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Shipping shares down on lower activity

Dry bulk shipping company shares fell Friday after a key industry report showed that activity and rates are off to a bad start for the year. The Baltic Dry Index, which is an indicator of activity on major shipping lanes throughout the world, has fallen every day of 2014 after a run up at the end of 2013. The index is a key measure of global trade because it indicates how well shipments of everything from coal to cement are moving.

According to DryShips Inc., the overall Baltic Dry Index dropped 11 percent to 1,512 as of Friday.

This sent shares of a number of dry shipping companies down. Here's a look at how some companies were faring as of midday amid a modest market dip:

Diana Shipping Inc. shares fell nearly 2 percent to $12.14

Genco Shipping & Trading Ltd. fell nearly 8 percent to $2.38
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Navios Maritime Holdings Inc. shares fell 5 percent to $9.18

Paragon Shipping Inc. shares fell 3 percent to $7.02

Navios Maritime Partners LP fell 4 percent to $17.97

Safe Bulkers Inc. shares fell 5 percent to $9,69

Eagle Bulk Shipping Inc. shares fell nearly 4 percent to $3.71
Source: Associated Press