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Ahead of the bell:Drybulk shippers

Ahead of the bell:Drybulk shippers
Analyst raises 2008 drybulk shippers forecasts on expected demand for iron ore, coal, grain A Jefferies & Co. analyst raised his full-year earnings predictions for several drybulk shippers yesterday.

Ahead Of The Bell: Drybulk shippers

Analyst raises 2008 drybulk shippers forecasts on expected demand for iron ore, coal, grain A Jefferies & Co. analyst raised his full-year earnings predictions for several drybulk shippers yesterday, saying robust demand for iron ore, coal and grain should drive up rates for ships that carry the commodities.

Douglas J. Mavrinac said while drybulk shipping rates on the spot, or unchartered, market were in line with his expectations in the second quarter, he predicts they will increase "significantly" in the last two quarters of the year.

Mavrinac said that upcoming iron ore price negotiations with Chinese steel makers should lead to restocking, which will keep drybulk ships in high demand. Iron ore capacity additions in the second half of this year will also help the drybulk market, he said.

U.S. grain shipments should boost demand for ships as well, he said, especially as the fall harvest season approaches.

Furthermore, demand remains peaked for coal in both power generation and steel making, Mavrinac said. With these factors, combined with delays in drybulk ship deliveries, Mavrinac predicts that demand will outpace supply in the market through at least next year.

www.TurkishMaritime.Com.tr

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