US-based dry bulk giant Star Bulk will take delivery of 34 newbuildings over the next two years while already possessing a significant active fleet - and the New York-listed carrier is now being further downgraded, to just USD 2 per share, by Deutsche Bank, which also changes its recommendation from 'hold' to 'sell'.
"We are lowering our recommendation on shares of Star Bulk to Sell from Hold, and revising our price target to USD 2 from USD 5. The revision largely reflects an extremely weak spot rate market for dry bulk vessels, where average rates are hovering at USD 5,000 per day level on year-to-date basis (down 66 percent year on year), as well as our belief that a weak environment is likely to persist for at least the next 12 months," Deutsche Bank wrote in a report on the downgrade.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Coal comeback prompts new trend within dry bulk: "It’s unfortunate for the climate, but it’s necessary right now"
Demand for coal is soaring in Europe due to Russia’s invasion of Ukraine, and the new market supports dry bulk carriers, say the chief execs of Lauritzen Bulkers, Ultrabulk and Golden Ocean to ShippingWatch.
Maersk Broker ready to mobilize within tanker: "Of course, we want to be part of it"
The tanker market has adjusted more rapidly than expected. Maersk Broker therefore wishes to expand business within tanker, requiring a strengthening of the organization, say top executives in an interview with ShippingWatch.
One alternative fuel may be particularly dangerous
In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.
Dan-Bunkering achieves billion-dollar revenue – set to focus on new acquisitions
Dan-Bunkering, part of fuel supplier Bunker Holding, last year saw a significant boost in revenue, with earnings coming in more flat. The bunker company will focus on mergers and acquisitions.
Analyst firm seeing signs of weakening container spot rates
Spot rates on the container market have declined in the past two weeks. The likelihood of a bigger drop in rates has increased, according to Sea-Intelligence.
Accountant Assistant - Creditor & Payment Team 
Head of Airfreight 
Head of Vessel Operations 
Safety Leadership & Transformation Manager 
Senior Sales Manager 
Crewing officer 
Senior Legal Counsel with a focus on Offshore Renewables