Hong Kong: Asian shipping shares were jumping upwards this morning in unison on the back of a good run for London's Baltic Dry Index. In Tokyo, Mitsui O.S.K. surged 6.6 percent to 569 yen, Nippon Yusen gained 8.2 percent to 371 yen and Kawasaki Kisen Kaisha Ltd. advanced 9.1 percent to 371 yen.
BOA-Merrill lifted its ratings on all three shipping lines to "neutral" from "underperform." The Baltic Dry Index, a measure of rates for shipping commodities, also rose 4.3 percent yesterday in London, the most in almost three months.
In Hong Kong China Cosco rose 1.96 percent in early trading, while China Shipping Development was up 2.23 percent. The Baltic Exchange's main sea freight index rose to a seven-week high on Wednesday. [08/10/09]
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