Diana Shipping 2Q14 Earnings Call Notes

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This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. Full transcripts can be found at Seeking Alpha

Chinese steel growth expected to be just 3% this year

“Apparent steel use in China is expected to slow to 3% growth this year and 2.7% in 2015 after growing by 6.1% in 2013.’

Chinese iron ore stockpiles are at record levels

“Stockpiles remain at near record level, and are above 39% higher than the same time last year.”

Chinese steel mills starting to restock met coal

“steel mills have been restocking since April and if this continues Chinese stocking volume for demand could drive in coming months, provided the freight differential between import and domestic coal remain favorable for imports.”

Fleet growth peaked in 10, only starting to get back in line with demand growth

“Fleet growth may have peaked in 2010, but only by the end of last year this has started falling in line with cargo growth.”

still not a positive outlook on the market

“unless the market deteriorates, we are not growing to see a better market.”

Shipping is a great industry eventually, but it may take some time

“Of course it will become profitable, the shipping market is the best market. Some of the industries in the world. And it’s going to return to earnings again, but it’s not going to be immediately, it will take some time.”

Until we see a real black spot on the market, there will be no turn

“without looking as ForEx you are missing the point. And the ForEx is saying that we have not seen a real black spot for the market to turn positive. We will be none of you are aware and the market will not turn if we don’t see really bad date.”

We are more positive on containerships

” if you have heard the management talking about the two different titles we are more positive as regard to the fundamentals on the Containerships sector and especially the medium size vessels there.”