DryShips and Genco Shipping Showing Signs of Strength as U.S. and Asian Economies Offset European Uncertainty
The Paragon Report Provides Equity Research on DryShips & Genco Shipping
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 02/24/12 -- Shipping stocks have performed well this year as economic fears decline in Europe and key emerging markets, while stronger U.S. data helps prop up the industry. The Guggenheim Shipping ETF (SEA) -- which measures the performance of companies listed on global developed market exchanges and consists of companies within the maritime shipping industry -- is up more than 20 percent year to date. The Paragon Report examines investing opportunities in the Shipping Industry and provides stock research on DryShips, Inc. (NASDAQ: DRYS) and Genco Shipping & Trading Limited (NYSE: GNK). Access to the full company reports can be found at:
While SEA has performed well this year, the Baltic Dry Index (BDI) has collapsed nearly 60 percent in 2012. Georgi Slavov, Managing director of freight and basic resources research at ICAP shipping recently told CNBC that signs of recovery in the U.S. and impressive growth in China have not been reflected in the index. "I don't think all of these (things have) been priced in by the market, we certainly have supply issues which should be cleared in the next year or so, but the market hasn't really reflected this better than expected import of raw materials into China and certainly the market hasn't priced in the awakening of the U.S. economy," Slavov explains.
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Earlier this week Genco Shipping & Trading Ltd posted a surprise quarterly profit as an enlarged fleet partially offset lower rates, Reuters explains. Fourth-quarter net income attributable to Genco fell to $0.3 million, or 1 cent per share, from $34.8 million, or 90 cents per share, a year ago. Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes through the ownership and operation of drybulk carrier vessels worldwide.
DryShips, Inc., through its subsidiaries, engages in the ownership and operation of drybulk carriers and drilling rigs that operate worldwide. Fourth-quarter net loss at Dryships was $6.2 million, or 2 cents per share, compared with a net income of $97.9 million, or 29 cents per share, year ago. Voyage revenue for the company, which operates drybulk, drilling and tanker segments, rose 34 percent to $328 million.
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Datum: 24.02.2012 - 07:20 Uhr
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