Shippers See Action as Baltic Dry Index Rises 1.7%, Alcoa Beats (DRYS) (FREE) (NEWL)
Tweet
Share
E-mail
Get Alerts drys Hot Sheet
Join SI Premium – FREE
Shippers are seeing strong upside Wednesday as the Baltic Dry Index continues to climb higher. The index is up 1.7 percent to 944 this morning.
Recent reports suggest many carriers are dropping anchor until rates increase further. According to data compiled by Bloomberg, about 25 percent of the world's Panamax fleet were anchored last month, though daily rates are expected to rise 25 percent in the second quarter compared with the first.
Additionally, a surprise first-quarter beat issued by Alcoa (NYSE: AA) on Tuesday night might be giving investors some relief as the results may indicate a more accelerated global shipping recovery. As economies begin to grow again, the need for refined metals and other goods will increase on infrastructure expansion, and eventually push worldwide shipments higher.
Shares of DryShips (Nasdaq: DRYS) are up 7.5 percent on the session, NewLead Holdings (Nasdaq: NEWL) shares are 83 percent better, FreeSeas (Nasdaq: FREE) shares are 16.2 percent higher, and Eagle Bulk Shipping (Nasdaq: EGLE) is up about 7 percent. Other notables include Genco Shipping (NYSE: GNK), Teekay Tankers (NYSE: TNK), Excel Maritime (NYSE: EXL), and Navios Maritime Partners (NYSE: NMM).
Recent reports suggest many carriers are dropping anchor until rates increase further. According to data compiled by Bloomberg, about 25 percent of the world's Panamax fleet were anchored last month, though daily rates are expected to rise 25 percent in the second quarter compared with the first.
Additionally, a surprise first-quarter beat issued by Alcoa (NYSE: AA) on Tuesday night might be giving investors some relief as the results may indicate a more accelerated global shipping recovery. As economies begin to grow again, the need for refined metals and other goods will increase on infrastructure expansion, and eventually push worldwide shipments higher.
Shares of DryShips (Nasdaq: DRYS) are up 7.5 percent on the session, NewLead Holdings (Nasdaq: NEWL) shares are 83 percent better, FreeSeas (Nasdaq: FREE) shares are 16.2 percent higher, and Eagle Bulk Shipping (Nasdaq: EGLE) is up about 7 percent. Other notables include Genco Shipping (NYSE: GNK), Teekay Tankers (NYSE: TNK), Excel Maritime (NYSE: EXL), and Navios Maritime Partners (NYSE: NMM).
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Super Micro Computer (SMCI) Falls 6%
- Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler
- Midday movers: Netflix, Super Micro fall; Paramount Global gains
Create E-mail Alert Related Categories
Insiders' Blog, Trader TalkRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
