NEW YORK, NY--(Marketwire - Sep 21, 2012) - Shipping stocks have been on the upswing as central banks around the globe have announced stimulus measures to try and improve their struggling economies. China, Europe and the U.S. have all announced stimulus plans in recent weeks which have boosted the international trade market. The Paragon Report examines investing opportunities in the Shipping Industry and provides equity research on Diana Shipping Inc. (
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Iron ore prices last week saw its largest gain in nearly four years on increased demand from China. Chinese steel mills have increased purchases recently after the Chinese government announced plans to spend more than US$150-billion on 60 infrastructure projects such as -- highways, ports and airport runways. The increased demand for iron ore has boosted charter rates for Capesize vessels, the largest in the Baltic Dry Index.
"China has shown its hand," Richard Lee, a Barclay's iron ore and dry-bulk trader, said by e-mail according to Bloomberg. "It intends to add a number of new projects and mills are now short, and therefore they are restocking."
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Diana Shipping is a global provider of shipping transportation services. The company specializes in the ownership and operation of dry bulk vessels. As of August 16, 2012 the combined carrying capacity of the company's current fleet, excluding the two vessels not yet delivered, is approximately 3.2 million dead weight tons with a weighted average age of 5.8 years.
Excel Maritime Carriers is engaged in providing worldwide seaborne transportation services for dry bulk commodities such as iron ore, coal, grains, as well as bauxite, fertilisers and steel products. For the 3-months ended June 30, 2012 the company reported voyage revenues of $63.1 million compared to $92.0 million in the year-ago quarter.
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