Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Five Star Equities Provides Stock Research on Genco Shipping & Trading and Eagle Bulk Shipping
NEW YORK, NY–(Marketwire – Nov 16, 2012) – Shipping stocks have struggled as oversupply and global economic uncertainties have continued to plague the industry. The Baltic Dry Index, a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, has dropped as much as 50 percent in 2012. Five Star Equities examines the outlook for companies in the Shipping Industry and provides equity research on Genco Shipping & Trading Limited (NYSE: GNK) and Eagle Bulk Shipping Inc. (NASDAQ: EGLE).
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Things may be turning around for the industry as stimulus measures announced by the Chinese government in September have seen demand for iron ore spike. China, who is the largest importer of iron ore, plans to purchase record amounts of the commodity in the fourth quarter, which will help ease the current glut in shipping.
“We’re finally getting back into a period when the market isn’t so oversupplied,” said Jeffrey Landsberg, managing director of Commodore Research & Consultancy. “When we do have sharp increases in demand, Capesize rates can rise significantly.”
Five Star Equities releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
Genco Shipping & Trading transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Ltd.’s fleet, the company’s owns a fleet of 53 dry-bulk vessels with an aggregate carrying capacity of approximately 3,810,000 deadweight tons. The company reported a net loss of $38.4 million in the third quarter of 2012, compared to a net income of $1.6 million in the third quarter of 2011.
Eagle Bulk Shipping is the largest U.S.-based owner of Handymax dry bulk vessels. This modern fleet is comprised principally of Supramax class vessels, a larger and more efficient Handymax design that enjoys strong demand from customers around the world. The company reported net loss widened to $29.8 million in the third quarter of 2012, compared to $5.9 million in the year-ago quarter.
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