Two New Shippers Come to Market (BALT, CRU)

The shipping sector is seeing a lift today as many are hanging onto gains posted at the start of the trading session. Two newbies entered the market this week, Baltic Trading (NYSE: BALT) and Crude Carriers (NYSE: CRU). Baltic is having a fairly decent week, hanging in at the $14 price range, right in line with where it started out at. Crude Carriers, today is down about 2.6% to $18.50 after opening up at $19.00.

Baltic Trading was formed Genco Shipping & Trading (NYSE: GNK). The company plans to conduct business in the drybulk shipping spot market.

Crude Carriers is a more basic story, acquiring and operating a fleet of crude tankers to transport crude and fuel oil worldwide. Capital Maritime serves as their manager.

Other shippers are benefiting this week, most trading flat to up [Genco took a little dip Monday], evidently a good week to start an IPO.

• DryShips (NASDAQ: DRYS) is up 1.46% to $6.27, and up 10.42% for the week;
  
  
• Eagle Bulk Shipping, Inc. (NASDAQ: EGLE) up 0.17% to $5.91, up 3.33% for the week;
  
  
• Excel Maritime Carriers, Ltd. (NYSE: EXM) up 0.78% to $6.49, up 0.15% for the week; and
  
  
• Genco Shipping & Trading is up 2.41% to $22.49, down 2.25% for the week.

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