SOURCE: The Bedford Report

The Bedford Report

November 10, 2010 11:25 ET

Improved Coal Demand Sends Shipping Stocks Surging

The Bedford Report Provides Analyst Research on Eagle Bulk Shipping & Diana Shipping

NEW YORK, NY--(Marketwire - November 10, 2010) - Shipping stocks have been making a positive move this last week as earnings beats by several key shipping players, as well as positive guidance, has resurrected investor confidence in the industry. Meanwhile, the sluggish performance of the Dry Bulk Index over the past month has been shrugged off as coal shipments have been drastically increasing in the latter half of 2010 as China is preparing for a colder than normal winter. The Bedford Report examines the outlook for companies in the Shipping Industry and provides research reports on Eagle Bulk Shipping, inc. (NASDAQ: EGLE) and Diana Shipping, Inc. (NYSE: DSX). Access to the full company reports can be found at:

The Baltic Dry Index -- traditionally a key indicator of the industry's health -- has been on the slide for the last 9 days. Rents for iron ore haulers have dropped over the past ten days, but demand is expected to pick up. Xu Xu, the chairman of the China Chamber of Commerce of Metals, announced that China's iron ore imports are expected to rise for the rest of the year as steel mills embark on a period of restocking -- in September we saw an 18 percent sequential rise in China's iron ore imports.

The Bedford Report releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us for free at and get exclusive access to our numerous analyst reports and industry newsletters.

Shippers headquartered in Greece such as Diana already received a helping hand from China this year when Chinese Premier Wen Jiabao announced that China will assist the Greek economy via a five billion Euro fund to enable Greek maritime activities and to help Greek tycoons purchase Chinese vessels. A mere one day after Wen's Greek visit, Diana Shipping announced that it signed an agreement with the Export-Import Bank of China for an $82.6 million loan to fund the company's two Newcastlemax carriers. Diana's CEO Simeon Palios called the loan "a breakthrough for the future of Diana Shipping," and noted that Wen Jiabao himself was present at the signing.

Meanwhile New York based Eagle Bulk Shipping reported earlier this week that its third quarter revenue rose 75 percent year on year due to strong demand for shipping grain and other bulk cargo. The company expects the upswing to continue due to rising coal demand.

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