Genco, Shippers Rise as Rates Reach Near 3-Week Highs
Genco Shipping & Trading Ltd. (GNK) gained 16 percent and other commodities shippers rose as bulk shipping rates reached the highest in almost three weeks.
Genco rose $1.74 to $12.74 in New York Stock Exchange composite trading.
The Baltic Dry Index (BDIY), a measure of shipping costs for commodities, rose to an almost three-week high. The index advanced 39 points, 5.1 percent, to 803 points, according to the Baltic Exchange. The measure, at its highest since Nov. 25, remains down 93 percent from an all-time high in May.
“The dry-bulk spot market has been much more active, with the majority of fixtures coming out of Australia,” Omar Nokta, an analyst at Dahlman Rose & Co. in New York, said in a note today. “Indications are that miners have been selling more iron ore on the spot market.”
Rates for Capesizes, the largest commodity carriers, rose $1,479, or 18 percent, to $9.740 per day. That’s the highest since Oct. 20.
DryShips (DSX) rose 82 cents, or 8.8 percent, to $10.19 in Nasdaq Stock Market composite trading. Excel Maritime Carriers Ltd. (EXM) rose 96 cents, or 15 percent, to $7.35. Eagle Bulk Shipping Inc. (EGLE) advanced 59 cents, or 8.7 percent, to $7.34. Diana Shipping Inc. gained $1.56, or 14 percent, to $12.66.
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