Listed shipping companies operating in dry bulk and containers have been worst hit by slumping US stock exchanges, caused by the rout in Chinese markets.
Stock markets in China fell by 8% today, the biggest one-day loss since 2007, as Beijing failed to offer support to stymy the slide. Last week saw Chinese stocks fall by 11% in value.
Of all shipping trades, dry bulk and container shipping depend most heavily on Chinese demand for imports of raw materials such as coal and iron ore, and exports of manufactured goods bound for international consumers.
The seven container shipping companies listed on the NASDAQ and New York stock exchanges have each lost an average of 4.5% of their respective share prices since US markets opened today.
NYSE-listed Box Ships’ share price has been worst affected, falling 10.91% ($0.0649) since markets opened today to $0.5302 per share at the time of writing.
Similarly, the 14 dry bulk shipping companies listed in the US have each lost an average of 3.44% from their respective share prices since trading commenced today.
NASDAQ-quoted Seanergy Maritime Holdings has lost 11.12% from its share price since the opening bell this morning, falling by $0.08 to $0.64 per share. The Greek company owns one 14-year-old capesize bulk carrier.
Greece’s EuroSeas owns a fleet of bulk carriers and small containerships, and today saw its share price fall by 9.5% on the NASDAQ, losing $0.57 since this morning and currently trading at $5.43 per share.
Today, the Dow Jones Industrial Average (DJI) has fallen tumbled 132.82 points, or 0.81%, to 16,326.93 since Friday’s close; the S&P 500 dropped 23.63 points, or 1.2%, to 1,947.26, and the Nasdaq Composite fell 29.67 points, or 0.61%, to 4,677.36.
Despite the intense selling, losses have slowed since the markets opened and show signs of correcting themselves. The NASDAQ lost 8.8% earlier today, but has since re-adjusted.