US shipping stocks shed value Tuesday, following Wall Street on a down day, but the movement was milder than in many recent one-day drops.
The day saw measures of broad industry exposure post losses, with the Philadelphia Stock Exchange’s Marine Shipping Index losing 2.3% to hit nearly 220 points.
US stock exchanges have taken shippings stocks for a wild ride.The Claymore/Delta Global Shipping fund, meanwhile, closed 1.5% lower, settling at $12.59.
Shipping shares joined broader markets in a day that saw the Dow Jones Industrial Average lose 231 points, or 2.5%, after a 413 point jump the day before.
The financial media are blaming the slip on the beginning of the financial earnings season, which already has seen profit drops among major companies.
Bulker owner stock prices painted a mixed picture Tuesday, after another day of falling spot fixtures.
OceanFreight jumped by 15.7% to $7.61 and Navios Maritime Partners gained 13.1% to close at $7.61 after both companies said they would keep their third-quarter dividends at previously announced levels.
But George Economou’s DryShips dropped by 8.6% to $22.69 and fellow Greek bulker owner Navios Maritime Holdings lost 6.6% to reach $3.80.
Among the biggest decliners, Miami-based cruiseship owner Royal Caribbean Cruises dropped 9.8% to close at $18.68, even though rival Carnival Corp remained relatively unchanged at $29.92.
Grupo TMM and US Shipping Partners, with their shares trading for just pennies, continued to take wild percentage swings. The Mexican tanker owner lost 19% to close at $0.64, while the US tanker and tank-barge player shed 14.6% to hit $0.94.
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