This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Dry Bulk Magnates Gather to Float Deals

Thus the industry-wide desire for liquidity, and the parade of bankers at the conference offering to help shipping chiefs find it.

Among the maritime luminaries converging for presentations at the swank Pierre Hotel in Midtown Manhattan are Angeliki Frangou, CEO of Navios Maritime Holdings (NM), who also rang the closing bell at the New York Stock Exchange on Monday; Bjorn Moller, head of Teekay Corp. (TK), who appeared as a guest on CNBC Tuesday morning; Inger Klemp, chief financial officer at Frontline (FRO); Pankaj Khanna, COO of DryShips (DRYS); Alan Ginsburg, CFO at New York-based hometown favorite Eagle Bulk Shipping (EGLE); Akis Tsangaris, Star Bulk Carriers's (SBLK) CEO; Charles Fabrikan, chief of Seacor Holdings (CKH); Anastassis Margaronis, president of Diana Shipping (DSX); and John Wobensmith, Genco Shipping & Trading's (GNK) CFO.

A few heavy-hitters from other industries will present as well, including James Tisch, head of the Loews (L) conglomerate, though his offshore drilling business has oil-tanker interests.

Meanwhile, bankers from just about every major investment firm will give spiels of one sort or another: Goldman Sachs (GS), UBS (UBS), Credit Suisse (CS), Morgan Stanley (MS), Fortis, Citigroup (C), Deutsche Bank (DB), as well as all the shipping financiers, mostly out of Scandinavia, who specialize in providing the letters of credit by which the industry stays afloat -- pardon the pun.

Not every company has been waylaid by the commodities slump. Others with stronger balance sheets are looking toward an eventual economic turnaround, and are attempting to position themselves to exploit it -- a risky move, to be sure, since it amounts to timing a bottom.

In that vein, some news has already come out of this week's conference: Navios Maritime Holdings announced Monday ahead of its CEO's NYSE appearance that the company plans to buy four new Capesize ships, using $165 million in proceeds from a preferred-stock offering to fund the purchase. The plan would seem to indicate that Navios is preparing for a turnaround.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs