Baltic Dry Index Sinks, Takes Some Shippers With It

The Baltic Dry Index fell Thursday Morning to 1019, down 5.6 percent, indicating a shrinking demand for raw materials.

Shipping stocks reacted to the news with many falling by late Thursday but a few showed strength.

DryShips Inc. (NASDAQ: DRYS) traded at $1.20late Thursday, down 1.65 percent.

Diana Shipping Inc. (NYSE: DSX) recovered from early losses and traded at $7.03 by 3PM EST, up 0.14 percent.

Star Bulk Carriers Corp. (NASDAQ: SBLK) opened higher Thursday but failed to maintain its gains and fell 0.56 percent to $7.07.

Paragon Shipping Inc. (NASDAQ: PRGN) also stated the trading session higher but eventually fell 0.52 percent to $2.85.

Tsakos Energy Navigation Ltd. (NYSE: TNP) showed strength among shipping stocks and surged 1.81 percent to $7.31 by 3PM Thursday.

Diana Containerships Inc (NASDAQ: DCIX) was also among the winners despite opening lower.  The stock gained 2.38 percent and traded at $2.15 late Thursday.

The Guggenheim Shipping ETF (NYSE: SEA) traded at $18.95 late Thursday, up 0.26 percent.