Dry bulkers sink under the load of Baltic Dry drop

Safe Bulkers

25/05/2021 17:50

** Shares of dry bulk and container shipping firms are
sharply lower on Tues as shipping rates dropped
    ** The Baltic Dry index  .BADI , an indicator of world
shipping prices for goods other than crude and fuels, snapped a
five-session winning streak on Tues  urn:newsml:reuters.com:*:nL3N2NC38S
    ** Among dry shippers, Safe Bulkers Inc  SB.N  down 9.8%,
Diana Shipping  DSX.N  off 9.5%, Star Bulk Carriers  SBLK.O 
losing 8.2%, Navios Maritime  NMM.N  declining 8.8% and Seanergy
Maritime  SHIP.O  dipping 3.7%
    ** On Tues, SHIP missed Q1 revenue consensus - its eighth
straight miss, per Refinitiv - on inline loss/sh of a penny
 urn:newsml:reuters.com:*:nL3N2NC3TM
    ** On May 24, Jefferies said in a research note that "dry 
bulk  rates  are  improving  meaningfully  in 2021 compared to
2020, as demand growth is expected across all dry bulk
commodities."
    ** However, lead analyst Randy Giveans noted that spiking
Chinese steel plate prices are causing shipbuilders to withhold
quotes on new vessels
    

 (Reporting by Stephen Culp)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))