
US World Maritime Day Observance
World Maritime Day Observance hosted by the North American Maritime Ministry Association (NAMMA) and the North American Marine Environment Protection Association (NAMEPA) in New York recently marked a new dawn in the United States’ maritime landscape. From honoring the treatment of seafarers by Hapag-Lloyd and the United States Coast Guard (USCG) to fully addressing the dearth of oil waste treatment facilities, the byword for the World Maritime Day Observance was change.
Remarks made by USCG Commandant Thad Allen reflected strong signs of change, “We need a new Coast Guard for a new century, and that impacts every facet of its operation.” This attitude was later underscored by RADM Brian Salerno, assistant commandant for marine safety, security and the environment, who announced the Coast Guard directive issued to insure seafarer access to shore leave, “We are vigorously engaged with facilities that are not observing the spirit of the regulation.”
Further change was evident in the panel on Oil Waste Reception Facilities, chaired by Dan Sheehan of North Star Consulting. Representatives of all the stakeholders convened to hammer out solutions to the lack of facilities in the United States. While mandated under MARPOL Annex 1, United States port facilities have been slow to provide adequate and economical oil waste facilities. Some industry sources make the correlation between the lack of facilities and bypass of oily water separator equipment, or “magic pipes”.
The day concluded with recognition of the first anniversary of NAMEPA by paying tribute to the founder of the Marine Environment Protection Association (MEPA) movement, American-born George P. Livanos. A successful Greek shipping magnate, he was the guiding hand of HELMEPA (Hellenic) birthed 26 years ago. Today, there are seven MEPAs, including NAMEPA.
Financial Performance Charts
Shipping
Company Performance Chart (NYSE)
(source: NYSE)
| Symbol | Company Name | Price 10/11 USD | Price 11/12 USD | % Chg | Current Mkt Cap ($mm) | Exchange |
| BOL-FR | Bollore (Financiere de L'Odet) | $135.06 | $122.41 | -9% | $3,024 | EN Paris |
| FRO-US | Frontline Ltd. | $31.03 | $28.83 | -7% | $2,158 | NYSE |
| VPK-NL | Koninklijke Vopak NV | $37.68 | $32.86 | -13% | $2,052 | EN Amsterdam |
| KEX-US | Kirby Corporation | $33.64 | $26.15 | -22% | $1,398 | NYSE |
| SMIT-NL | Smit Internationale NV | $72.93 | $66.78 | -8% | $1,190 | EN Amsterdam |
| TK-US | Teekay Corporation | $18.81 | $14.27 | -24% | $1,039 | NYSE |
| AXB-US | Alexander & Baldwin, Inc.* | $37.50 | $26.21 | -30% | $1,084 | NYSE |
| NAT-US | Nordic American Tanker | $24.57 | $32.27 | 31% | $1,109 | NYSE |
| DSX-US | Diana Shipping, Inc. | $14.00 | $11.00 | -21% | $818 | NYSE |
| OSG-US | Overseas Shipholding Group Inc. | $38.03 | $33.13 | -13% | $939 | NYSE |
| SFL-US | Ship Finance International Limited | $12.30 | $12.08 | -2% | $879 | NYSE |
| TNP-US | Tsakos Energy Navigation Ltd. | $21.23 | $21.85 | 3% | $823 | NYSE |
| EURN-BE | Euronav NV | $20.03 | $14.48 | -28% | $749 | EN Brussels |
| CMB-BE | Compagnie Maritime Belge | $29.31 | $19.37 | -34% | $678 | EN Brussels |
| SSW-US | Seaspan Corporation | $11.42 | $8.45 | -26% | $500 | NYSE |
| EXM-BE | Exmar NV | $15.87 | $15.70 | -1% | $561 | EN Brussels |
| SAGA-FR | Saga S.A. | $59.43 | $93.29 | 57% | $551 | EN Paris |
| GNK-US | Genco Shipping & Trading Limited | $16.45 | $13.98 | -15% | $441 | NYSE |
| ANW-US | Aegean Marine Petroleum Network, Inc. | $11.55 | $8.97 | -22% | $381 | NYSE |
| TGP-US | Teekay Lng Partners L.P. | $10.37 | $13.45 | 30% | $394 | NYSE |
| EXM-US | Excel Maritime Carriers | $10.84 | $8.30 | -23% | $371 | NYSE |
| GMR-US | General Maritime Corp. | $11.05 | $12.58 | 14% | $394 | NYSE |
