STX PO
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STX Pan Ocean rose to an all-time high of $3.66, tracking a record-breaking run by the Baltic dry index. The Baltic Exchange's dry freight index, which gauges the strength of seaborne trade for dry commodities such as coal, iron ore and grains, rose 3.6% on Wed to hit a record high, and was up 7% this week. The index began breaking records in May, driven by demand for natural resources in China and India, and a lack of ships.
Did anyone heed my advice yesterday ... $4 here I come
Hi joshconsultancy
Bulk carriers are in huge shortage. There are currently alot of orders for bulk carriers in the shipyards. I believe this shortage should last at least until 2009 because it takes sometime for the shipyards to build the bulk carriers. The reason why the shortage will last a while is because most shipyards are fully booked. They need to expand capacity to build more ships but it takes time to find suitable land.
I should be holding STX PO until end of 2009.
Did anyone notice the huge buy volume at $3.30, I think no problem crossing the $3.40 mark tomorrow, by then will be testing $3.50 again, if clear successfully, $4 here I come
could i splash some cold water Applet? haa sorry sorry... if stx does not clear 3.34 it could mean a head and shoulders formation. I read a MACD divergence. In any case, I dont see the risk-rewards for goin long at this moment even if this could be wave 5 of the uptrend. Agree? correct me if I misinterpreted yup...
STX Pan Ocean Gains as UBS Buys Stake, Rates Surge (Update2)
By Kyunghee Park
Oct. 8 (Bloomberg) -- STX Pan Ocean Co., South Korea's largest carrier of commodities, climbed the most in more than a month in Singapore trading after UBS AG bought a stake amid surging rates for moving iron ore and coal.
The shipping line gained 7.8 percent to close at S$3.16 in Singapore. Its Seoul-listed shares gained by their daily 15 percent limit. Korea Line Corp., the country's fourth-largest shipping company by sales, rose 5.2 percent in Seoul.
China, the world's biggest coal user and producer, has led a boom in shipping demand that has caused freight rates to double in the past year. Congestion at ports in Australia and Brazil has extended journey times, crimping the supply of available vessels.
``Demand to ship iron ore and coal is outpacing capacity,'' said Ryu Je Hyun, an analyst at Mirae Asset Securities Co. in Hong Kong. ``This trend will continue for the time being.''
UBS, Europe's largest bank by assets, bought 5.5 percent of STX Pan Ocean's Seoul-listed stock, or 113 million shares, for ``simple investment'' purposes, it said in a Korea Exchange filing today. It didn't disclose the price.
China Cosco
China Cosco Holdings Co., set to buy the world's largest dry-bulk fleet, rose 9.9 percent in Shanghai to 49.53 yuan. Its shares listed in Hong Kong surged 2.7 percent to HK$28.75.
Pacific Basin Shipping Ltd., the Hong Kong-based operator of dry-bulk cargo vessels, gained 1.7 percent to HK$15.80 in the city. U-Ming Marine Transport Corp. climbed 4.9 percent to NT$108 in Taipei.
The Baltic Dry Index, an overall measure of commodity- shipping costs on different routes and ship sizes, reached a record 9,566 on Oct. 2, according to the London-based Baltic Exchange. The index gained 0.2 percent on Oct. 5 after a two-day decline.
The line of ships waiting to load coal at Australia's Newcastle, the world's biggest coal-export harbor, fell to 38 vessels as of Oct. 1, the shortest this year. That compares with 44 a week earlier and a record of 79 on July 2, the Newcastle Port Corp. said on its Web site.
To contact the reporter on this story: Kyunghee Park in Hong Kong at
kpark3@bloomberg.net
UBS buys 5.5% stake in STX Pan Ocean
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| UBS said in a filing with South Korea's financial regulator that it had bought 113 million shares for investment purposes in STX Pan Ocean. |
UBS said in a filing with South Korea's financial regulator that it had bought 113 million shares for investment purposes in STX Pan Ocean, South Korea's top bulk shipping firm, which went public in Seoul last month after its 2005 IPO in Singapore.
