Dry bulk shipowners saw freight rates lift substantially out of trough levels last week, but one would never know it by performance of publicly traded shares in New York.
Even as capesize rates soared 70% in a week, the seven dry bulk owners under coverage of US investment bank Jefferies fell 8%, with all seven losing ground.
It appeared to be one of those weeks in which shipping stocks were rag-dolled by the broader market, as the Dow Jones Industrial Average had its worse five days since March, tumbling 7%.
