Shares of drybulk shippers followed the broader market lower, as investors pulled back on news of surging wholesale prices and a drop in housing starts.
The Baltic Dry Index, which measures rates on 40 shipping routes, fell 79 points to 7543. The day rate for an average-sized vessel is around $52,000. That compares with rates close to $80,000 last month.
Diana Shipping shares lost $1.34, or 4.6 percent, to $28.07 in morning trading. Eagle Bulk Shipping fell $1.24, or 4.4 percent, to $27.10. Dryships gave up $2.17, or 2.8 percent, to $74.58. Aries Maritime rose 8 cents, or 2.6 percent, to $3.16.