The Baltic Dry Index is Flashing Warnings Signs About the Global Economy
Marine shippers got another hit to their bottom line on Friday. The Baltic Dry Index retreated 1.095% or 14 points. That means global maritime shipping has fallen for over 3 weeks. Not a good sign for the economy.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Horizon Lines, Inc. (NYSE:HRZ) anticipates its adjusted EBITDA in the 2nd half of 2011 will improve in comparison to the same period a year ago. The company cited more secure conditions in Jones Act markets and stabilizing fuel prices as reasons for this forecast.
2) Daiichi Chuo Kisen Kaisha lowered its earnings guidance due to the earthquake in Japan. Now the company’s mid-year (6-months) forecast is as follows: revenue of JPY 64,000 million, operating loss of JPY 3,000 million, and net loss of JPY 1,700 million.
3) Iino Kaiun Kaisha Ltd. revised downward its mid-year earnings guidance due to oil prices and strengthening of the yen. The company expects to post the following figures: revenue of JPY 37,000 million, ordinary loss of JPY 1,100 million, and net profit of JPY 1,100 million.