SOURCE: Capital Link Shipping

January 17, 2008 11:09 ET

Transcript of Analyst Panel Discussion on the Dry Bulk Sector Available at www.capitallinkshipping.com

NEW YORK, NY--(Marketwire - January 17, 2008) -


The Transcript of the Analyst Panel Discussion on the Dry Bulk Sector, which took place on Tuesday, January 15, 2008, is available at no cost and anyone interested may request a copy either by email at shippingforum@capitallink.com, or through the event page at www.capitallinkshipping.com

An audio replay is also available at the events page on www.capitallinkshipping.com, where it will remain archived for a minimum period of three months.

On Tuesday, January 15, 2008, Shipping Analysts from

--  Bear Stearns (Scott Burk),
--  Jefferies & Company (Douglas Mavrinac),
--  JPMorgan Securities (Jonathan Chappell) and
--  Lazard Capital Markets (Urs Dur)

participated in a Virtual Analyst Panel Discussion on the dry bulk shipping sector. The Analyst Forum was organized by Capital Link, a New York based Investor Relations and Financial Communications firm focusing on shipping. Nicolas Bornozis, the President of Capital Link, moderated the panel discussion.

About Dry Bulk Shipping:

International shipping plays a vital role in global trade given that 2/3 of the world's goods are transported by sea. The shipping industry provides a cost effective and practical means of transportation internationally of large volumes of cargoes.

The dry bulk carrier market refers to the transportation of homogeneous commodities in bulk. Dry bulk commodities are divided into two distinct categories, major bulks and minor bulks. Major bulks include iron ore, coal and grain, which are usually shipped on the larger size Capesize, Kamsarmax and Panamax vessels and comprise about 67% of dry bulk trade. Minor bulks are fertilizers, steels, sugars, cement etc., which are shipped in smaller more versatile vessels such as Supramax, Handymax and Handysize, and comprise about 33% of the dry bulk commodities trade.

Dry bulk carrier ownership is fragmented with many owners and operators of shipping tonnage, including independent operators, state-controlled shipping companies and proprietary owners. Vessels utilised for transport of dry bulk cargoes are usually classified into four categories based on their carrying capacity in deadweight tons (DWT) (i) handysize (10,000-39,999 DWT) (ii) handymax/supramax (40,000-59,999 DWT) (iii) panamax (60,000-99,999 DWT) and (iv) capesize (higher than 100,000 DWT).

The shipping industry is highly cyclical, experiencing volatility in profitability, vessel values and charter rates resulting from changes in the supply of and demand for shipping capacity. Fluctuations result from the interaction of various factors between demand and supply. The demand for vessels is influenced by global and regional economic conditions, international trade developments, port congestion, trading routes and weather pattern changes, crop yields, armed conflicts, political developments, embargoes and strikes, demand for consumer goods, dry bulk commodities, and crude oil and oil products.

Supply of shipping capacity is mainly a function of the delivery of new vessels and the number of older vessels scrapped and is also affected among other factors by port congestion and regulation of maritime transportation practices by governmental and international authorities.

Dry bulk companies listed on US Exchanges include Diana Shipping (NYSE: DSX), DryShips (NASDAQ: DRYS), Eagle Bulk (NASDAQ: EGLE), Excel Maritime Carriers (NYSE: EXM), Euroseas (NASDAQ: ESEA), Freeseas (NASDAQ: FREE), Genco Shipping (NYSE: GNK), Navios Maritime (NYSE: NM), Navios Maritime Holdings (NYSE: NMM), OceanFreight (NASDAQ: OCNF), Paragon Shipping (NASDAQ: PRGN), Quintana Maritime (NASDAQ: QMAR), Star Bulk Carriers (NASDAQ: SBLK), TBS International (NASDAQ: TBSI). Dry bulk companies listed in London include Goldenport (LSE: GPRTL), Globus Maritime (AIM: GLBS), Global Oceanic Carriers (AIM: GOC) and Hellenic Carriers (AIM: HCL).

About Capital Link and www.CapitalLinkShipping.com:

Capital Link is a New York-based Investor Relations and Financial Communications firm with a strategic focus on shipping. Capital Link Shipping is a web based resource operated by Capital Link whose objective is to facilitate investor knowledge and understanding of shipping and its listed companies, and to facilitate the exchange of information among listed companies, industry participants and investors. The site provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

The information on the website is not an offer to buy or sell any kind of securities nor does it constitute investment advice of any kind. Capital Link does not represent or warrant the accuracy of the information in this site. The user of the site acknowledges that he/she accesses the information at his/her own risk and cannot hold Capital Link liable for any matter in any way and will use the website in accordance with the Terms and Conditions specified on the website.

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