Why Dry Bulk Shipping Stocks Sank Today
The price of dry bulk shipping services continues to erode, and this trend is doing a number on dry bulk shipping stocks today. In the face of major benchmarks being generally in the green, shares of Golden Ocean Group Limited (NASDAQ: GOGL) are down 5.9% as of 12:30 p.m. ET, Genco Shipping & Trading Limited (NYSE: GNK) has fallen 6%, and Eagle Bulk Shipping (NASDAQ: EGLE) is down 6.7%.
Blame the continued erosion of the Baltic Exchange Dry Index, which has plunged by more than half from its mid-May high point of 3,369, sliding a further 5.1% today to hit 1,477, its lowest point since early February.
Not that you would know it from how these stocks have been performing lately, though! Two of today's three decliners -- Genco and Eagle Bulk Shipping -- have posted earnings in the past two weeks, and both reports were pretty great.
Source Fool.com
