Shipping stocks rise as Baltic Freight Index gains

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Shipping stocks rise as Baltic Freight Index gains
Essar Shipping: Quotes, News
BSE 27.20BSE Quote0.2 (0.74%)
NSE 27.55NSE Quote0.05 (0.18%)
ABG Shipyard: Quotes, News
BSE 11.00BSE Quote0.05 (0.45%)
NSE 11.05NSE Quote0 (0.00%)
Shares Shipping stocks rallied in trade today following a surge in the Baltic Dry Index (BDI). The Index jumped to a 21 month high on hopes of a global economic recovery.

ABG Shipyard surged 14%, while Bharti Shipyard jumped 13%, Mercator jumped 4% and Varun Shipping gained 2% on the National Stock Exchange (NSE).

The Baltic Dry Index has almost trebled this year and touched a 21-month high on Thursday to close at 2,127 points after rising 5.24%.

Dealers say that the euphoria in these stocks might not last long, given the significant rally in these stocks.
Shipping stocks have been laggards in trade for the last several years now, given the poor economic growth rates across the globe.

Read more about: nse, baltic dry index
Story first published: Friday, September 27, 2013, 11:34 [IST]
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