Why Golden Ocean Stock Dropped on Tuesday

Shares of dry bulk shipping company Golden Ocean Group Limited (NASDAQ: GOGL) are taking on water as markets reopen on Tuesday, down 4.5% as of 11:10 a.m. ET.

There's no news specific to Golden Ocean that's depressing investors today. Rather, the stock seems to be suffering from a generally negative trend in the rates that dry bulk shippers are able to charge for their services.

The Baltic Exchange Dry Index (BDI), which tracks current rates for dry bulk shipping charters, is actually up a few points -- 4.3% -- since markets were last open on Friday. Still, the long-term trend in rates is decidedly downward. Since peaking in May, the BDI is down a disheartening 66.4%, at 1,133 today -- and since its October 2021 peak, the index is down 80%.

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Source Fool.com