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.
Genco Shipping and Trading (GNK), meanwhile, lost almost 4% to $21.64. Shares of the Genco-backed Baltic Trading (BALT), 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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