GE Shipping has held its steed among the top five gainers on the BSE since the morning. From its close of yesterday at Rs.344.50, it today surged to hit a new 52-high at Rs.391.80. Shreyas Shipping also hit a new high at Rs.98, also hitting its 20% UC of the day. SCI, Seacoast Sipping, Cochin Shipyard and Essar Shipping – all shipping companies are soaring high.
The reason? Reuters reported yesterday that the Baltic exchange’s main sea freight index rose to a 11-year peak, led by the highest capesize vessel, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore.
Capesize ships are the largest dry cargo ships, which are too large for even Suez Canal or Panama Canal.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, added 104 points, to a near 11-year peak of 3,157.
In April, the index recorded its strongest performance since June last year, propelled mostly by rising iron ore demand from China.