Drybulkers Rise as Genco (GNK) Grows Bullish on FY13 (DRYS) (FREE) (EGLE)

Drybulk shippers are ripping on the session, which may have something to do with results and commentary from Genco Shipping & Trading (NYSE: GNK).

After markets closed on Wednesday, the company reported Q4 loss of $1.06 per share, wider than expectations calling for a loss of 88 cents per share. Revs of $49.25 million were also lower than expectations.

Specific guidance wasn't issued, but investors might be taking a peek at the company's Q412 presentation. In part, the company noted:

• Scrapping increased 45 percent last year on a tonnage basis;
  
  
• Chinese iron ore inventories have declined to 69.4 Mt, the lowest level since November 2010;
  
  
• Iron ore prices have rebounded to over $150 per ton;
  
  
• Chinese industrial production rose 10.3% in December from a year earlier, the fourth consecutive month of improvement;
  
  
• Chinese steel production increased by 3.1% in 2012 compared to 2011;
  
  
• China's Ministry of Transportation plans to more than double its network of high-speed railways by 2015;
  
  
• China plans to start construction on 6 million social housing units and complete the construction of 4.6 million units in 2013;
  
  
• Total seaborne iron ore and coal trade are estimated to grow by 6% and 5% YOY in 2013, respectively;
  
  
• Australian iron ore exports are forecast to increase by 13% to 543 Mt in 2013;
  
  
• Peak winter season electricity demand has led to robust thermal coal derived electricity production in China;
  
  
• Indian thermal coal fixture volume remains robust as domestic supply lags behind demand;
  -December Indian thermal coal imports reached a record high of 140 Mt on an annualized basis, becoming the second largest consumer of seaborne coal
  
  
• Activity for Panamax vessels is picking up due the onset of South American grain season; and
  
  
• Brazilian grain exports in the second half of 2012 offset shortages from weak US grain season due to drought.

On watch today include names like DryShips (Nasdaq: DRYS), Paragon Shipping (NYSE: PRGN), Eagle Bulk Shipping (Nasdaq: EGLE), FreeSeas (Nasdaq: FREE), and Navios Maritime (NYSE: NM), among others.

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