There's some irony here: Capesize rates finally found stability Thursday. The going rate for a capesize vessel, the biggest dry-bulk haulers on earth, posted its first gain, 0.6%, in a long time, as shipping owners refused to let out their ships at below break-even levels.
On Thursday, Capesizes were going for $22,251 a day, up from $22,109 on Wednesday. Still, those rates are still down nearly 24% for the week.
Among the larger dry-bulk names Thursday, shares of DryShips paced the declines, losing nearly 6% to $6.54. Diana Shipping (DSX) fell 4.4% to $12.54; Safe Bulkers (SB) shed 5% to $7.80; Genco was down about 4% to $20.09; and Eagle Bulk (EGLE) dropped 5.3% to $5.19.Elsewhere, Excel Maritime (EXM), Navios Maritime and Star Bulk Carriers (SBLK) all declined about 5% apiece. Smaller players FreeSeas (FREE) and Paragon (PRGN) gave up the most percentage-wise, declining about 7% and 8%, respectively. -- Written by Scott Eden in New York Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV