Dry Cargo Shipping shares in Oslo skyrocketed

Skyrocket in dry cargo shares in Oslo yesterday on the tail of a record rise in the capesize market has passed to stocks around the globe. DryShips, Baltic Trading, Safe Bulkers, Navios Maritime Holdings, Freeseas and Knightsbridge all clocked significant gains in the US to follow a trend started by Golden Ocean and its dry cargo peers on the Oslo Bors on Tuesday. Pacific Basin Shipping led the rally in Asia, spurred by the improving market and an upgrade from Barclays Capital. China Cosco Holdings also gained ground in Hong Kong.
The marching shares followed a 38% climb in capesize spot rates to $12,580 daily yesterday, backed by what Bimco analyst Peter Sand said was a significant improvement in demand in the Atlantic.
Bloomberg data suggests the percentage climb seen yesterday was the largest on record stretching back to March 1999.
10% was added to earnings today, pushing rates to $15,900 daily.
RS Platou Markets says falling iron ore prices, relatively tight vessel supply in the Atlantic and higher coal shipments from Australia are all helping the capesize market right now.
Jonathan Chappell of Evercore is quoted by Bloomberg to have said: “The Brazilians are back in the market ! in a meaningful way for the first time in a while. That’s driving long-haul demand from the Atlantic Basin to the Pacific Basin.”