The US Federal Reserve and five other central banks cut rates Wednesday.

Still sinking

Despite an unprecedented joint rate cut by six of the world’s central banks, US stocks were lower in midday trading Wednesday, with shipping shares taking significant hits.

Tanker owners suffered the largest falls after data released Wednesday showed growing US oil and gasoline stockpiles.

In midday trading, the Dow Jones Industrial Average had shed 148 points, or 1.1%, while the Nasdaq Composite Index lost 28.1 points, or 1.6%.

The losses showed that rate cuts were not enough to ease economic worries.

The Federal Reserve, the European Central Bank and four more of the world’s central banks cut interest rates on Wednesday to soften the financial market’s fall.

But at least 17 shipowner stocks have lost more than 10% of their value during the morning, and no shipowner shares were in the black at midday.

The Claymore/Delta Global Shipping fund, which mostly includes US-listed shipping shares, plunged by 7.5% in noon trading, when it was at $12.30.

Wet sector stocks are faring the worst Wednesday, with Mexican tanker owner Grupo TMM losing 29.7% to hit $0.45, although as a penny stock it only took a $0.19 drop to register that percentage.

Other tanker also posted steep share price losses the same day that the US Energy Information Administration reported that US crude inventories increased by 2.8% over the past week, reaching 8.1 million barrels. Analysts had expected crude inventories to drop, according to Platts.

Shares in US Shipping Partners fell below $1 for the first time, plunging 18.9% to a new 52-week low of $0.62. Top Ships’ shares lost 20.2% to hit $2.73, while VLCC owner Knightsbridge Tankers plunged by 18.2%.

Other tanker owners dropping by more than 10% were DHT Maritime, Teekay Tankers, General Maritime, Aries Maritime Transport and Torm.

Gasship owner StealthGas saw its shares plummet by 21.4% to $6.51.

Bulker owners also posted significant declines, led by FreeSeas, whose shares lost 15% to hit $2.50. Paragon Shipping’s shares shed 10.5% to $5.74.