DryShips (DRYS), Others Climb as Baltic Dry Index Ticks Higher
Down)
Drybulk shipping stocks are making a move higher again Wednesday as the Baltic Dry Index (BDI) is moving off of 25-year lows for the third day in a row
Companies like DryShips (Nasdaq: DRYS), Navios Maritime (NYSE: NM), Diana Shipping (NYSE: DSX), Eagle Bulk (Nasdaq: EGLE), Teekay Corp. (NYSE: TK), have been hit in recent months as the cost to ship goods has plummeted. The BDI fell 67 percent from well over 2,000 last November to the mid-600 range. Monday's move higher in the BDI marked the first intraday increase since December 12th.
The BDI last traded around 672, up about 1.8 percent for the session.
As reported earlier in the week, many shippers are refusing contractions until the environment improves.
Shares of DryShips are the leader this morning, currently up 5 percent on the session. Navios and Teekay are also in positive territory.
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Companies like DryShips (Nasdaq: DRYS), Navios Maritime (NYSE: NM), Diana Shipping (NYSE: DSX), Eagle Bulk (Nasdaq: EGLE), Teekay Corp. (NYSE: TK), have been hit in recent months as the cost to ship goods has plummeted. The BDI fell 67 percent from well over 2,000 last November to the mid-600 range. Monday's move higher in the BDI marked the first intraday increase since December 12th.
The BDI last traded around 672, up about 1.8 percent for the session.
As reported earlier in the week, many shippers are refusing contractions until the environment improves.
Shares of DryShips are the leader this morning, currently up 5 percent on the session. Navios and Teekay are also in positive territory.
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