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Drybulk shipping rates continue to move higher, led by capesize rates

Mar. 20, 2014 11:13 AM ETDryShips Inc. (DRYS) StockDRYS, DSX, EGLE, FREEF, KEX, PRGNF, NM, NMM, ULTR, SBLK, SB, SHIP, SGLY, BALT-OLD, GNK, PSHGBy: Carl Surran, SA News Editor6 Comments
  • Drybulk shipping rates are up big during past five weeks and rose again overnight.
  • The Baltic Dry Index rose 3.2% overnight and has surged 49% since Feb. 12; the BDI has gained in 24 of the last 26 sessions, led by a 211% rise in capesize rates.
  • Capesize rates climbed 6.9% (or $1,664/day) overnight to $25,659/day, while panamax rates rose $4/day to $9,019/day and supramax rates added 0.4% ($48/day) to $12,598/day.
  • Related drybulk equities include DRYS, GNK, PRGN, DSX, FREE, ULTR, EGLE, NM, NMM, SBLK, KEX, SB, SINO, BALT, SHIP, DCIX.

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