Shipping stocks sail higher as Baltic Dry Index hits 8-month high
Shares of shipping companies were in high demand on Friday as freight rates surged sharply, lifting investor sentiment across the sector.
The Baltic Dry Index (BDI), a global benchmark that tracks the cost of transporting dry bulk commodities like coal, iron ore, and grains, jumped 9.6% to 1,904, marking its highest level since October 7. The rally in BDI reflects strong activity in global trade routes.
On the back of this, Shipping Corporation of India (SCI) (up 5.16%), Velox Shipping and Logistics (up 5%) and Great Eastern Shipping Company (up 2.63%) surged.
A rising BDI typically boosts earnings potential for shipping companies as it directly translates into higher freight revenues per voyage.
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Time of India
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Economic Times
7 days ago
- Economic Times
Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan
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Business Standard
7 days ago
- Business Standard
SCI, GE Shipping in focus as Baltic Dry Index up 47% in 1-mth; time to buy?
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