If you study the chart patterns of the big shippers they are all following the same pattern. A sector of trades.
Dry bulk shippers have sold off dramatically in recent trading sessions, as shipping rates have come off their highs. Much of the reason behind the sell-off was speculation thatChina will start drawing down some of its raw material inventory as we approach the upcoming Olympics. Despite the recent weakness, we see demand for dry bulk shipping intact as the developing world continues to clamor for resources across oceans. Excel Maritime Carriers (EXM) I see recent weakness as a buying opportunity. While Excel Maritime will benefit from higher spot shipping rates, they are also hedged against near-term weakness by already having chartered out much of their fleet for the remainder of 2008. Look at EGLE and DRYS also for other buys.