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Large Vessel Purchase by Shipping Magnate Bodes Well for Segment (DRYS) (EGLE)

January 7, 2013 12:11 PM EST Send to a Friend
Dry bulkers are up again once again Monday following a solid move higher last Friday on word that John Fredriksen may be looking to expand.

According to Iberia Capital's David Beard, Fredriksen could be looking to order 14 new iron ore-carrying Capesize vessels, possibly hinting at a bottom in the market.

Beard noted that fundamentals in the market are strong, with China's iron ore imports expected to accelerate through 2013.

Stronger stocks like DryShips (Nasdaq: DRYS), Diana Shipping, and FreeSeas (Nasdaq: FREE) will be able to thrive, while "weaker" stocks will also capture more upside.

Fredriksen is a shipping tycoon with interests in such companies as Frontline (NYSE: FRO), Seadrill (NYSE: SDRL), Golar LNG (Nasdaq: GLNG), and others.

DryShips, Freeseas, Eagle Bulk Shipping (Nasdaq: EGLE), and Excel Maritime (NYSE: EXM) are all higher on the session.




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