Shippers Jump on Iranian Warship Reports (GNK) (TK) (FRO) (OSG)

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February 16, 2011 12:24 PM EST
Following a report that two Iranian warships are making their way through the Suez Canal heading towards Syria, shippers are also making a move as crude prices have spiked midday. At last reading, March 11 WTI sweet crude contracts are up $1.15/barrel to $85.47/barrel.

Gainers include:
  • Genco Shipping & Trading Ltd. (NYSE: GNK) up 2.7%;

  • Teekay Corp. (NYSE: TK) up 3.9%;

  • Frontline Ltd. (NYSE: FRO) up 2.3%; and

  • Overseas Shipholding Group, Inc. (NYSE: OSG) up 1.9%.

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