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Major bulk carriers down more than 20 percent

Both Scorpio Bulkers and Star Bulk tumbled on the stock exchange on Wednesday and are now sitting bellow one USD. Deutsche Bank has downgraded the carriers in the face of potential downturn and a decline in vessel values.

Photo: Star Bulk

Several of the major bulk carriers declined on the stock exchange on Wednesday 18 November. Star Bulk fell by 21.3 percent to USD 0.96, Scorpio Bulkers fell by 24 percent to USD 0.87, while Diana Shipping fell by 5.3 percent to USD 4.9.

At the same time, Deutsche Bank announced that the improvement in the bulk market, which the bank had expected to see by the end of the year, was noticeably absent. As such, the bank has now lowered the price targets for carriers Scorpio Bulkers, Star Bulk and Diana Shipping, and downgraded their rating from 'buy' to 'hold,' according to a statement released by the bank.

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