SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 30, 2012) - After a strong first quarter the shipping stocks have struggled as oversupply and global economic uncertainties continue to plague the industry. The world's oldest shipping company, Stephenson Clarke Shipping Ltd., recently sold its last vessel and went into liquidation. The Guggenheim Shipping ETF (SEA) has fallen nearly 15 percent over the last 6 months. The Paragon Report examines investing opportunities in the Shipping Industry and provides equity research on DryShips Inc. (NASDAQ: DRYS) and Genco Shipping & Trading Limited (NYSE: GNK).
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The Baltic Dry Index, a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, last week saw its first gain since July 9th. The shipping index since early July had dropped from roughly 1,100 to the current levels in the low 700 range. Last week's rise snapped a 31 consecutive session losing streak. The index ended 2011 above 1,700.
"Considering the downwards pressure currently in Chinese steel prices, we do not expect a significant boost to rates in the near term," Omar M. Nokta and Damien Fortune, Dahlman Rose strategists, wrote in a note to clients.
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DryShips Inc. is a global shipping transportation company specialising in the transportation of drybulk cargoes. For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $58.6 million for the three-month period ended June 30, 2012, as compared to $87.7 million for the three-month period ended June 30, 2011.
Genco Shipping & Trading Ltd. transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. For the second quarter of 2012 the company reported a net loss of $27.7 million, compared to a net income of $10.1 million for the second quarter of 2011. Shares of the company have fallen over 50 percent this year.
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