Deutsche Bank Comments on Dry Bulk and Container Stock Gains

This week, the S&P 500 and Dow Transportation Indices saw losses of 0.2% and 0.7% respectively, “while dry bulk and container stocks saw a gain of 0.8% and 1.1% w/w,” Deutsche Bank reports.

“Tankers underperformed with w/w declines of 6.8% after John Fredriksen and his team provided what we believe was an unfairly negative outlook for crude tankers,” Deutsche Bank writes.

“Spot exposed Frontline Ltd. (NYSE: FRO) and General Maritime Corp. (NYSE: GMR) suffered the highest declines of 13.1% and 16.1% w/w, respectively. With dry bulk rates up this week, spot exposed equities saw gains of nearly 3%, but remain off by over 40% YTD.”

Frontline close Friday at $17.74; General Maritime closed at $1.56.