Greeks Bet Ship Rout Ending With Most Orders Since 2008: Freight
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Greek shipping companies, the owners of one in six merchant vessels, are ordering the most new iron-ore carriers since 2008, betting the five-year rout in charter rates may be nearing an end.
The companies ordered 12 Capesizes last quarter, the most since the beginning of 2008, according to data from Golden Destiny SA, a shipbroker in Piraeus, Greece. Freight swaps, traded by brokers and used to bet on future transportation costs, anticipate rates will almost triple by the fourth quarter. Stock in Athens-based Diana Shipping Inc., which owns 33 vessels, will climb 6.5 percent in a year, the average of 11 analyst forecasts compiled by Bloomberg shows.