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DryShips: Shipping Winners & Losers

In just the last few days, Navios Maritime Holdings (NM - Get Report) and Genco Shipping & Trading (GNK - Get Report) both announced the delivery of a newly constructed ship.

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 - Get Report) fell 4.4% to $12.54; Safe Bulkers (SB - Get Report) shed 5% to $7.80; Genco was down about 4% to $20.09; and Eagle Bulk (EGLE - Get Report) dropped 5.3% to $5.19.

Elsewhere, Excel Maritime (EXM - Get Report), 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

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.
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