US downgrade hits shipowners
US-listed shipping companies watched their stocks follow a broader market sell-off Monday as investors responded to the first-ever downgrade of US credit rating and fears of a global economic downturn.
New York-listed tanker owner General Maritime was hit hardest as its shares fell by more than 44% before hitting $0.41 in heavy trading.
It is widely believed that the sell-off was fuelled by sentiment surrounding a move by Standard & Poor’s, which cut the US rating from AAA to AA-plus after Friday’s close in response to political wrangling over the nation’s debt ceiling and the federal deficit.
DATE:2011.8.11
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