The Baltic Dry Index (BDI), which measures the rate dry bulk shipping companies can charge, declined yesterday. It was more of a pothole than a plunge (just a 1.7% dip), but this was the first time in nearly a month that the BDI went in any direction other than up, and it might be the start of a trend.
But even if it is, investors in the dry bulk shipping industry don't seem too concerned. At 3:05 p.m. EDT today, shares of Diana Shipping (NYSE: DSX) were up a strong 7.5%, Eagle Bulk Shipping (NASDAQ: EGLE) had raced 8.5% higher, and Star Bulk Carriers (NASDAQ: SBLK) was leading the pack upward with a gain of 11%.
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For further details see:
Why Diana Shipping, Eagle Bulk Shipping, and Star Bulk Carriers Stocks All Jumped Today