Greek Shipping Stocks: Sailing Treacherous Seas – DSX, DAC, PRGN, ANW, DRYS, NM
Greek shipping stocks DSX, PRGN and DAC face turbulent seas.
Yesterday, I wrote about Aegean Marine Petroleum Network Inc. (NYSE: ANW), DryShips Inc. (NASDAQ: DRYS) and Navios Maritime Holdings Inc. (NYSE: NM), three Greek shipping stocks that are not feeling investor love thanks to their association with Greece or from being in shipping or a combination of both.
Hence, here are three additional Greek shipping stocks (DSX, PRGN and DAC) that might also be worth considering right now:
- Diana Shipping (NYSE: DSX) is a Greek dry bulk carrier operating a fleet of roughly 13 Panamax dry bulk carriers and 7 Capesize dry bulk carriers. For 1Q2011, Diana Shipping's net income was $33.1 million compared with $28.8 million reported for 1Q2010 (a 155 increase) while time charter revenues were $69.4 million verses $62.2 million thanks to the addition of two more ships. Investors should further note that Diana Shipping has most of its fleet operating under long-term contracts to avoid volatile spot or single-voyage rates, has little debt and plenty of cash. Diana Shipping recently closed at $11.38 and has a 52 week trading range of $10.75 to $14.23 a share.
- Paragon Shipping (NYSE: PRGN) is a Greek shipping company operating 11 dry bulk vessels. Paragon Shipping recently spun off its container ships to Box Ships (NYSE: TEU), a new entity it created for the purpose. Hence, Paragon Shipping has reduced some of its leverage. Paragon Shipping recently closed at $2.74 a share and has a 52 week trading range of $2.51 to $4.32 a share. Paragon Shipping also pays a dividend of $0.20 a share for a dividend yield of 7.10%.
- Danaos Corporation (NYSE: DAC) is a Greek owner and operator of 52 containerships. For 1Q2011, Danaos Corporation had adjusted net income decrease by 35.2%, or $6.2 million, compared to 1Q2010 mainly due to increased realized losses on interest rate swap contracts and increased interest expense due to higher average levels of indebtedness. It was also noted by Danaos Corporation that demand is strong but there has been a significant speculative ordering of new ships. Nevertheless, Danaos Corporation is optimistic that for the next 24 months, the demand supply balance will remain in the owners' favor. Danaos Corporation recently closed at $6.27 a share and has a 52 week trading range of $3.50 to $7.87 a share.
Of the three (DSX, PRGN and DAC) Greek shipping stocks, DSX and PRGN look like they can easily weather the Greek debt crisis and the current turbulent seas for shipping stocks.
John Udovich is a paid contributor of the SmallCap Network. John Udovich's personal holdings should be disclosed above. You can also view SmallCap Network's complete disclaimer and disclosure.
Do NOT buy or sell PRGN, TEU, DRYS, ANW, DSX, NM or DAC until you have read everything.
SmallCap Network provides comprehensive research and opinions on PRGN, TEU, DRYS, ANW, DSX, NM and DAC. |
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| Date: | May 25, 2013 | |
| Price: | Free | |
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