Dry Bulk Sector Tumbles as Frontline (FRO) Warns of Cash Crunch (SFL) (OSG) (EXM)

Following a wider than expected third-quarter loss and comments from management the company may run out of money as soon as next year, Frontline (NYSE: FRO) shares are leading the Dry Bulk Shipping group sharply lower Tuesday afternoon.

Frontline posted a quarterly loss of $166.6 million and also said the company will not offer a dividend.

Frontline shares last traded down 41 percent to $3.06. Elsewhere in the Dry Bulk group:

• Ship Finance International (NYSE: SFL) down 18 percent;
  
• Overseas Shipholding (NYSE: OSG) down 15.7 percent;
  
• Excel Maritime (NYSE: EXM) down 9.8 percent;
  
• Genco (NYSE: GNK) down 8.1 percent;
  
• Eagle Bulk (Nasdaq: EGLE) down 7.4 percent;
  
• Diana Shipping (NYSE: DSX) down 6 percent;
  
• Teekay Tankers (NYSE: TNK) down 4.4 percent and
  
• DryShips (Nasdaq: DRYS) down 4.2 percent.

The Frontline report comes as real salt in the wound for Dry Bulk investors: just last week General Maritime (NYSE: GMR) filed for bankruptcy protection.

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