Shares of several marine-shipping companies fell sharply on Tuesday, vastly underperforming the market.
Diana Shipping (NYSE:DSX) has tumbled as much as 8.7%, marking the most intraday decline since March 10.
Similarly, Star Bulk (SBLK) has declined as much as 5.6%, representing the most intraday decrease since April 19.
The decline came after Jefferies stated that dry-bulk rates have reached a near-term peak, although they are still remaining strong.
“Rates have been on an easing trend in recent days, with average rates close to $125,000/day versus nearly $140,000/day two weeks ago,” analysts wrote in a client note.