Shipping Sector Update

An article from Seeking Alpha persuaded me to reduce Dryships – but maintain Safe Bulkers .

Better lucky than smart but great to be both.

Here is an update from Monday. Jan . 6th

** GENCO SHIPPING AND TRADING LTD, $2.43, +0.00 pct

** FREESEAS INC, $2.16, -5.26 pct

** EAGLE BULK SHIPPING INC, $4.1, -5.53 pct

** DRYSHIPS INC, $4.07, -4.68 pct

Shares of dry bulk shippers fell due to a decrease in the rates of capesize vessels that are used to ship bulk commodities such as iron ore, grain, coal and fertilizer. The Baltic Exchange’s overall index, which factors in the average daily earnings of dry bulk transport vessels, fell about 85 points, or 4 percent, on Monday.

 

** TSAKOS ENERGY NAVIGATION LTD, $4.06, +6.84 pct

** FRONTLINE LTD, $4.06, +6.84 pct

“The crude carrier market has improved materially during the past several weeks as very large crude carriers (VLCC), Suezmax and Aframax (vessel) spot rates have reached highs last seen during the spring of 2010. We believe there are legs to the upswing,” Global Hunter Securities analyst Omar Nokta said in a note to clients on Monday.

The brokerage raised its rating on tanker operator Tsakos Energy’s stock to “buy” from “neutral”.

 

 

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