I got back in, I sold my entire position, The ngot back in at 16.05, then 15.30ish something.
Why? like skwerl said, Ive tracked bulkers for 2-3 years now. GNK has rock solid support at 14. I remeber buying it at 12$ around 2-3 years ago and rode it to 19$
Anywho, Why do I think its going back up? I may be wrong, I may be right, I have no idea.
All there ships, Are new. They will have little to no maintence on those things, and if it comes down to it, they can sell them. They got bonghole loads of cash on books.
All the others shippers have old ships and will be having to get new ones soons anyway, GNK already did that, When it was the worst of the worst recession ever, It was still pumping. Food being on the rise? What is it? Grain thats going crazy? GNK is a main shipper of grain and such of that nature. And rumor has it China is gonna start back into building and mainstructuring outland china. mmmm thats alot of iron/steel etc.
Obamas bitch ass said he plans to double export. Whats export? Shipping to different countries! Only way these shippers go under, If the world comes to an end and all countries decide to never ever ship anything to each other ever again, and I DOUBT that ever happens, We all need eachother.