Dry-cargo owners were again posting heavy losses on stock exchanges throughout Europe Thursday following further falls among their Asian and US-listed peers.
The Oslo Stock Exchange.
Goldenport, Jinhui, Golden Ocean, Norden and Torm all saw further percentage points disappear from their market values as fears of recession and a drop in commodity prices persist.
Paris Dragnis-led Goldenport headed the fallers as its stock was hit hard for the second successive day in London.
It dropped 13.33% to £1.30 ($2.10) per share at the time of writing to top the TradeWinds Shipping Index of today’s worst performing shipping stocks.
Over in Oslo, Jinhui dropped 13.18% during morning trading to continue a trend which has seen its share price fall by 58.81% during the past month.
John Fredriksen’s Golden Ocean was also showing further reversals in Oslo as dry-cargo charter rates flounder. Golden Ocean was trading down 7.26% at NOK 8.81 ($1.23) per share at the time of writing, a decline of more than 53% this year.
Bulker owners enjoyed similar fortunes in Copenhagen today as Norden and Torm both dropped by nearly a tenth.
Torm plunged 9.55% to DKK 80.50 ($13.81) per share, while Norden shed 9.46% of its value in slipping to DKK 174.75 per share.
TradeWinds reported earlier today that shipping stocks had struggled throughout Asia, with Pacific Basin Shipping and STX Pan Ocean among the biggest fallers.
The slump in Asian stocks was hot on the heels of further pain for US-listed shipowners Wednesday.
London-based Britannia Bulk Holdings and Peter Georgiopoulos-led Genco Shipping & Trading saw their market values hit, while rivals Eagle bulk Shipping, TBS International, FreeSeas and DryShips also fell.
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