Indie Research,Dry bulk shipping stocks took a breather on Wednesday, but there was no slowing the Baltic Dry Index. The sector's pricing benchmark pushed higher for its ninth straight session after plummeting from late-May through mid-July. At the end of that run, Deutsche Bank analyst Justin Yagerman called a bottom for dry bulk shares after the BDI's first session in positive territory following those more than 30 trading days in the red. Earlier this week Bloomberg suggested that the shipping sector is bottoming as Chinese steel prices signal iron ore demand.
As a whole, the Dry Bulk Shipping Stocks Index is off by -1% on the day as the S&P 500 widens its monthly lead on the sector. OceanFreight (NASDAQ: OCNF - News), DryShips (NASDAQ: DRYS - News), and Diana Shipping (NYSE: DSX - News) are all among top performers for the period, gaining more than 8%.
DryShips will report its second-quarter results after the bell today, and Diana is reporting next Thursday. The stocks were both among Pro-favorites in the dry bulk sector at the end of the first quarter, with four 13F-filing asset managers counting shares among their top-15 U.S.-listed equity holdings respectively. (more)
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