Shipping Shares Falling Down in US Stock Markets

Navios Maritime and Pyxis Tankers lead decline; Gener8 Maritime defies gravity.

News ID: 71226

Date: 01 January 2017 - 10:55

According to MANA, US shipping shares headed downward amid slumping stock markets in New York, with Navios Maritime Holdings and Pyxis Tankers leading the dip.

Angeliki Frangou-led Navios, that bulker owner whose stock price had seen recent gains after a legal win against Vale, saw its shares move downward by 12.4% today to $1.41.

And products tanker owner Pyxis also pulled back from recent gains, dropping 12.5% to $2.79.

Most other New York maritime shares logged similar declines, with 41 of 65 shipping, offshore vessel and cruise stocks tracked closing the day in negative territory.

The Dow Jones US Marine Transportation Index remained flat at 219 points.

That came as broader markets also declined in typically thin volume for the final week of the year.