Citi Starts Coverage on Dry Bulk Shippers - Navios the Lone Buy
Citigroup is initiating coverage of four companies in the dry bulk shipping space today and believes that dry bulk rates will continue to fall in 2011. Although demand is expected to be solid due to growth in China, the rate of growth should slow relative to recent history. In the sector, Citi favors Navios Maritime (NYSE:NM) and rates NM shares at "Buy." The firm also initiated on Eagle Bulk Shipping (NASDAQ:EGLE), Safe Bulkers (NYSE:SB) and Genco Shipping (NYSE:GNK) all with a rating of "Hold."
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