Shares of dry bulk shippers Star Bulk Carriers (NASDAQ: SBLK) and Safe Bulkers (NYSE: SB) tumbled more than 10% in early trading on Tuesday. Since peaking above 5,600 in early October, the value of the Baltic Dry Index (which tracks shipping rates for vessels carrying cargo such as iron ore, coal, and grain) has tumbled nearly 25% in less than a month, including today’s 2.6% loss.
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