Why Are Shipping Stocks Trading Higher On Monday?

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  • H.C. Wainwright analyst Magnus Fyhr initiated coverage on five Shipping stocks with a Buy rating for all of them.
  • Fyhr states that despite dry bulk equities being up more than 100% in the past year and spot rates being at their highest level in over a decade, he remains constructive on the outlook for the dry bulk market.
  • He adds that moderating demand growth coupled with limited fleet growth should further tighten the supply/demand balance and support strong vessel earnings over the next year.
  • He believes stricter environmental regulations should favor companies with modern fuel-efficient fleets as older fuel vessels are likely to be margin.
  • Diana Shipping Inc DSX initiated a Buy rating and a price target of $9.50, implying an upside of 61.98%.
  • Eagle Bulk Shipping Inc. EGLE initiated with a Buy rating and a price target of $80, implying an upside of 48.3%.
  • Genco Shipping & Trading Limited GNK initiated with a Buy rating and a price target of $30, implying an upside of 40.06%.
  • Star Bulk Carriers Corp. SBLK initiated with a Buy rating and a price target of $35, implying an upside of 44.03%.
  • Safe Bulkers Inc SB initiated with a Buy rating and a price target of $6.50, implying an upside of 35.5%.
  • Price Action: DSX shares are trading higher by 5.98% at $5.85, EGLE by 6.26% at $54.11, GNK by 5.6% at $21.29, SBLK by 2.88% at $24.28, and SB by 15.22% at $4.77 on the last check Monday.
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Posted In: Analyst ColorLong IdeasNewsPenny StocksPrice TargetInitiationSmall CapAnalyst RatingsMoversTrading Ideasanalyst ratingBriefsShipping Industry
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