By Mike McDermott
EXECUTIVE SUMMARY:
? Dry-bulk shippers have traded lower as overcapacity pressured day rates and the financial crisis depressed shipping activity.
? Shipping rates appear to have found a floor and will likely increase as emerging market demand for commodity continues.
? Shipping companies are trading at attractive multiples as investors fear debt levels and industry overcapacity.
? Three shipping companies are attractive breakout candidates as business prospects improve and long-term bases are completed:
Shipping stocks have been out of favor for a number of years now ?
The current shipping environment offers a stark contrast to the heady growth days just three years ago. Midway through the last decade, demand for shipping overcame the amount of capacity available and all hell broke loose.
Since there is a significant amount of lead time before a new ship can
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INTERNATIONAL BUSINESS MACHINES (IBM) INTERDIGITAL COMMUNICATIONS INTEL INSIGHT ENTERPRISES INGRAM MICRO
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