They probably ain't building 4 ships if the end of civilizatio9n is near. Row row row yer boat gently down da stream.
12:33 Color on strength in shipping stocks
Shipping stocks are showing relative strength today (EXM +13.7%, FREE +10.0%, EGLE +10.0%, GNK +9.2%, TBSI +9.1%, DRYS +6.8%, PRGN +5.7%, DSX +4.7%, NM +3.9%) in a generally flat market. The move higher follows the first rise in the Baltic Dry Index in ten sessions, which rose 122 points (4.1%) to 3097. The index measures daily average of prices to ship raw materials such as grains, metals, fossil fuels... Another item of interest that could be positively impacting the group is a report that Oman Shipping Co signed an agreement with Jiangsu Rongsheng Heavy Industries Company of China to build four vessels, containing 400,000 tonnes of capacity. According to the Chairman of Oman Shipping Co, this is considered to be the biggest order in the world, and may be viewed as an indication of an improving outlook for world trade... While these two items may be providing support to the group today, the cost of shipping goods has been trending lower this month, and remains ~17.5% lower. |
