Courage Marine

weakness for freight rates.Since our 22 May downgrade

Sharp falls in BDI last week caused by evaporating demand.

17%, primarily due to the 28% collapse in capesize rates, with shipbrokers reporting a

sudden absence of demand for iron ore cargoes. Shipments from both Brazil and

Australia were affected. Meanwhile, the Argentinean farmers’ strike continued to prevent

panamaxes from being loaded with grains for export, and the ongoing monsoon season

caused a slump in activity on India’s west coast. China recently raised port storage

charges for the accumulating iron ore inventory and threatened to revoke the licences of

traders responsible for the stockpile. As the 30 June target for conclusion of iron ore price

negotiations with Australia approaches, we believe China is determined to weaken spot

prices by curtailing imports.Last week, the BDI fell

Heightened downside volatility reflects intolerance for rising risks.

have traditionally exhibited a strong correlation to the gyrations in rates, but in recent

months, this relationship appears to be reflecting downside bias. Share prices lagged

behind the upturn in BDI from late January, but the sell-off from mid-May has been more

brutal than the drop in the BDI. We believe that investors are becoming more intolerant of

the rising risks in the sector and more fearful of its volatility. This suggests that the

pullback in share prices is unlikely to be over.Share prices

Trading Sells maintained but with lower target prices: STXPO (S$2.32), TTA

(THB32), PSL (THB18.50), Maybulk (RM3).

previous targets (apart from Maybulk), and we think further downside is likely if the BDI

extends its fall. Therefore, we are lowering our target prices by 10-30%. Our price

objective for STXPO now factors in a 40% discount to its RNAV, instead of 20%. We

apply a 50% (30% previously) RNAV discount to the Thai stocks and a 20% (10%

previously) discount to Maybulk. The relative premium for Maybulk is due to its high

dividend yield while TTA and PSL are priced at a relative discount on account of its

historical trading valuations.Share prices have already fallen below our

We expect freight rates to bottom in July or August

point. Once the iron ore inventories in China are digested and the Olympics is over,

demand for commodities should return with a vengeance and rates should rally sharply

from September. Risks to our underweight rating include the resolution of the

Argentinean farmers’ strike which could release grain cargoes into the panamax and

handymax segments, less-than-expected iron ore destocking in China and uninterrupted

steel production during the Olympics., which will be an excellent reentry

This counter is one I had been eyeing for a v. long time, particularly b'cos of it's business nature (dry bulk carrier and marine transportation services),  as well as its dividend (in USD) - certainly betta than FD. :P

Didn't enter cos it suffered pretty badly during the Sub Prime Alarm.

But that's besides the point, what I'm trying to find out is the following:

If I were to buy the stock on it's XD date - i.e. 5th May - am I still entitled to its dividend?

Hi....

Just my 2ct opinion,,,,

This stock should went up last week but it's being deter till lose it's strenght and now only hope is tat BBs come in and push it up ( FOR SHORT term) As for mid to long term, this stock still got alot of room to move north with resistance at 0.47

Hope this help..... Before it XD should have a slight spike up as per all normal stocks... catch it while it's on the right track...

cheers