Slowing Economy Crushes the Shipping Sector
09 Agosto 2011 - 9:16AM
Marketwired
Shipping stocks have been on the downswing this month as the
growing fleet supply is once again hurting freight rates, and
putting pressure on the shipping industry. The Bedford Report
examines the outlook for companies in the Shipping Industry and
provides investment research on DryShips, Inc. (NASDAQ: DRYS) and
Horizon Lines, Inc. (NYSE: HRZ). Access to the full company reports
can be found at:
www.bedfordreport.com/DRYS
www.bedfordreprot.com/HRZ
According to analysts at Barclays Capital, The Baltic Dry Index,
a global measure of commodity shipping costs, is expected to be
1,250 points on average during the second half as ship rents fall
due to an oversupply of vessels. According to a unit of the world's
largest shipbroker, Clarkson Research Services, the global fleet of
8,578 bulk carriers will grow by 15 percent this year, more than
three times faster than demand for commodities shipped by sea,
which is forecast to reach 3.6 billion metric tons.
The Bedford Report releases stock research on the Shipping
Industry so investors can stay ahead of the crowd and make the best
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Horizon Lines provides container shipping and integrated
logistics services. It ships a range of consumer and industrial
items, such as refrigerated and non-refrigerated foodstuffs,
household goods, auto parts, building materials, and other
materials used in manufacturing. The company recently posted a
wider-than-expected quarterly loss, hurt by higher fuel prices and
low revenue from its newly started Chinese operations, and expects
challenges to continue for the rest of the year.
To offset bulk shipping losses, DryShips has been trying to
build a deepwater oil-drilling business to help alleviate some of
its dry bulk struggles. Last week DryShips announced that it will
sell another 2 percent stake in its drilling unit Ocean Rig UDW in
the open market and pay the cash proceeds to its existing
shareholders.
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