SOURCE: The Bedford Report

The Bedford Report

September 01, 2011 08:16 ET

Baltic Dry Index Soars -- Dry Bulk Shipping Stocks Do Not

The Bedford Report Provides Equity Research on DryShips and Genco Shipping

NEW YORK, NY--(Marketwire - Sep 1, 2011) - In the last year, an oversupply of ships and mediocre demand has severely damaged the Dry Bulk Shipping industry and forced companies to search elsewhere for revenues. The Bedford Report examines the outlook for companies in the Shipping Industry and provides investment research on DryShips, Inc. (NASDAQ: DRYS) and Genco Shipping & Trading Ltd. (NYSE: GNK). Access to the full company reports can be found at:

The Baltic Exchange said that rents for the world's 1,237 capesize ships, comprising 40 percent of the dry-bulk fleet, declined 43 percent in the past 12 months, as growth exceeds supply. The capesize fleet is forecast to grow by 14 percent in 2011 and outpace demand until 2014, capping any rates recovery, according to a report from Bank of America Merrill Lynch.

On the upside, a massive jump in iron ore and coal cargo has allowed the Baltic Dry Index (BDI) to reach its highest levels in eight months as the cost to hire vessels that haul iron ore and coal pushed earnings for some cargoes over $40,000 a day.

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Lower charter rates have caused a noticeable decrease in Dry Bulk shipping revenues. Genco's voyage revenues decreased 6.5% to $98.5 million for the three months ended June 30, 2011, versus $105.3 million for the three months ended June 30, 2010.

Earlier this week shares of DryShips fell after the company reported $0.04 earnings per share for the second quarter, missing the Thomson Reuters consensus estimate of $0.17 by $0.13.

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