Shipping Industry Benefiting from Increased Iron-Ore Demand as China Announces $150 Billion in Projects
September 21 2012 - 8:20AM
Marketwired
Shipping stocks have been on the upswing as central banks around
the globe have announced stimulus measures to try and improve their
struggling economies. China, Europe and the U.S. have all announced
stimulus plans in recent weeks which have boosted the international
trade market. The Paragon Report examines investing opportunities
in the Shipping Industry and provides equity research on Diana
Shipping Inc. (NYSE: DSX) and Excel Maritime Carriers Ltd. (NYSE:
EXM).
Access to the full company reports can be found at:
www.ParagonReport.com/DSX
www.ParagonReport.com/EXM
Iron ore prices last week saw its largest gain in nearly four
years on increased demand from China. Chinese steel mills have
increased purchases recently after the Chinese government announced
plans to spend more than US$150-billion on 60 infrastructure
projects such as -- highways, ports and airport runways. The
increased demand for iron ore has boosted charter rates for
Capesize vessels, the largest in the Baltic Dry Index.
"China has shown its hand," Richard Lee, a Barclay's iron ore
and dry-bulk trader, said by e-mail according to Bloomberg. "It
intends to add a number of new projects and mills are now short,
and therefore they are restocking."
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Diana Shipping is a global provider of shipping transportation
services. The company specializes in the ownership and operation of
dry bulk vessels. As of August 16, 2012 the combined carrying
capacity of the company's current fleet, excluding the two vessels
not yet delivered, is approximately 3.2 million dead weight tons
with a weighted average age of 5.8 years.
Excel Maritime Carriers is engaged in providing worldwide
seaborne transportation services for dry bulk commodities such as
iron ore, coal, grains, as well as bauxite, fertilisers and steel
products. For the 3-months ended June 30, 2012 the company reported
voyage revenues of $63.1 million compared to $92.0 million in the
year-ago quarter.
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