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Earnings Reports May Rock Shipping Stocks

By Michael McDonough

 About this article:
 The Baltic Exchange's Baltic Dry Index (BDI) fell by 4.1% this morning, after suffering a 4.1% loss on Friday while U.S. markets were closed in observance of the Fourth of July holiday. On a weekly and monthly basis, the BDI is now down by 9.6% and 7.4%, respectively. Futures trading on Friday finished the day very weak with a decline in third-quarter BDI contracts to 2620 from 3000 a day prior, on the back of disappointing employment data from the U.S. Losses diminished further out on the curve, with contracts for next year falling to 1955 from 2030. This morning's decline in spot rates, coupled with Friday's Forward Freight Agreement trading, could place some downward pressure on the sector today, without a positive catalyst. Baltic Dry Index FFI Curve Source: Imarex This week's U.S. economic...

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