SOURCE: The Bedford Report

The Bedford Report

August 09, 2011 08:16 ET

Slowing Economy Crushes the Shipping Sector

The Bedford Report Provides Equity Research on DryShips & Horizon Lines

NEW YORK, NY--(Marketwire - Aug 9, 2011) - Shipping stocks have been on the downswing this month as the growing fleet supply is once again hurting freight rates, and putting pressure on the shipping industry. The Bedford Report examines the outlook for companies in the Shipping Industry and provides investment research on DryShips, Inc. (NASDAQ: DRYS) and Horizon Lines, Inc. (NYSE: HRZ). Access to the full company reports can be found at:

According to analysts at Barclays Capital, The Baltic Dry Index, a global measure of commodity shipping costs, is expected to be 1,250 points on average during the second half as ship rents fall due to an oversupply of vessels. According to a unit of the world's largest shipbroker, Clarkson Research Services, the global fleet of 8,578 bulk carriers will grow by 15 percent this year, more than three times faster than demand for commodities shipped by sea, which is forecast to reach 3.6 billion metric tons.

The Bedford Report releases stock research 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 free at and get exclusive access to our numerous analyst reports and industry newsletters.

Horizon Lines provides container shipping and integrated logistics services. It ships a range of consumer and industrial items, such as refrigerated and non-refrigerated foodstuffs, household goods, auto parts, building materials, and other materials used in manufacturing. The company recently posted a wider-than-expected quarterly loss, hurt by higher fuel prices and low revenue from its newly started Chinese operations, and expects challenges to continue for the rest of the year.

To offset bulk shipping losses, DryShips has been trying to build a deepwater oil-drilling business to help alleviate some of its dry bulk struggles. Last week DryShips announced that it will sell another 2 percent stake in its drilling unit Ocean Rig UDW in the open market and pay the cash proceeds to its existing shareholders.

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