ShippingWatch

Shipping shares tumbled in global market turbulence

Dry bulk shares took new beating on the exchanges, but also product tanker, with players such as Scorpio Tankers, Ardmore Shipping and Tsakos Energy Navigation, was hit by the downturn in China. Markets have recovered to some extend again.

Photo: /ritzau/AP/Richard Dew/

Shipping shares on the international capital markets also tumbled down in the dramatic stock slides in the past few days, triggered by uncertainties relating to the Chinese economy and thus the country's position as growth driver for the global shipping industry.

The plummeting stock markets in recent days have hit the listed dry bulk shares hard on exchanges in Oslo, New York and elsewhere, as the shares are sold cheaply, and many shares were already knocked flat due to the bulk industry's massive dependency on economic growth in China.

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