The shipping industry remains divided between bears and bulls, however. The former think so many new ships are scheduled for delivery this year that dry-bulk rates will inevitably sink. The latter believe that a global economic recovery, and continued raw-materials consumption by China, will be enough to absorb however much new supply comes out of the world's shipyards and onto the world's oceans.
Among other dry-bulk names Monday, shares of Diana Shipping (DSX - Get Report) declined 2.6% to $14.50, Eagle Bulk Shipping (EGLE) shed 3.4% to $5.63, and Excel Maritime (EXM - Get Report) dropped 2.2% to $6.28.
Genco Shipping and Trading (GNK - Get Report), meanwhile, lost almost 4% to $21.64. Shares of the Genco-backed Baltic Trading (BALT - Get Report), which went public last week, closed the session at $13.88, down 2% and below their offer price of $14.
-- Written by Scott Eden in New York
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