George Karageorgiou-led Globus Maritime saw its stock battered in London Wednesday on another dark day for bulker owners.
Shares in Hellenic Carriers and Goldenport were also ravaged as a lack of trade financing continues to blight bulker rates.
Globus stock plunged by over 31% during the day to close at £1.20 ($1.95) per share. Hellenic Carriers saw 18.27% sliced from its market value, while Goldenport finished the day 18.03% down at £1.50 per share.
One analyst said: “People are clearly concerned about the issues faced by the dry-cargo market and the impact of the lack of trade financing and the letters of credit situation on individual companies.”
He adds that each of the three stocks is relatively liquid with trading volumes far lower than some of their dry-cargo peers.
Addressing the fall in Globus’ shares, the analyst says the recent sale of a vessel adds additional complexity as falling rates and declining asset values in the sector raise fears about whether sale and purchase deals will be completed.
“There is a change buyers might walk away in the present market,” he said.
There is no evidence to suggest that Globus’ sale of the 43,200-dwt Ocean Globe (built 1995) to Nikator Navigation for $52.25m will fail.
Dry-cargo stocks also suffered in Oslo, with Jinhui diving 10.30% and Golden Ocean down 4.04% at the close.
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