Wall St slump

Shipping stocks joined broader markets in a sharp downward march on Monday.

All but a trio of vessel owning shares were in negative territory at the close of trading, as six of the sector's shares lost more than 15% of their value.

Bulker and tanker owner OceanFreight led the charge, shedding 22.5% to end the day at $1.24. Dry-bulk player Safe Bulkers dropped by 20% to $5.74, while larger peer Eagle Bulk Shipping slumped by 16.7% to $5.74.

The fall came as banking stocks led Wall Street downward, as the Dow Jones Industrial Average closed 290 points, or 3.6%, lower.

The financial media blamed continued worries over the US financial sector, after Bank of America reported tripled fourth-quarter profits but said "extremely difficult challenges" persist.

Also posting a major downward movement Monday were offshore vessel owner Hercules Offshore, bulker and tweendecker owner TBS International, and products tanker and boxship player Aries Maritime Transport.

But container barge specialist Trailer Bridge headed in the opposite direction, surging by 22.4% to $3.50 in light volume.

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