Shipping stocks take on water on Baltic index slide

Safe Bulkers

08/06/2022 18:25

** Shares of shipping firms fall sharply across the board on
Weds as demand wanes
    ** The Baltic Exchange's main sea freight index  .BADI 
extended losses to hit a more than one-month low on Weds,
pressured by lower rates across all vessels  urn:newsml:reuters.com:*:nL4N2XV2P5
    ** Dry bulk carriers drop: Eagle Bulk Shipping  EGLE.O 
10.7%, Star Bulk Carriers  SBLK.O  10.6%, Safe Bulkers  SB.N 
7.2%, Diana Shipping  DSX.N  8.5%, Navios Maritime  NMM.N  5.5%,
Seanergy Maritime  SHIP.O  4.3%, Genco Shipping & Trading
 GNK.N  9.8%
    ** Zim Integrated Shipping Services  ZIM.N  sinks 11.9%
    ** Ocean transport and logistics co Matson  MATX.N  off
10.4% and is biggest loser in Dow Jones Transportation Average
 .DJT , which is down 3.4% on the session as rising energy
prices continue to weigh  urn:newsml:reuters.com:*:nL1N2XV1R5

 (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))