Boutique investment bank Dahlman Rose issued a positive research note on the dry bulk carrier industry Tuesday, citing signs that rates for merchant shipping could be strengthening.
Highly susceptible to almost any kind of news, stocks were higher across the beaten-down drybulk sector in Tuesday's trading session. Diana Shipping(DSX Quote) closed up 3% to $16.29, Navios Maritime Holdings(NM Quote) closed up 6% to $4.43, Excel Maritime(EXM Quote) finished 7% higher at $10.22, Genco Shipping(GNK Quote) up 6% to $20.02, and Eagle Bulk Shipping(EGLE Quote) up 8% to $7.32.
Paragon Shipping(PRGN Quote), ahead of its quarterly earnings report, soared 21% to $4.74, while fan favorite DryShips(DRYS Quote) rose only modestly on the session, closing up 12 cents, or 2.7%, at $7.16. ...
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