There are few industries more tied to global growth than dry bulk shipping, as these ships are responsible for carrying the materials required in economic expansion.

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For years, analysts have warned of the impending oversupply in the dry bulk shipping markets as newbuilds were coming online faster than demand for raw materials was growing.

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Dry bulk shipping in China, for instance, comes to mind.

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Diana Shipping (NYSE: DSX): A leader in dry bulk shipping with a P-E of 6.59, an operating profit of near 50, and 373 million in cash, and a major beneficiary of the rising Chinese economy.

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In the business of shipping dry-bulk cargoes, mostly iron ore, coal and grain, there is not even the hint of a silver lining to the cloud.

ECONOMIST: Shipping

The recent decline in the dry bulk index suggests that tighter emissions regulations on shipping vessel is unlikley to result in near-term cost distortions.

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The Baltic Dry Index, a measure of shipping rates for bulk goods, has foundered.

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The improvement in shipping rates is helping to bolster shares of Japan's biggest dry-bulk shipper Mitsui O.

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