DryShips and Eagle Bulk Shipping Shares Soar as Baltic Dry Index Rises for the First Time Since November
Five Star Equities Provides Stock Research on DryShips and Eagle Bulk Shipping
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 01/08/13 -- After struggling with a supply glut throughout much of 2012 shipping stocks have started the New Year on an impressive run as the Baltic Dry Index has begun to show signs of improvement. The Guggenheim Shipping ETF (SEA) has surged over 7 percent in the past week. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on DryShips Inc. (NASDAQ: DRYS) and Eagle Bulk Shipping Inc. (NASDAQ: EGLE).
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The Baltic Dry Index (BDI), a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, last week increased 0.3 percent, which was the first increase since November 28th. In 2012, the BDI posted its lowest average since 1986, according to the Baltic Exchange.
Rates for Capesize vessels, which ship iron ore and coal, have surged 2.2 percent to $4,973 a day. Iron ore shipments to China are expected to rise after recent reports have shown inventories of the commodity were at their lowest levels in two years.
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DryShips are a global shipping transportation company specializing in the transportation of drybulk cargoes. Their capesize and Panamax drybulk carriers carry predominantly coal and iron ore for energy and steel production as well as grain for feedstocks. Shares of the company have gained nearly 40 percent in the past week.
Eagle Bulk Shipping is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Shares of the company have rallied nearly 50 percent in the past week.
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Datum: 08.01.2013 - 13:20 Uhr
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