Shipping stocks stagger for second day as Baltic index slumps

Eagle Bulk Shipping

09/06/2022 20:42

** Shares of shipping cos decline for second straight day as
vessel demand falls
    ** Baltic Exchange index  .BADI , which factors in rates for
capesize, panamax and supramax shipping vessels, extends its
slide to hit more than six-week low on Thurs  urn:newsml:reuters.com:*:nL4N2XW2MY
    ** Dry bulk carriers sag: Eagle Bulk Shipping  EGLE.O  4.2%,
Star Bulk Carriers  SBLK.O  3.8%, Safe Bulkers  SB.N  3.4%,
Diana Shipping  DSX.N  4.2%, Navios Maritime  NMM.N  3.3%,
Seanergy Maritime  SHIP.O  4.1%, Genco Shipping & Trading
 GNK.N  4.8%
    ** Zim Integrated Shipping Services  ZIM.N  tumbles 8.7%
    ** Matson  MATX.N  off 1.2% after ocean transport and
logistics firm led Dow Jones Transportation Average  .DJT  lower
in previous session  urn:newsml:reuters.com:*:nL1N2XV1R5
    ** Danish shipping group Moeller-Maersk  MAERSKb.CO  edges
down 0.9% on Thurs, following 8% drop on Weds as inflation,
reduced consumption pose threat to rates  urn:newsml:reuters.com:*:nL8N2XV1VJ
    ** Meanwhile, Wall Street declines on Thurs, with investors
on edge before CPI data on Fri  .N 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))