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.
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