Individual dry bulk names tumble

|By:, SA News Editor

Deutsche's Justin Yagerman looks to have made a prescient call (even if he was a bit early) back on September 13, when the analyst said capesize rates may have hit a "near-to-medium term peak."

Although rates rose to over $42,211/day by the end of last month, the trend has reversed course, with rates now sitting closer to $28K (or, some $10K less than when Wells Fargo's Michael Webber warned on the sector on September 30). The Dry Bulk Index is down to 1,878 from just over 2,000 when Webber made the call.

Laggards today: GNK -10%, DRYS -10%, EGLE -8%, DSX -1%, SBLK -6%, BALT -0.95%, PRGN -4.8%, SB -3.8%

ETF- SEA -0.3%