More pain for Greek shipping stocks

More pain for Greek shipping stocks

New York: It was another day of pain for Greek shipping stocks on the US markets overnight as investors reacted badly to the result of the Greek referendum on austerity measures.

Despite the overall market holding steady, posting a small drop of 0.26% for the Dow Jones and 0.34% for the Nasdaq, Greek shipping stocks suffered much larger declines as investors lost confidence by association with the current crisis.

The biggest loser for the day was George Economou’s DryShips which posted a loss of 9.21% to finish on $0.54, exactly half its share price on January 8th this year.

Not far behind was capesize owner Seanergy which suffered an 8.5% drop, and Diana Containerships which lost 5.3%, now 27% down on March highs. Diana Shipping did buck the trend however, rising just under half a percent.

Industry darling Navios didn’t escape the attention of worried investors either with a 4.7% drop for Navios Maritime Holdings and 3.9% for Navios Maritime Partners.

Also down was Baltic Trading (2.5%), Box Ships (1.31%), Capital Product Partners (0.8%), Costamare (1.7%), Euroseas (2.8%) and Tsakos Energy Navigation (1.7%).

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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