NEW YORK, NY--(Marketwire - Nov 23, 2012) - Shipping stocks have struggled as oversupply and global economic uncertainties have continued to plague the industry. The Baltic Dry Index, a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, has dropped as much as 50 percent in 2012. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on Navios Maritime Holdings Inc. (NYSE: NM) and Overseas Shipholding Group Inc. (PINKSHEETS: OSGIQ).
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Things may be turning around for the industry as stimulus measures announced by the Chinese government in September has seen demand for iron ore spike. China, who is the largest importer of iron ore, plans to purchase record amount of the commodity in the fourth quarter, which will help ease the current glut in shipping.
"We're finally getting back into a period when the market isn't so oversupplied," said Jeffrey Landsberg, managing director of Commodore Research & Consultancy. "When we do have sharp increases in demand, Capesize rates can rise significantly."
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Navios Maritime Holdings is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. As of November 15, 2012, Navios Holdings had chartered-out 98.0%, 33.7% and 10.6% of available days for 2012, 2013 and 2014, respectively, equivalent to $262.4 million, $93.2 million and $47.4 million in revenue.
Overseas Shipholding Group last week filed for Chapter 11 bankruptcy protection. The company had listed total assets of $4.15 billion and total debt of $2.67 billion in a filing. "We will use the Chapter 11 process to definitively resolve our financial issues," Chief Executive Officer Morten Arntzen said in a statement. "An orderly restructuring in Chapter 11 will provide stability both to OSG and to the entire shipping industry."
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