US operator Eagle Bulk Shipping led the charge, climbing 39.71% to $2.50, while George Economou’s DryShips jumped 15.61% before crossing the $2.00 mark
At the lower end of the spectrum, Excel Maritime Carriers, FreeSeas and NewLead Holdings watched their shares rise 32.13%, 35.97% and 40.93% to $0.59, $0.09 and $0.62, respectively.
Many of Wall Street’s leading shipping analysts believe the spike is a response to the Baltic Dry Index (BDI), which snapped a losing streak earlier this week and ended the first leg of the New Year in positive territory.
Observers note that positive sentiment has been supported by talk that John Fredriksen has lined up an order for more than a dozen capesize bulkersin a move that suggests the tycoon believes a bottom is forming in one of the most chronically depressed areas of the shipping space.
Others believe the deal is a double edged sword as newbuildings would add to the existing global capacity glut and think the transaction is more of a bet on “eco” ships and capes than the dry-bulk segment as a whole.
The BDI rose 0.9% to end the week at 706 as rates for capesizes and supramaxes trading in the spot market climbed 5.5% and 0.1% to $5,249 and $7,728, respectively, according to researchers at Dahlman Rose.
The US investment bank, which was quick to point out that levels are still relatively low and in many cases below vessel operating expenses, noted panamax and handysize rates fell 0.9% and 0.1% to $5,300 and $6,619, respectively, on average.
You can read an exclusive story about Fredriksen's bulker play in the latest weekly edition of TradeWinds or by clicking on the links located under the Related section to the right of this article
