NEW YORK, NY -- (Marketwire) -- 09/19/12 -- 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 DryShips Inc. (NASDAQ: DRYS) and Eagle Bulk Shipping Inc. (NASDAQ: EGLE).
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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DryShips Inc. is a global shipping transportation company specializing in the transportation of drybulk cargoes. Their capesize and Panamax drybulk carriers carry predominantly coal and iron ore for energy and steel production as well as grain for feedstocks. The company's fleet has a carrying capacity that totals over 3.4 million deadweight tons. Shares of DryShips are up over 11 percent for the month.
Eagle Bulk Shipping is the largest U.S.-based owner of Handymax dry bulk vessels. This modern fleet is comprised principally of Supramax class vessels, a larger and more efficient Handymax design that enjoys strong demand from customers around the world. Shares of the company have rallied over 20 percent in the last month.
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