Shipping Rates Continued to Be Plagued by Oversupply
The Paragon Report Provides Stock Research on Frontline and Genco
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 08/01/12 -- After unexpectedly showing positive gains to start the year shipping stocks have begun to struggle once again. Oversupply in the oil tanker and dry bulk sectors continue to plague shipping rates. "Oversupply in both sectors is quite sizeable and we think that it will take 12 to 15 months to see the light at the end of the tunnel," said Marco Vetulli, senior credit officer with Moody's, a ratings agency. The Paragon Report examines investing opportunities in the Shipping Industry and provides equity research on Frontline Ltd. (NYSE: FRO) and Genco Shipping & Trading Limited (NYSE: GNK).
Access to the full company reports can be found at:
The Baltic Dry Index, a measure of costs to ship dry-bulk commodities, since hitting a low of 647 in February has rallied 66 percent to 1074. Despite the rally the index is still 50 percent below the levels seen in October.
"Demand for shipping has rebounded from its late-2008 lows but capacity has risen even faster, causing utilization rates and hence shipping costs to plummet," Jessop says. "Order books for delivery in 2012 suggest that this year will see a further surge in supply, maintaining the downward pressure on prices."
The Paragon Report releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous stock reports and industry newsletters.
Frontline Ltd. has established itself as the world leader in the international seaborne transportation of crude oil, with one of the world's largest fleets of VLCC and Suezmax tankers, and Suezmax OBO carriers. The company is scheduled to release second quarter 2012 results on August 31, 2012. Shares of Frontline have fallen over 40 percent in the last three months.
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. The company recently announced that it will hold a conference call to discuss their results for the second quarter of 2012 on Thursday, August 2, 2012 at 8:30 a.m. Eastern Time.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 01.08.2012 - 12:20 Uhr
Sprache: Deutsch
News-ID 170633
Anzahl Zeichen: 3441
contact information:
Town:
NEW YORK, NY
Kategorie:
Investment Services & Trading
Diese Pressemitteilung wurde bisher 250 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Shipping Rates Continued to Be Plagued by Oversupply"
steht unter der journalistisch-redaktionellen Verantwortung von
Paragon Financial Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
