Shipping Stocks: A World of Hurt

The shippers are thrashing about as the broader market stays stuck in the red.
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The shippers were thrashing about in vain Wednesday as the broader market suffered losses.

Genco

(GNK) - Get Report

and

Excel Maritime

(EXM)

were the sector's biggest losers at midday, falling 8% to $11.70 and 7% to $3.74, respectively. The Dow was down 2%, and the Nasdaq was slipping 2.1%.

Elsewhere:

Eagle Bulk Shipping , among the stocks that received an upgrade from Wachovia a day earlier, was recently slipping 3% to $4.27.

Diana Shipping was down 3.8% to $12.14.

Shares of DryShips were falling 5.5% to $3.81.