SOURCE: The Bedford Report

The Bedford Report

November 17, 2011 08:16 ET

Genco Shipping on the Upswing as Drybulk Sector Improves -- Eagle Bulk Shipping Fails to Rally

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

NEW YORK, NY--(Marketwire - Nov 17, 2011) - Despite better than expected third quarter earnings and stronger daily rents for panamax ships, most shipping stocks continue trading well off of 52-week highs. With more ships taking to the seas, and demand for iron ore and raw materials drying up, most analysts are concerned that shipping stocks could be in for a rough conclusion to 2011. The Bedford Report examines the outlook for companies in the Shipping Industry and provides investment 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:

After a strong finish to the summer, the Baltic Dry Index has once again fallen on hard times as a continued slowdown in cargo activity on the larger capesize market weighed on wider sentiment. Steel prices in China slid for a second month in October, weighing on demand for iron ore, a raw material. The price of ore imported into the Chinese port of Tianjin plummeted 31 percent in October, according to The Steel Index Ltd.

On the upside, Bloomberg reports that average daily rents for panamax ships surged 16 percent from the prior month to $15,670 in October, the highest level since March.

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Reports from Reuters state that the dry bulk fleet -- responsible for shipping iron ore, coal and other commodities -- was expected to grow 13 percent this year to top a record 600 million deadweight tonnes despite demand rising by just 5 to 8 percent.

For July-September quarter, Genco Shipping & Trading's net income was $1.6 million, or 4 cents a share, compared with $36.2 million, or $0.99 per share, a year ago. Shares of Genco have bounced back from a life-time low of $4.16 in August to gain more than twice their value.

Shares of Eagle Bulk Shipping haven't been nearly as fortunate -- trading close to 52-week lows. The company posted a third-quarter net loss of $5.9 million or $0.09 per share, compared to net income of $8.2 million, or $0.13 per share, for the comparable quarter in 2010.

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