| SB-US | Safe Bulkers, Inc.* | $6.89 | $6.65 | -3% | $362 | NYSE |
| DAC-US | Danaos Corporation | $8.50 | $6.75 | -21% | $368 | NYSE |
| NNA-US | Navios Maritime Acquisition Corporation* | $8.08 | $8.31 | 3% | $263 | NYSE |
| KSP-US | K-Sea Transportation Partners L.P. | $13.43 | $16.90 | 26% | $231 | NYSE |
| NM-US | Navios Maritime Holdings Inc.(Marshall Islands) | $3.91 | $1.73 | -56% | $178 | NYSE |
| TOO-US | Teekay Offshore Partners L.P. | $6.58 | $9.43 | 43% | $189 | NYSE |
| DHT-US | Double Hull Tankers, Inc. | $3.67 | $3.95 | 8% | $150 | NYSE |
| ATB-US | Arlington Tankers Ltd. | $7.71 | $8.90 | 15% | $138 | NYSE |
| ISH-US | Intl Shipholding Corp. | $19.20 | $19.07 | -1% | $137 | NYSE |
| TNK-US | Teekay Tankers Ltd | $10.58 | $9.11 | -14% | $114 | NYSE |
| HRZ-US | Horizon Lines, Inc. | $5.18 | $3.28 | -37% | $98 | NYSE |
| GSL-US | Global Ship Lease, Inc | $3.69 | $2.80 | -24% | $94 | NYSE |
| NMM-US | Navios Maritime Partners L.P. | $4.96 | $5.93 | 20% | $81 | NYSE |
| OSP-US | OSG America L.P. | $5.90 | $5.00 | -15% | $75 | NYSE |
| ORE-PT | Sociedade Comercial Orey Antunes Sa | $3.31 | $3.13 | -5% | $31 | EN Lisbon |
| VIKG-FR | Viking S.A. | $0.61 | $0.56 | -7% | $1 | EN Paris |
| * 2008 new listings | ||||||
Shipping
Company Performance Chart (NASDAQ OMX)
(source: NASDAQ OMX)
| Symbol | Company Name | Price USD 8/12/2008 | Price USD 9/12/2008 | % Chg | Current Mkt Cap ($mm) | Exchange |
| MAERSK.B-DK | A.P. Moller-Maersk A/S | $7,564.50 | $4,978.22 | -34.2% | $20,487 | Copenhagen |
| DNORD-DK | D/S Norden A/S | $34.54 | $26.15 | -24.3% | $1,108 | Copenhagen |
| TORM-DK | Dampskibsselskabet Torm A/S | $15.40 | $12.95 | -15.9% | $897 | Copenhagen |
| DRYS-US | DryShips Inc. | $22.48 | $9.22 | -59.0% | $581 | NASDAQ |
| DFDS-DK | DFDS A/S | $60.15 | $62.73 | 4.3% | $482 | Copenhagen |
| FLG1S-FI | Finnlines Oyj | $16.03 | $11.18 | -30.2% | $455 | Helsinki |
| BRO.B-SE | Brostroem AB | $7.85 | $6.96 | -11.3% | $442 | Stockholm |
| EGLE-US | Eagle Bulk Shipping Inc. | $8.94 | $8.47 | -5.3% | $397 | NASDAQ |
| GLNG-US | Golar LNG Ltd. | $8.56 | $5.14 | -40.0% | $344 | NASDAQ |
| LSC1R-LV | Latvijas Kugnieciba | $1.25 | $1.55 | 24.7% | $311 | Riga |
| TAL1T-EE | Tallink Grupp AS | $0.50 | $0.45 | -10.3% | $302 | Tallinn |
| ACLI-US | American Commercial Lines Inc. | $7.32 | $5.60 | -23.5% | $284 | NASDAQ |
| MMLP-US | Martin Midstream Partners L.P. | $17.40 | $18.12 | 4.1% | $263 | NASDAQ |
| VLCCF-US | Knightsbridge Tankers Ltd. | $17.46 | $14.16 | -18.9% | $242 | NASDAQ |
| MOLS-DK | Mols-Linien A/S | $14.22 | $13.62 | -4.2% | $190 | Copenhagen |
| CPLP-US | Capital Product Partners L.P. | $8.56 | $8.33 | -2.7% | $190 | NASDAQ |
| TBSI-US | TBS International Ltd. Cl A | $10.08 | $6.16 | -38.9% | $184 | NASDAQ |
| SBLK-US | Star Bulk Carriers Corp. | $6.01 | $3.17 | -47.3% | $174 | NASDAQ |
| SHIP-US | Seanergy Maritime Corp. | $6.99 | $5.29 | -24.3% | $151 | NASDAQ |
| PRGN-US | Paragon Shipping Inc. (Cl A) | $6.55 | $4.86 | -25.8% | $132 | NASDAQ |
| ONAV-US | Omega Navigation Enterprises Inc. (Cl A) | $6.40 | $8.37 | 30.8% | $127 | NASDAQ |
| ESEA-US | Euroseas Ltd. | $6.42 | $4.00 | -37.7% | $122 | NASDAQ |
| GASS-US | StealthGas Inc. | $8.04 | $4.68 | -41.8% | $104 | NASDAQ |
| ULTR-US | Ultrapetrol (Bahamas) Ltd. | $4.70 | $3.13 | -33.4% | $102 | NASDAQ |
| RABT.B-SE | Rederi AB Transatlantic | $5.05 | $3.53 | -30.1% | $98 | Stockholm |
| CCOR.B-SE | Concordia Maritime AB | $2.44 | $2.04 | -16.3% | $97 | Stockholm |
| OCNF-US | OceanFreight Inc. | $8.40 | $4.93 | -41.3% | $81 | NASDAQ |
| TRBR-US | Trailer Bridge Inc. | $4.95 | $4.85 | -2.0% | $58 | NASDAQ |
| NORDIC-DK | Nordic Tankers A/S | $7.29 | $8.07 | 10.7% | $58 | Copenhagen |
