SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Sep 19, 2012) - Shipping stocks have been on the upswing as central banks around the globe have announced stimulus measures to try and improve their struggling economies. China, Europe and the U.S. have all announced stimulus plans in recent weeks which have boosted the international trade market. The Paragon Report examines investing opportunities in the Shipping Industry and provides equity research on Frontline Ltd. (NYSE: FRO) and Genco Shipping & Trading Ltd. (NYSE: GNK).
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Iron ore prices last week saw its largest gain in nearly four years on increased demand from China. Chinese steel mills have increased purchases recently after the Chinese government announced plans to spend more than US$150-billion on 60 infrastructure projects such as -- highways, ports and airport runways. The increased demand for iron ore has boosted charter rates for Capesize vessels, the largest in the Baltic Dry Index.
"China has shown its hand," Richard Lee, a Barclay's iron ore and dry-bulk trader, said by e-mail according to Bloomberg. "It intends to add a number of new projects and mills are now short, and therefore they are restocking."
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Frontline engages in the ownership and operation of oil tankers and oil/bulk/ore (OBO) carriers. It primarily transports crude oil; and raw materials, such as coal and iron ore. The company's Board of Directors decided not to declare a dividend for the second quarter of 2012.
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Ltd.'s fleet, the company's own a fleet of 53 dry-bulk vessels with an aggregate carrying capacity of approximately 3,810,000 deadweight tons.
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