SOURCE: Five Star Equities

Five Star Equities

October 12, 2012 08:20 ET

Shipping Industry Continues to Struggle as Baltic Dry Index Posts Worst Quarter in 14 Years

Five Star Equities Provides Stock Research on DryShips and Genco Shipping & Trading

NEW YORK, NY--(Marketwire - Oct 12, 2012) - After an impressive start to the year shipping stocks have struggled as concerns regarding slowing economies in China and Europe have seen iron- ore and coal shipments fall. The Guggenheim Shipping ETF (SEA) has fallen 15 percent in the last 6 months, after surging 25 percent in the first quarter. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on DryShips Inc. (NASDAQ: DRYS) and Genco Shipping & Trading Ltd. (NYSE: GNK).

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The Baltic Dry Index (BDI), a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, has fallen by 50 percent this year. The BDI recently posted its worst quarter in 14 years as oversupply and weak demand has continued to plague the industry. According to data collected by Bloomberg from the Baltic Exchange, during the third quarter the index's average reading of 848 was the lowest since the third quarter of 1998.

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Numbers from the world's largest shipbroker, Clarkson PLC, have shown that the largest fleet ever is competing for business in the current period, despite slowing demand from China. Also dry-bulk vessel deliveries of 33 million deadweight tons during the second quarter were the highest on record since 1970.

"It is without a doubt the dry-cargo market which is ahead when it comes to imbalance between the supply of vessels and the demand for vessels for transport of coal, iron ore, grain," Danish operator D/S Norden A/S said in a recent statement. "The consequences for the shipping companies are the critically low freight rates."

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