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Five High-yielding plays on the Dry Bulk Shipping Rebound
The dry bulk shipping sector has rebounded substantially over the last month on waning global economic pessimism and a rebound in the industry’s pricing benchmark, the Baltic Dry Index (BDI). As of this writing, the Dry Bulk Shipping
Stocks Index has rallied by more than 14% for the period with seven
components surging by 20% or more. Despite the recent rebound, shares
are still painted in red on a three-month basis, and a handful of stocks
are yielding upwards of 4% based on dividends over the last year.
After running by 14% over the last month, Safe Bulkers still yields 7.6%
in annual dividends. At the end of the second quarter the firm’s
operational fleet included 15 vessels with more than 1 million
deadweight tons (dwt) of capacity. The company also entered a contract
for the construction of an additional Panamax-class vessel with an
expected delivery date in 2013 in July. Second-quarter earnings came in a
couple cents below analysts 39-cent EPS consensus and revenues slipped
by -8% year-over-year to $40.6 million, but investors shrugged off the
report in favor of a continued rally in the broad equity and commodity
markets.
Star Bulk Carriers, which currently yields 7.4% based on current pricing
and payments over the last year, has added 20% over the past month. As
of May 17, the firm’s fleet included eight Supramax vessels and three
Capesize vessels with an aggregate capacity of 931,178 dwt. Two
additional Capesize vessels with a combined 360,000 dwt in capacity are
expected for delivery in September and November of 2011 respectively.
Paragon Shipping and Euroseas, which will announce their second-quarter
results on August 9th and 10th respectively, are also among the
top-yielding components of the Dry Bulk Shipping Stocks Index, paying
out more than 4.5% in annual dividends. Euroseas announced today that it
would increase its quarterly dividend by a penny to 6 cents per share.
It is the first time the firm has hiked its dividend since sharp cuts
started in 2008.
Dry bulk giant Navios Maritime Holdings had 60 operational vessels with
6.6 million dwt of capacity at the end of 2009. Based on current
pricing, the firm trails only Diana Shipping and DryShips by market
capitalization, and it boasts a 4.1% yield based on dividends paid over
the last year. The stock has surged by 27% over the last month and is
now within-25% of its 52-week high.
As of this writing, the Dry Bulk Stocks Index remains one of the three
“cheapest” tickerspy Indexes by price to earnings ratio with an average
multiple of just 7.2x. It will be interesting to see whether these
stocks can continue their recent rebound or if more pain is in store in
the second half of 2010.
Source: Indie Research
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