Baltic Dry Index Sinks, Takes Some Shippers With It

The Baltic Dry Index fell Thursday Morning to 1019, down 5.6 percent, indicating a shrinking demand for raw materials.

Shipping stocks reacted to the news with many falling by late Thursday but a few showed strength.

DryShips Inc. DRYS traded at $1.20late Thursday, down 1.65 percent.

Diana Shipping Inc. DSX recovered from early losses and traded at $7.03 by 3PM EST, up 0.14 percent.

Star Bulk Carriers Corp. SBLK opened higher Thursday but failed to maintain its gains and fell 0.56 percent to $7.07.

Paragon Shipping Inc. PRGN also stated the trading session higher but eventually fell 0.52 percent to $2.85.

Tsakos Energy Navigation Ltd. TNP showed strength among shipping stocks and surged 1.81 percent to $7.31 by 3PM Thursday.

Diana Containerships Inc DCIX was also among the winners despite opening lower.  The stock gained 2.38 percent and traded at $2.15 late Thursday.

The Guggenheim Shipping ETF SEA traded at $18.95 late Thursday, up 0.26 percent.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsGlobal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!