China Logistics ( OTCQB: CHLO) recently reported that it sees shipping volumes doubling in 2013 for its South American route out of Shanghai launched in 2012. The Company began offering freight forwarding services from China to destinations in South America in March of 2012. Trade between China and South America has increased significantly in the past ten years due in large part to strong economic growth in countries like Brazil and Argentina. Management’s decision to begin providing freight forwarding services to Brazil and Argentina out of Shanghai in 2012 led to the Company achieving freight volume of 3,000 TEU or, twenty foot equivalent units, generating revenue for the year from the South American route of approximately $720,000 with $ 139,000 in gross profit. In 2013, management expects its shipping business to the South America route to double to volumes of at least 6,000 TEU generating revenue over $1,400,000.
Diana Shipping Inc. (NYSE: DSX) is trading up at $9.01, gaining 0.07(0.78%) as of 11:44AM EST on over 140,000 shares following news. The Company reported today that it has entered into a time charter contract with Glencore Grain B.V., Rotterdam, through a separate wholly-owned subsidiary, for one of its Kamsarmax dry bulk carriers, the m/v Maia. The gross charter rate is US$10,900 per day, minus a 5% commission paid to third parties, for a period of about eighteen (18) months to maximum twenty-four (24) months. The charter is expected to commence at the end of February 2013.
Eagle Bulk Shipping, Inc. (NasdaqGS :EGLE) is trading at $2.05,gaining 0.03(1.49%) as of 11:35AM EST on over 111,000 shares.
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