Dramatic plunge

Traders on the floor of the New York Stock Exchange

Shipping and offshore shares tumbled steeply Monday in a market-wide freefall that spared few stocks.

By late morning, about 40 of the sectors’ shares had shed more than 10% of their value since Friday’s disappointing close.

The Claymore/Delta Global Shipping fund, an accumulation of mostly US-listed shipping stocks, has plunged 14.1% to $13.71.

The plunge came as the Dow Jones Industrial Average spiraled downward by 427 points, or 4.1%, to fall below the psychological benchmark of 10,000 points for the first time in four years.

The financial media blamed the plunge on global economic concerns, despite recent government efforts to shore up financial markets.

In shipping, Nasdaq-listed Aries Maritime Transport was faring worst in the market’s plummet, losing 32.4% of its value to reach $1.25.

Greece-based Safe Bulkers, meanwhile, saw its shares drop 26.1% to $6.89 on the New York Stock Exchange, while other bulker owners joined in the plummet.

Excel Maritime Carriers, OceanFreight, Genco Shipping & Trading, DryShips, Diana Shipping, TBS International and Eagle Bulk Shipping all saw their shares lose 15% of their value.

Tank-barge and products terminal operator Martin Midstream Partner saw its shares plunge by 25.4% to $15.29.

Shares in Mexican tanker owner and offshore player Grupo TMM saw dropped 23% to just $0.62, while Torm’s Nasdaq-listed stock shed 22.1% to hit $17.80.

Printable version Newsletter sign up