SOURCE: The Bedford Report

The Bedford Report

July 25, 2011 08:16 ET

Genco and Eagle Bulk Shipping Struggle to Stabilize

The Bedford Report Provides Equity Research on Genco & Eagle Bulk Shipping

NEW YORK, NY--(Marketwire - Jul 25, 2011) - Drybulk shippers have continued to underperform as freight rates remain under pressure based on too many available ships and not enough demand to match supply. Additionally, renewed fears regarding the health of global trading have hurt shipping markets. The Bedford Report examines the outlook for companies in the Shipping Industry and provides equity research on Genco Shipping & Trading Ltd. (NYSE: GNK) and Eagle Bulk Shipping, Inc. (NASDAQ: EGLE). Access to the full company reports can be found at:

Although the Baltic Dry Index has been relatively stable over the last month, it has lost in excess of 20 percent in value since the beginning of the year as the market remains oversupplied and new vessels continue to enter the market.

In addition, the Chinese economy appears to be finally cooling down from the Government's effort to tame inflation. Last week UK industry consultant MEPS observed that massive unreported steel inventories in China indicate that there will be less demand for iron ore imports.

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Genco Shipping & Trading is currently trading close to 52 week lows as an oversupply of ships has crimped earnings. Last week the company announced that it has taken delivery of the Genco Mare, a "35,000 dwt Handysize newbuilding." The Genco Mare is the fourth of five vessels to be delivered to the Company under Genco's agreement to acquire five Handysize vessels from companies within the Metrostar group of companies.

Eagle Bulk Shipping is also trading close to 52 week lows. The company is set to report second quarter earnings in early August. Last quarter EGLE reported a net loss of $5.8 million, or 9 cents a share for the first quarter of 2011.

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