Shipping Stocks on the Rebound as Fundamentals Improve
21 Giugno 2011 - 2:16PM
Marketwired
The shipping sector has been posting a modest rebound this year due
to a recovering global economy and strong overseas demand. The
industry's recovery has been far from smooth, however, as surging
fuel prices, a fluctuating freight market and a glut of ships
continues to hurt growth. The Bedford Report examines the outlook
for companies in the Shipping Industry and provides equity research
on DryShips, Inc. (NASDAQ: DRYS) and General Maritime Corporation
(NYSE: GMR). Access to the full company reports can be found at:
www.bedfordreport.com/DRYS
www.bedfordreport.com/GMR
The dry bulk fleet is set to increase 13% in 2011 and 11% again
in 2012. This will possibly lead to some consolidation throughout
the sector as companies sell off their ships at attractive
valuations in order to make debt payments. Analysts say they expect
more than 100 carriers with a deadweight tonnage (dwt) of at least
230,000 to enter the market by 2014, reflecting around 10 percent
of all new vessel orders.
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The bulk and tanker sectors of the shipping industry have been
underperforming as freight rates remain under pressure based on too
many available ships and not enough demand to match supply.
DryShips owns a fleet of 39 drybulk carriers consisted of seven
Capesize, 28 Panamax, two Supramax vessels and two Panamax
newbuilding vessels, which have a combined deadweight tonnage of
approximately 3.3 million dead weight tons. 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.
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