Shares in STX Pan Ocean, which has a market value of 4.5 trillion won (US$4.91 billion), rose 3.02 per cent to 2,215 won as of 0022 GMT, outperforming the wider market's 0.78 per cent gain.
The stock had surged 25 per cent since its Seoul market debut on Sept 21 as of Friday. Its US$630 million share offering was South Korea's biggest initial public offering this year, as investors clamoured for ways to cash in on soaring world trade.
Analysts predict continued upward momentum for the stock, with China's rapacious demand for iron ore, metals and other resources to fuel its galloping economic growth boosting international freight rates for bulk carriers, lifting earnings at dry bulk shipping companies such as STX. -- REUTERS
SEOUL - Swiss bank
UBS AG said on Monday it has acquired a 5.47 per cent stake in South Korean shipping firm
STX Pan Ocean, worth about US$270 million at current market prices.
UBS buys stake acording to BT online on latest news:
http://www.businesstimes.com.sg/latest/0,4553,,00.html?
Anyone got the full article?
The directors bought shares at 2077 korea currency in korea market. That's $3.00 singpore dollars. I think they are expecting some good news.
I closed my position at 3.18, as resistance 3.50 was formed, it will take sometime to breakout. TA chart looks slowdown. Anyoone know when is the migration of share coming to operation?
Did you do the coversion correctly?
Trading at huge discount compared to Korea listing... at least 50cts gap...matter of time before this gap is filled up....
Hi raymondho, stx made 50% gain in 2 weeks, i just have to protect the profit. Don't worry, I'll be back ... time for beers.
Hi! Dinola, why so fast to leave? Dinner still on, I check the chart, it's still in uptrend direction.
today's closing 3.34 is nearing to H 3.40, and the vol is only 10K, think it will continus its play on Monday. Still holding till next week. Anyway, you take back your $ can go to another gold mine for better profit.
Looks like STX had enough. kanna Doji star, I am out.
STX Pan Ocean surged by the daily limit of 15% amid expectations for strong earnings due to booming demand for dry bulk shipments. It derives close to 90% on its revenue from dry bulk shipping, and has benefited during a period when the Baltic Dry Index has been scaling record highs.
STX Pan up 4.9 pct in Singapore as Seoul stock hits limit SINGAPORE, Sept 27 (Reuters) - Shares of South Korean shipping firm STX Pan Ocean jumped 4.9 percent in early trade to S$3.40 on Thursday after its Seoul-listed stock <028670.KS> surged by the daily limit of 15 percent during its second trading session. [ID:nSEO40181] The company, which was first listed in Singapore, jumped in its Seoul debut on Friday ater its $630 million share offer -- the country's biggest IPO this year. [ID:nSP165545] Seoul markets were closed from Monday to Wednesday for a public holiday.
Hi! Dinola,
Do u mean that this is on teh way to form it's head and sshoulders top? If so, I think you are actually foresee the upswing movement by monday. But I have a bad experience week before when it fell to 2.61 and further fell to 2.54 covered the gap of 7 cents (2.61 - 2.68). I'm afraid it will repeat this gap covering.
Anyway, all indicators I used to measure this counter shown very positive except the daily bar of Friday, the high 3.24 low 3.10 and closed at low 3.10 this may suggest a slide fall shortly after the market open and may have gap-covering action. Just for disccusion to find out the true movement .
May be you can explain what is "on neck line" pattern, as I do not have that knowledge and never come accross. Thanks
hi raymondho, if i'm not wrong they call this pattern "On neck Line" in Candle pattern.A Bullish Continuation! If that is the case, Monday should spike up!
Stx management team looked very dynamic, alert and efficient, once listed, on 2i sep had already made doposite payment of 57 mil for several vessels, seems that they are eagerly hoping the new vessels can be in operation as soon as possible.
From the chart, I observed that most of the indicators are of possitive signs, although closing was a bit disappointed as it stood at the opening 3.10 the day's low, that may indicate a slide down in price could be possible in the Monday's trade, it could have dropped to cover the gap created on Friday's rally. It also a good chance for those who missed to aboard this vessel. However, with all indicators' support, it should still in the uptrend roll. vested
