Shipping stocks sail on Baltic high

Bharati Shipyard finally ended with a 4.5% gain at Rs 182. Great Estern Shipping Company surged 8% to Rs 309.

Shipping Corporation of India gained 4% at Rs 151. Great Offshore rallied 6% to Rs 384.

Mercator Lines advanced 5.5% to Rs 75. ABG Shipyard and Varun Shipping added over 2% each.
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(Updated at 1244 hrs)

Shipping stocks have turned out to be one of the major gainers today on the BSE. The stocks rose after the Baltic Dry Index jumped to an eight-month high, propelled by increased Chinese imports of iron ore.

Bharati Shipyard has fixed  open offer price for aquiring an additional 20% stake in Great Offshore at Rs 344 a share. The stock rallied 6% to a high of Rs 184 and is now up 4.5% at Rs 182. over 175,000 shares have changed hands at the BSE so far.

Great Eastern Shipping soared 10% to a high of Rs 316. The stock is currently trading 8% higher at Rs 309. Around 388,000 shares have been traded on the counter today.

Shipping Corporations of India gained 6% to Rs 154 and is now up 4% at Rs 151. A total of 621,677 shares have been traded on the BSE so far. The stock has advanced 84% in the last one month.

Great Offshore surged 8% to touch a high of Rs 393. The stock is now trading at Rs 388, up 6.5%. The counter has witnessed trades of 253,912 shares so far on the BSE.

Other Shipping stocks have also gained. Mercator Lines is up 7% at Rs 76. Varun Shipping and ABG Shipyard have added over 3% each.