Baltic Dry Index Down 8 Straight Days, But Stocks Bucking the Trend and Moving Higher (DRYS, DSX, GNK, more)

Dry bulk shipping stocks are moving higher with the broader averages today, bucking the recent downtrend in the Baltic Dry Index. Following 15 straight days of upside (starting October 29), the index has now fallen consecutively, today being the eighth day in a row of declines. The index has now fallen from a recent-high around 4,400 on November 18 to around 3,840 today.

Taking a look at stocks in the group, prices more-or-less traded inline with the day-to-day performance of the Baltic Dry Index, but this trend may have reversed today. As an example, DryShips (Nasdaq: DRYS) -- probably the most widely traded dry bulk stock -- had risen about 13% from the beginning of the rise to the peak, and has now fallen about 11% from this level.

Elsewhere in the sector:

• Teekay (NYSE: TK) up 4% to $24.99
  
• Diana Shipping (NYSE: DSX) up 4.6% to $16.26
  
• Genco Shipping (NYSE: GNK) up 8.5% to $25.48
  
• Navios Maritime (NYSE: NM) up 5% to $6.07
  
• Excel Maritime Carriers (NYSE: EXM) up 6% to $7.31
  
• Safe Bulkers (NYSE: SB) up 4% to $8.85
  
• Eagle Bulk (Nasdaq: EGLE) up 4.4% to $5.91
  
• TBS International (Nasdaq: TBSI) up 3.7% to $8.04

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