- It's onward and upward for dry bulk names again today, as The Baltic Dry Index posts its largest gain since 2009, rising 9.3% to 1,478. (daily quotes here)
- The driver: An 8.1% expansion in Chinese iron ore imports. "Steel production in China is defying a seasonal slowdown in prices, allowing mills to absorb high iron ore imports," a Morgan Stanley analyst quoted by Bloomberg says.
- After rising 10% overnight Friday, daily capesize earnings jump 17% to $25,426, the highest since December of 2011.
- GNK +16%, EGLE +1.8%, DRYS +8.6%, SBLK +9.5%, DSX +1.3%, BALT +5.5%, SB +2.1%, NM +2.3%, FREE +28%, SHIP +11%.
- ETF- SEA +1.4%
- More from SA contributor MTF Investing here
Dry bulkers extend rally as ship rates jump
Sep 9 2013, 12:09 ET