Baltic Dry Index Posts First Increase Since November as Iron Ore Shipments on the Rise
Five Star Equities Provides Stock Research on Genco Shipping & Trading and Excel Maritime Carriers
NEW YORK, NY -- (Marketwire) -- 01/08/13 -- 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 Genco Shipping & Trading Ltd. (NYSE: GNK) and Excel Maritime Carriers Ltd. (NYSE: EXM).
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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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Genco Shipping & Trading engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. The company's voyage revenues for the third quarter 2012 declined to $53.6 million, compared to $93.5 million in the year ago quarter. The company is scheduled to release their fourth quarter 2012 earnings on February 18, 2013.
Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Shares of the company have rallied over 40 percent in the past week.
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