The Baltic Dry Index Dips a Bit
The Baltic Dry Index declined 8 points or 0.37% to settle at 2153. A rare pullback.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Kyoei Tanker Company Limited canceled a purchase from May 2008 of a new vessel from Chijin Shipping SA. The firm will also cancel the sale of this ship that was contemplated in July 2008. Kyoei will record JPY 1.78 billion loss from these transactions.
2) Rand Logistics Incorporated completed an acquisition of a US flagged vessel based on the agreement from September 21, 2011.
3) Daiichi Chuo Kisen Kaisha updated its earnings guidance. The mid-year outlook is as follows: revenue of JPY 69 billion, operating loss of JPY 4 billion, and net profit of JPY 5.1 billion.