Dry bulk shipping stocks follow spot rates upward in July
- Shares of Star Bulk are up 24% since the beginning of the year, with Safe Bulkers up 19% and Genco up 15%
- Spot-rate indexes for capesizes, panamaxes and supramaxes have risen significantly this month; panamax performance has been ‘impressive and largely unexpected’
- Negatives ahead: high deliveries of kamsarmax and ultramax newbuilds, falling coal demand, Chinese economic concerns, trade-tension risk to US soyabean exports
The supply-demand balance in dry bulk may be tighter than previously thought, explaining the surprise bounce in rates across multiple asset classes this month
