Dry-bulk shipping companies, such as DryShips and Eagle Bulk, surged Wednesday as the Baltic Dry Index rose for the first time in 2014. The Guggenheim Shipping ETF (NYSEARCA: SEA) gained 0.93 percent to close at $21.78, up approximately 26.0 percent in the past year. The Baltic Dry Index, a measure of costs to ship dry-bulk commodities such as grain, coal and iron ore, increased by 4 points to 1,374. Here is how some shipping stocks reacted Wednesday:
Diana Shipping Inc. (NYSE: DSX) shares traded in the range of $12.27 to $12.79 Wednesday before settling to close at $12.70, an increase of 3.25 percent. The stock appears to be facing some resistance at the $12.91 and $13.85 levels with some support at $12.60. Shares of Diana Shipping have fallen approximately 50.0 percent in the past year.
More information on Diana Shipping and access to the free equity report can be found at:
www.WallStreetFundamentals.com/DSX
FreeSeas Inc. (NASDAQ: FREE) shares traded in the range of $1.76 to $2.30 Wednesday before settling to close at $2.30, an increase of 31.43 percent. The stock appears to be facing some resistance at $2.71 with some support at the $2.24 and $2.10 levels. Shares of FreeSeas have fallen approximately 32.0 percent in the past year.
More information on FreeSeas and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FREE
Navios Maritime Holdings Inc. (NYSE: NM) shares traded in the range of $9.25 to $9.86 Wednesday before settling to close at $9.79, an increase of 5.84 percent. The stock appears to be facing some resistance at $11.70 with some support at the $9.58 and $9.08 levels. Shares of Navios Maritime have gained approximately 160.0 percent in the past year.
More information on Navios Maritime and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NM
Safe Bulkers, Inc. (NYSE: SB) shares traded in the range of $9.06 to $9.94 Wednesday before settling to close at $9.93, an increase of 10.09 percent. The stock appears to be facing some resistance at the $10.44 and $11.94 levels with some support at $9.75. Shares of Safe Bulkers have gained approximately 145.0 percent in the past year.
More information on Safe Bulkers and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SB
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