Shares of eight shipping companies rose by 0.56% to 10.02% at 12:25 IST on BSE after the Baltic Dry Index, which tracks rates to ship dry commodities, jumped 5.24% on Wednesday, 25 September 2013.
Global Offshore (up 0.56%), Dredging Corporation of India (up 0.93%), Great Eastern Shipping Company (up 1.28%), Seamec (up 4.14%), Shipping Corporation of India (up 6.02%), Mercator (up 7.9%), Varun Shipping Company (up 8.25%) and Essar Shipping (up 10.02%) gained.
Meanwhile, the BSE Sensex was up 69.36 points, or 0.35% at 19,925.60
The Baltic Dry Index (BDI) is widely followed by analysts, money managers, shipping companies and investors because it provides benchmark rates for transporting dry bulk commodities such as iron ore, coal, and grain across water. Higher shipping rates augur well for shipping companies in the form of incremental revenue, thereby boosting earnings.
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