BTIG says dry bulk shipping firms on troubled waters in 2024

Eagle Bulk Shipping

05/01/2024 13:21

** BTIG expects 2024 to be a tough year for dry bulk
shipping companies; cuts its rating on three stocks
    ** Downgrades Eagle Bulk Shipping  EGLE.N , Genco Shipping &
Trading  GNK.N  and Golden Ocean  GOGL.O  to "neutral" from
"buy"
    ** Brokerage expects iron ore and coal demand to be subdued
this year and total seaborne drybulk trade growth to slow to
1%-2% from 4%-5% in 2023
     ** While dry bulk carrier stocks are inexpensive and most
have healthy balance sheets, their potential dividends are still
likely to fall below the yield on the U.S. 10-year Treasury note
- BTIG
    ** Shares of EGLE, GNK and GOGL rallied in the last quarter
of 2023, rising between 18% and 32%

 (Reporting by Amruta Khandekar in Bengaluru)