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Why Shipping Stocks Plunged Today

TheMotleyFool

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Shares of shipping companies took a nosedive on Monday as the market weighed the future demand for their vessels. Investors appeared to be worried about shipping from China, higher rates, and even the oil spill in California.

Shares of Safe Bulkers (NYSE: SB) were down by as much as 10.2% early Monday, ZIM Integrated Shipping Services (NYSE: ZIM) was off by as much as 12%, and Danaos (NYSE: DAC) was down by as much as 17%. The three closed the session down 8.5%, 11.4%, and 13.4% respectively.

Image source: Getty Images.

Source Fool.com

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