BTIG expects 2024 to be a tough year for dry bulk shipping companies; cuts its rating on three stocks
Downgrades Eagle Bulk Shipping EGLE.N, Genco Shipping & Trading GNK.N and Golden Ocean GOGL.O to “neutral” from “buy”
Brokerage expects iron ore and coal demand to be subdued this year and total seaborne drybulk trade growth to slow to 1%-2% from 4%-5% in 2023
While dry bulk carrier stocks are inexpensive and most have healthy balance sheets, their potential dividends are still likely to fall below the yield on the U.S. 10-year Treasury note – BTIG
Shares of EGLE, GNK and GOGL rallied in the last quarter of 2023, rising between 18% and 32%
Source: Hellenic Shipping News
