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Dry bulkers extend rally as ship rates jump

  • 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
Comments (3)
  • Michael Bryant
    , contributor
    Comments (5344) | Send Message
     
    Dang, (DRYS) up 52.7% in one month.
    9 Sep 2013, 12:56 PM Reply Like
  • therealevan
    , contributor
    Comments (144) | Send Message
     
    Heh , I should have bought when it was at 1.70!
    9 Sep 2013, 01:24 PM Reply Like
  • inkyx
    , contributor
    Comments (321) | Send Message
     
    Haha, bought it at 1.84. Dang, missed the (absolute) bottom.
    9 Sep 2013, 07:23 PM Reply Like
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