Greek shipping stocks hammered on Wall Street

Greek shipping stocks hammered on Wall Street

New York: With the current chaos surrounding a Greek default and possible exit from the Eurozone, Greek shipowning stocks have taken a beating in US markets this morning.

Compounding the misery, a higher tonnage tax has been demanded by Greece’s creditors as is the phasing-out of special tax allowances for Greek owners.

Within an hour of the markets opening, most Greek shopwning stocks are being outperformed by the market (down 1.2%) with a few exceptions including Eagle Bulk, Box Ships and Baltic Trading all down less than a percent.

The biggest loser is NewLead Holdings, down an astonishing 20%, their cause not helped by an ongoing legal case brought by TransAsia Commodities. Other “biggest losers” are Globus Maritime down 14.5%, FreeSeas down 8.3%, DryShips down 7.4%, Tsakos Energy Navigation down 7% and Seanergy Maritime Holdings down 6.7%.

Evangelos Pistiolis-led Top Ships is the big winner today so far, with the company’s share price up nearly 2%, one of only a handful of shipping stocks not to retreat in a bad day on Wall Street so far.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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