Why Are Shipping Stocks Trading Higher On Monday?

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© Provided by BenzingaH.C. Wainwright analyst Magnus Fyhr initiated coverage on five Shipping stocks with a Buy rating for all of them. Fyhr states that despite dry bulk equities being up more than 100% in the past year and spot rates being at their highest level in over a decade, he remains constructive on the outlook for the dry bulk market. He adds that moderating demand growth coupled with limited fleet growth should further tighten the supply/demand balance and support strong vessel earnings over the next year. He believes stricter environmental regulations should favor companies with modern fuel-efficient fleets as older fuel vessels are likely to be margin. Diana Shipping Inc (NYSE: DSX) initiated a Buy rating and a price target of $9.50, implying an upside of 61.98%. Eagle Bulk Shipping Inc. (NASDAQ: EGLE) initiated with a Buy rating and a price target of $80, implying an upside of 48.3%. Genco Shipping & Trading Limited (NYSE: GNK) initiated with a Buy rating and a price target of $30, implying an upside of 40.06%. Star Bulk Carriers Corp. (NASDAQ: SBLK) initiated with a Buy rating and a price target of $35, implying an upside of 44.03%. Safe Bulkers Inc (NYSE: SB) initiated with a Buy rating and a price target of $6.50, implying an upside of 35.5%. Price Action: DSX shares are trading higher by 5.98% at $5.85, EGLE by 6.26% at $54.11, GNK by 5.6% at $21.29, SBLK by 2.88% at $24.28, and SB by 15.22% at $4.77 on the last check Monday.

Latest Ratings for DSX

Date Firm Action From To
Sep 2021 HC Wainwright & Co. Initiates Coverage On Buy
May 2021 Jefferies Maintains Hold
Mar 2021 Pareto Securities Upgrades Sell Hold

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