Eagle Bulk Shipping Inc. EGLE.q leads charge, up nearly 38%. That would be phenomenal if the shares weren’t still nearly 70% below their 52-week highs. Other shippers getting a boost today include DryShips Inc. DRYS.q, up 19%; Excel Maritime Carriers Ltd. EXM.nyse, up almost 26%; Frontline Ltd. FRO.nyse, up nearly 10%; Genco Shipping & Trading Ltd.GNK.nyse, up nearly 7%; and Diana Shipping Inc. DSX.nyse, up about 5.5%.
The main measure of dry bulk shipping rates, the Baltic Dry Index, closed 2012 at just under 700, more than 50% below where it started the year. Lower demand from China for iron ore gets a lot of the blame.
But demand — and price — for iron ore has picked up in China, and is expected to remain higher at least temporarily. Or perhaps we should say, at most temporarily. Iron ore prices have risen to above $140 a metric ton (tonne) from below $88 a tonne in September.