| RLOG-US | Rand Logistics Inc. | $4.99 | $4.15 | -16.8% | $52 | NASDAQ |
| FREE-US | FreeSeas Inc. | $3.20 | $1.98 | -38.1% | $42 | NASDAQ |
| LLK1L-LT | Limarko Laivininkystes Kompanija ORS | $0.35 | $0.29 | -16.1% | $32 | Vilinus |
| TOPS-US | TOP Ships Inc. | $2.48 | $1.50 | -39.5% | $31 | NASDAQ |
| RAMS-US | Aries Maritime Transport Ltd. | $1.40 | $0.79 | -43.6% | $23 | NASDAQ |
| LJL1L-LT | Lietuvos Juru Laivininkyste | $0.14 | $0.08 | -39.4% | $17 | Vilinus |
| HFEIM-IS | Eimskipafelag Islands hf. | $0.01 | $0.01 | -28.5% | $17 | Reykjavik |
| SINO-US | Sino-Global Shipping America Ltd. | $2.63 | $3.69 | 40.3% | $11 | NASDAQ |
| ORION-DK | D/S Orion | $4.36 | $3.70 | -15.1% | $9 | Copenhagen |
| SRAB.B-SE | SRAB Shipping AB | $0.31 | $0.25 | -18.9% | $9 | Stockholm |
| ICM-SE | ICM Kungsholms AB | $2.59 | $2.35 | -9.3% | $7 | Stockholm |
| STRM.B-SE | Stormfageln AB | $0.26 | $0.24 | -9.1% | $5 | Stockholm |
Taste of NYC | Upcoming Events and Entertainment
- www.nycvisit.com
- www.zagats.com
- http://www.ny.com/nightlife/
- http://www.ny.com/museums/
- http://www.allny.com/antiques/auctioneers.htm
- http://www.nytix.com
- http://www.majorleagueevents.com
- http://goingcoastal.wordpress.com
- Bryant Park - The Pond at Bryant Park | The Pond (The ice skating rink features free admission in addition to rental skates, skating shows, special events, and activities) through Jan 25, 2009; Le Carrousel Kids | Flaubert's French Classics, 'Round the World with Flaubert Frog, Sat, Nov 22, 1:00pm-2:00pm (www.bryantpark.org)
- Trans Siberian Orchestra - Uniondale, NY Nassau Veterans Memorial Coliseum, Dec 12, 2008, 8pm (www.trans-siberian.com)
- Guggenheim Museum - Catherine Opie | American Photographer, through Jan 7, 2009; Artists including Liam Gillick, Angela Bulloch, Maurizio Cattelan | theanyspacewhatever, through Jan 7, 2009 (www.guggenheim.org)
- MOMA - Van Gogh and the Colors of the Night, through Jan 5, 2009; Joan Miró: Painting and Anti-Painting 1927–1937, through Jan 12, 2009 (www.moma.org)
- Metropolitan Museum - Rhythms of Modern Life | British Prints 1914–1939, through Dec 7, 2008; Giorgio Morandi, 1890–1964, through Dec 14, 2008 (www.metmuseum.org)
- Christies - New York, Rockefeller Center - Viewing and Auction | Latin American Paintings | Sale Evening Session [Sale 2054] Nov 19, & Sale Day Session Nov 20; The Evening Sale: Finest and Rarest Wines Featuring Domaine De La Romanee-Conti [Sale 2082], Nov 21 (www.christies.com)
- NYMAR Restaurant of the Month - Mas | www.masfarmhouse.com (Award winning Chef, Galen Zamarra offers a combination of French elements with regional American food to create an organic culinary experience for diners with a passion for food at its purest)
- 82nd Macy’s Thanksgiving Day Parade -Thursday, Nov 27th | Starts on 77th and Central Park West and ends at 34th and 7th Avenue
New York State Travel & Tourism
To speak with a travel counselor, call during regular business hours (Eastern Standward Time) at 800/CALL-NYS (U.S., territories, possessions and Canada) or 518/474-4116 (all other areas). http://www.iloveny.com/home.aspx
New
York City Travel & Tourism (NY City & Company)
212-484-1222
NYC 311 - City of New York directory assistance covering events, attractions and other citywide information
- Dial 311 in Manhattan (NYC), Staten Island, Bronx, Queens and Long Island.
- Dial 212-639-9675 outside of Manhattan (NYC), Staten Island, Bronx, Queens and Long Island. This is a toll call.
| Editor: Ranjeeta
McGroarty Designer: Gayle Erickson Web Master: Christine Olick |
New
York Maritime Inc./NYMAR P. O. Box 218, 132 East 43rd Street New York, New York 10017 Tel: +718 841-74NY (69) Email: info@nymar.org |
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