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 (6933) | Send Message
    Dang, (DRYS) up 52.7% in one month.
    9 Sep 2013, 12:56 PM Reply Like
  • therealevan
    , contributor
    Comments (242) | Send Message
    Heh , I should have bought when it was at 1.70!
    9 Sep 2013, 01:24 PM Reply Like
  • inkyx
    , contributor
    Comments (523) | 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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