Dry bulkers extend rally as ship rates jump

|By:, SA News Editor

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