DryShips (DRYS), Diana Shipping (DSX), Others Look Strong as Baltic Index Rises 4%

July 5, 2012 9:09 AM EDT
DryShips (Nasdaq: DRYS), FreeSeas (Nasdaq: FREE) and Diana Shipping (NYSE: DSX) are on watch Thursday following a jump in the Baltic Dry Index.

According to market data, the index is up about 3.8 percent to 1,103. The number reaffirms continued improvement in the sector, which has come off near-term lows of 877 in June.

The BDI was as low as 650 in February.

The index has been on the rise following recent developments in Europe with Spanish banks and the Greek election. Many dry bulk shippers, which transfer goods like coal, grain, sand, iron ore and gravel, are based out of Greece.

DryShips is flat in early trade.

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