Shipping executives last year consistently downplayed fears of a glut, arguing that enough new ship orders would be canceled to thwart a crushing oversupply of ships. Those assurances may have been premature.
As the industry enters fourth-quarter earnings season, investors will be paying close attention to the words of those same executives, to see whether their tune has changed.
In late-morning trading Monday, Genco Shipping & Trading was falling 2% to $13.05, Diana Shipping was losing 1.4% to $11.78, Eagle Bulk Shipping was declining 3.3% to $4.47, and Excel Maritime was down 2.6% to $4.90. Volumes were heavy across the board.
Fan favorite DryShips, whose oil-rig operations now dominate the company, at least in terms of perception, also saw its shares decline Monday. The stock was trading recently at $4.89, down about 2%.-- Written by Scott Eden in New York >To contact the writer of this article, click here: Scott Eden. >To follow the writer on Twitter, go to http://twitter.com/ScottEden. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV