Shipping stocks zoom on firm freight rates

DALAL STREET SPIKES

Shipping stocks attracted firm buying from domestic funds in Thursday's trading. Stocks such as Bharti Shipyard and SCI were in the thick of action with a leading domestic fund buying larger chunk in these counters, dealing room sources added.

While the Bharti Shipyard stock hit an all-time high of Rs 200, a 20 per cent rise in a single day, SCI ended 2.4 per cent higher to close at Rs 146.45.

Market analysts said, shipping sector stocks are back in limelight as the freight rates have gone up, in the past one month. The VLCC freight rates have, in fact, doubled in the last one and a half month. Analyst said, the freight rates are expected to remain firm as it is a hurricane season in the US.