There is really no new knews on the shipping stock front, but that has not stopped the market from posting a pretty strong sell-off in the sector. My eyeball has the sector off as a whole 10% to 15%. The dividend payors seem to be holding up pretty well, but the stocks without any distribution have been hit hard and my suspended dividend list is back in the red by almost 7% for the year. I have been keeping an eye on EGLE and the stock has shed 30% since June 1.
Shipping rates, however, continue to improve. The Baltic Dry Index is back above 4,000 and the Capesize Index is approaching 8,000 again. Tanker spot rates have also seen a much needed improvement in rates.
The market seems to have soured on the shipping sector just as the underlying fundamentals are returning to profitable times. If you have some favorite stocks in the sector, I think this may be a good time to add to your position.
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Stock Prices and Shipping Rates
There is really no new knews on the shipping stock front, but that has not stopped the market from posting a pretty strong sell-off in the sector. My eyeball has the sector off as a whole 10% to 15%. The dividend payors seem to be holding up pretty well, but the stocks without any distribution have been hit hard and my suspended dividend list is back in the red by almost 7% for the year. I have been keeping an eye on EGLE and the stock has shed 30% since June 1.
Shipping rates, however, continue to improve. The Baltic Dry Index is back above 4,000 and the Capesize Index is approaching 8,000 again. Tanker spot rates have also seen a much needed improvement in rates.
The market seems to have soured on the shipping sector just as the underlying fundamentals are returning to profitable times. If you have some favorite stocks in the sector, I think this may be a good time to add to your position.