NEW YORK, NY--(Marketwire -08/30/12)- After a strong first quarter the shipping stocks have struggled as oversupply and global economic uncertainties continue to plague the industry. The world's oldest shipping company, Stephenson Clarke Shipping Ltd., recently sold its last vessel and went into liquidation. The Guggenheim Shipping ETF (SEA) has fallen nearly 15 percent over the last 6 months. The Paragon Report examines investing opportunities in the Shipping Industry and provides equity research on Excel Maritime Carriers Ltd. (EXM) and Diana Shipping Inc. (DSX).
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The Baltic Dry Index, a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, last week saw its first gain since July 9th. The shipping index since early July has dropped from roughly 1,100 to the current levels in the low 700 range. Last week's rise snapped a 31 consecutive session losing streak. The index ended 2011 above 1,700.
"Considering the downwards pressure currently in Chinese steel prices, we do not expect a significant boost to rates in the near term," Omar M. Nokta and Damien Fortune, Dahlman Rose strategists, wrote in a note to clients.
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Excel is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel reported voyage revenues for the second quarter of 2012 amounting to $63.1 million compared to $92.0 million for the same period in 2011, a decrease of approximately 31.4 percent.
Diana Shipping Inc. is a leading global provider of shipping transportation services through the ownership and operation of dry bulk vessels. The company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes. The company recently reported it has entered into a time charter contract with Bunge.
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