real-time news and commentary for investors
Wednesday, Sep 25
Dry bulk shippers on the move as rates spike overnight
- Dry bulk shipping rates are rising again: Overnight, capesize rates rose 5.2% (or $2,206/day) to $42,211/day, panamax rates rose 8.9% (or $1,144) to $13,989/day, and supramax rates rose 2.6% to $10,579/day.
- Since Aug. 12, capesize rates are up 300%, largely driven by higher iron ore shipments to China out of Brazil and Australia, while panamax rates are up 87%, largely driven by coal activity and anticipation of a good amount of shipments from a bountiful U.S. harvest (Briefing.com).
- EGLE +6.2%, FREE +5.6%, SINO +5.1%, VLCCF +4.5%, DRYS +4.2%, BALT +4%, PRGN +3.4%, DSX +1.6%, ULTR +1.2%, NM +1%, SB +0.9%, SFL +0.7%, NMM +0.5%, KEX +0.3%, DCIX +0.3%, SBLK +0.3%, GNK +0.2%.
- However, Seanergy (SHIP) -15.3% after reporting earnings this morning and reigniting concerns about its ability to stay in business.
- ETF: SEA.