Baltic Dry Index Sinks Nearly 4%, But Bulk Shipping Stocks Mixed (DRYS, TK, DSX, more)
Despite a Baltic Dry Index which is sinking for the third straight day today, dry bulk shipping stocks are mixed. Out of the three down days, the heavily-watched index is dipping the most today, currently down more than 150 points to 3,874. Yesterday the index notched a 41 point decline, while Friday, the BDI closed just 3 points lower.
The BDI, which tracks day-to-day shipping rates for bulk shippers, is the metric which often affects these highly volatile dry bulk stocks the most, and so today's lack of direction comes as somewhat of a surprise. Today's sharp move lower in the BDI is likely the result of increasing speculation that manufacturing demand in China could be weakening.
Around the sector:
- DryShips (Nasdaq: DRYS) is down 2.7% to $5.38 on light volume
- Teekay (NYSE: TK) is up 1.7% to $19.62
- Nordic American Tanker Shipping (NYSE: NAT) is down 2.5% to $30.41
- Diana Shipping (NYSE: DSX) is up 2% to $13.37
- Overseas Shipholding (NYSE: OSG) is up 1.3% to $34.18
- Genco Shipping (NYSE: GNK) is down 1.4% to $20.40
- Seaspan (NYSE: SSW) is up 2.4% to $6.30
- Navios Maritime (NYSE: NM) is up 10.4% to $4.02 on news that it has agreed to acquire four new build capesize vessels.
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