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Morgan Stanley Upgrades Bulk Shippers On Leverage To Steel Strength

The shares of dry bulk shipping companies should climb further as they benefit from rising shipping prices, predicted Morgan Stanley in a note to investors today. Stronger demand for steel and other commodities should drive shipping prices higher, explained the firm, which upgraded dry bulk shippers Safe Bulkers (SB), Star Bulk Carriers (SBLK) and Golden Ocean Group (GOGL).

POSITIVE CATALYSTS: "Strong" steel fundamentals, including high steels margins, increased spending by China on infrastructure, and strengthening demand by China for imported ore as a significant number of its furnaces close are among the factors that will push dry bulk shippers towards profitability, Morgan Stanley analyst Fotis...


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