Shipping Stocks: Snug Harbors

Shipping stocks are largely down on the heels of a report that ship owners may anchor the largest number of vessels since the 1970s.
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Shipping stocks were largely down Tuesday on the heels of a report that ship owners may anchor the largest number of vessels since the 1970s.

GAC Solutions

, which provides services to the shipping industry, told

Bloomberg

that about 1,000 container and commodities ships are anchored with no cargo and that hundreds may be harbored for months or years.

Shares of

Excel Maritime Carriers

(EXM)

were recently down 6.1% to $6.01 ahead of the company's fourth-quarter earnings report. Analysts expect earnings per share of $1.04 on $123.53 million in revenue.

In a bit of good news,

General Maritime

(GMR)

shares got a boost Tuesday after an analyst at JP Morgan upgraded the stock to Overweight from Neutral. Shares were recently rising 3.1% to $8.24.

Elsewhere in the sector:

DryShips

(DRYS) - Get Report

shares were down 6.9% to $4.76.

Eagle Bulk

(EGLE) - Get Report

shares were down 4.8% to $4.35.

Genco

(GNK) - Get Report

was falling 5.2% to $13.20.

Diana Shipping

(DSX) - Get Report

was down 3.7% to $12.74.