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.
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