Dry bulk shippers surge again as shipping rates keep climbing -9/6/13

Dry bulk shippers surge again as shipping rates keep climbing

• Drybulk shipping stocks continue recent sharp gains following further strength in shipping rates, as capesize shipping rates rose 10% overnight to $21,793/day, the first time since Jan. 2012 that capesize rates exceed $20K/day (Briefing.com).
• The cost of renting a capesize drybulk ship is up 107% YTD, largely driven by higher iron ore shipments to China out of Brazil and Australia.
• SHIP +16.1%, FREE +12%, EGLE +11.2%, GNK +9.5%, SINO +6.8%, DRYS +5.4%, NM +4.8%, SBLK +4.3%, DCIX +3.5%, DSX +3.5%, VLCCF +3.3%, BALT +2.8%, PRGN +2.2%, SFL +1.6%, KEX +1%.

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