Seeking Alpha

Drybulk shipping rates keep rising, extending last week's big gains

  • Drybulk shipping rates continue to move higher, adding to last week's run as iron ore shipments out of Brazil and Australia pick up.
  • On Friday, drybulk rates as measured by the Baltic Dry Index rose 7.7%, capping a 31% gain for the week driven by strength across the board but mainly in Capesize and Panamax rates.
  • After beginning its ascent on July 23, the BDI has jumped 40%, rising in every session except one.
  • Last week, Capesize rates surged 65% to $15,561/day, Panamax rates climbed 29% to $6,397/day, and Supramax rates added 9% to $9,170/day.
  • Related drybulk stocks include: DRYS +2%, PRGN +4.1%, DSX +1%, FREE +8.2%, EGLE -2%, NM +2.5%, NMM +0.7%, SBLK +1.1%, SB +1.7%, BALT +2.5%, SHIP -2.1%, DCIX +2.2%.
Comments (2)
  • Michael Bryant
    , contributor
    Comments (5759) | Send Message
     
    Hm, if anything, I will go with (NASDAQ:DRYS) because of (NASDAQ:ORIG).
    18 Aug 2014, 11:07 PM Reply Like
  • Fanebrb
    , contributor
    Comments (633) | Send Message
     
    Hm, SFL is a better deal, but the div. takes some getting used to @ 9%.... HMMmm....>
    19 Aug 2014, 12:59 AM Reply Like
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