What's the deal with the selloff? Revenues up almost 50% from last quarter on a moderate increase in the spot rates. Industry trends are quite good for the first time in a while, with iron ore inventory levels low and demand rising, ship demand outstripping supply...all of these haven't been in this industry in a long time.
They are buying ships with the potential for 50% returns on their money in the current market.
So what gives? Why the heck would this sell off today?
You have to remember..... BALT is up about 75% from a year ago. Chasing a stock in a volatile and battered industry such as shipping is a crapshoot on a daily basis.
Next year at this time will be a different story. The shipping sector is just beginning to recover.