US shipping share blues

  • Print

US shipping share blues

New York-listed shipping stocks took a beating Monday as negative sentiment failed to take a day off for the Veterans Day bank holiday.
Shares were down on the New York Stock Exchange.

Shares were down on the New York Stock Exchange.

At least 24 cargo shipping company stocks lost more than 5% in the day, including several of the two exchanges’ largest shipowners by market capitalisation.

Analysts tied the drops to negative data out of China, including the announcement of a coal import tariff, not to mention concerns about oil growth and the global economy.

DryShips led the charge, as TradeWinds already reported earlier today, plunging by 21% to $1.47 after the George Economou-led company announced that it was withdrawing a notes offering.

Greece’s Costamare led declining containership owning shares with a 10.6% drop, which saw the company’s stock price close the day at $17.96. Also in the sector, Box Ships, Seaspan and Danaos all fell by more than 6%.

In the LNG space, Golar LNG Ltd plunged by 10.3% to $46.17 while GasLog saw its shares sink by 8.9% to $17.03.

Navios shares fall

Navios Maritime Holdings, the top of the Navios group’s triad of companies, lost 7.5% to reach $4.52. Bulker and containership spin-off Navios Maritime Partners fell by 7.5% to $15.

Also in bulkers, Knightsbridge Shipping, FreeSeas, Baltic Trading and Safe Bulkers all shed more than 6% of their stock price.

Among tanker owners, Capital Product Partners, Teekay Offshore Partners and parent Teekay Corp similarly dipped more than 6%.

The broader markets also saw a negative day, however, with the benchmark Dow Jones Industrial Average dipping by 1.4% and the Nasdaq Composite index losing 1.7%.