Greater Offshore
Bharati Shipyard strengthens hold on offshore shipowner by striking share deal with rival ABG.
Two analysts have downgraded their ratings on OceanFreight after the bulker and tanker owner halted its dividend.
Oppenheimer analyst Scott Burk slashed his rating on the company's stock to "underperform" from "perform".
Cantor Fitzgerald's Natasha Boyden, meanwhile, downgraded the Nasdaq-listed stock on Tuesday from "buy" to "hold".
As TradeWinds reported Monday, OceanFreight has suspended dividend payments in an effort to preserve capital and to possibly jump on new opportunities. (Read the story here.)

But in a note to investors, Burk said it is not clear whether lenders or the reduced charter rate forced the dividend decision.
The reduced charter rate "highlights the risk to dry-bulk owners with charter coverage significantly above current charter rates and/or weaker counterparties."
Burk said he expects OceanFreight's stock price to head downward for several days. It has already plunged since the dividend announcement, dropping by 28.6% to $3.17 in mid-morning trading Tuesday.
Boyden dropped her rating on the stock after lowering her price target from $10 to just $4 and reducing her earnings estimate for next year.
"While we believe a suspension of the dividend to conserve capital is a prudent move by management, we suggest the share price may be impacted over the near-term as dividend investors cycle out of the stock," she said.
She also said that even though OceanFreight's time-charter coverage provides stability, the company may be limited by high leverage, an aging fleet and potential issues with its loan covenants.
Based in Athens and run by Anthony Kandylidis, OceanFreight owns nine bulkers and four tankers.
Oceanfreight |

| Last | +/- % | +/- | High | |
|---|---|---|---|---|
| USD | 0.77 | 0.00% | 0.00 | 0.85 |
Bharati Shipyard strengthens hold on offshore shipowner by striking share deal with rival ABG.
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