SOURCE: Five Star Equities

Five Star Equities

January 08, 2013 08:20 ET

Shipping Stocks on an Impressive Run to Start the Year as Baltic Dry Index Shows Signs of Bottoming Out

Five Star Equities Provides Stock Research on Diana Shipping and Frontline

NEW YORK, NY--(Marketwire - Jan 8, 2013) - After struggling with a supply glut throughout much of 2012 shipping stocks have started the New Year on an impressive run as the Baltic Dry Index has begun to show signs of improvement. The Guggenheim Shipping ETF (SEA) has surged over 7 percent in the past week. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on Diana Shipping Inc. (NYSE: DSX) and Frontline Ltd. (NYSE: FRO).

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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, last week increased 0.3 percent, which was the first increase since November 28th. In 2012, the BDI posted its lowest average since 1986, according to the Baltic Exchange.

Rates for Capesize vessels, which ship iron ore and coal, have surged 2.2 percent to $4,973 a day. Iron ore shipments to China are expected to rise after recent reports have shown inventories of the commodity were at their lowest levels in two years.

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Diana Shipping's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. The company has recently entered into a time charter contract with Cargill International S.A. The contract is expected to generate approximately $3.5 million of gross revenue for the minimum scheduled period of the charter.

A majority of Frontline's vessels trade in the spot market. Spot market rates are typically higher than time charter rates to compensate for the lack of confirmed continual employment. The company is scheduled to release their preliminary fourth quarter and financial year 2012 results on February 28, 2013.

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