UPDATE 1-Deutsche Bank raises 3 dry bulk stocks - News

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UPDATE 1-Deutsche Bank raises 3 dry bulk stocks

By: AFX | 16 Nov 2009 | 10:17 AM ET

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Nov 16 (Reuters) - Deutsche Bank upgraded three dry bulk carriers, including Genco Shipping & Trading Ltd, and said it expects near-term fundamentals to drive continued upside in day rates in the fourth quarter. Analyst Justin Yagerman raised Genco and Euroseas Ltd to "buy" from "hold," and Eagle Bulk Shipping Inc to "hold" from "sell." The analyst named buy-rated Diana Shipping Inc his top pick in the sector. "Day rate upside could continue through Q1 2010 or beyond, as several factors, including increasing port congestion, the re-emergence of Europe and Japan into the iron ore market and seasonal coal and grain trades likely keep the near-term supply/demand dynamic tight," the analyst wrote in a note. Yagerman said he expects the persistence of the rate strength to translate into increased participation in the equities, "as more investors become believers." "While we remain cautious on the sector over the long term due to supply growth, we believe recent vessel dislocation... and continued strength in iron ore imports into China will likely continue to drive near-term upside in day rates and dry bulk stocks," he said. Genco stock was up 6 percent at $26.48 Monday morning on the New York Stock Exchange. Shares of Eagle Bulk were up 6 percent at $5.73, while those of Euroseas were up 3 percent at $4.40 on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anne Pallivathuckal) Keywords: DRYBULK/RESEARCH DEUTSCHE (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S.

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