Dry Bulkers Rise on Expectations for Robust Gains in FY13 (DRYS) (EGLE) (EXM)

January 4, 2013 10:49 AM EST
Dry bulk shippers are trading strong today on a strong outlook for shipping rates in 2013.

The Bloomberg Industries (BI) GL Dry Bulk Shipping Valuation Peers Public Index is up over 7 percent on the session to 110.38. GL DBSVPPI is an equal-weight index. BI said that expectations call for a 17 percent gain in the index through 2013.

Despite today's move, it should be noted that the index has been well above 200 points in 2010 and only averaged below 100 points since April-May of 2012.

Leading the index are Eagle Bulk Shipping (Nasdaq: EGLE), Excel Maritime (NYSE: EXM), Korea Line Corp, DryShips (Nasdaq: DRYS), and Golden Ocean Group, up 23.9 percent, 21.1 percent, 11.9 percent, 10.4 percent, and 9.5 percent ,respectively.

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