Shipping rates continued their descent on Tuesday. The Baltic Dry Index was down 10 points or 0.746% to settle at 1,330.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Azuma Shipping Co., Ltd. will create a wholly owned subsidiary to do transporting, customs clearing, warehouse inside processing and related activities. The entity will be based in Qingdao, China.
2) AIT Corp. finished the off-floor share distribution. Two hundred thousand shares were distributed at 1,004 yens per share.
3) Star Bulk Carriers Corp. (NASDAQ:SBLK) priced its share offering at $1.80 per share. The sale will close by July 22, and 16.7 million shares will be offered.