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:
Baltic Trading Ltd. (NYSE: BALT) shares traded in the range of $6.02 to $6.28 Wednesday before settling to close at $6.23, an increase of 2.47 percent. The stock appears to be facing some resistance at $6.86 with some support at the $6.16 and $5.93 levels. Shares of Baltic Trading have gained approximately 84.0 percent in the past year.
More information on Baltic Trading and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BALT
Frontline Ltd. (NYSE: FRO) shares traded in the range of $4.46 to $4.86 Wednesday before settling to close at $4.77, an increase of 7.92 percent. The stock appears to be facing some resistance at $4.82 with some support at the $3.91 and $3.78 levels. Shares of Frontline have gained approximately 35.0 percent in the past year.
More information on Frontline and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FRO
Nordic American Tanker Ltd. (NYSE: NAT) shares traded in the range of $9.81 to $10.19 Wednesday before settling to close at $10.03, an increase of 2.03 percent. The stock appears to be facing some resistance at $10.27 with some support at the $9.73 and $9.34 levels. Shares of Nordic American Tanker have gained approximately 10.0 percent in the past year.
More information on Nordic American Tanker and access to the free equity report can be found at:
www.WallStreetFundamentals.com/NAT
Paragon Shipping Inc. (NASDAQ: PRGN) shares traded in the range of $7.12 to $7.52 Wednesday before settling to close at $7.33, an increase of 3.09 percent. The stock appears to be facing some resistance at $7.51 with some support at the $7.07 and $6.64 levels. Shares of Paragon Shipping have gained approximately 85.0 percent in the past year.
More information on Paragon Shipping and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PRGN
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