The Baltic Dry Index, a daily average of the prices negotiated by shipping companies on the Baltic Exchange to transport raw materials across the sea, fell 12% over three days.
Eagle Bulk Shipping Inc. announced that it will sell 5 million shares to Jefferies & Co., who in turn plans to sell them to the public at $25.90 each. This sale price is 3.6 percent lower than the stock's closing price of $26.88 on Tuesday.