BDI approaches 10,000 as capesizes enjoy highest earnings in 2008

London: Shares of dry bulk shipping lines edged higher Tuesday, as the Baltic Dry Index soared 274 points to close at 9,855.
The index, which is managed by the Baltic Exchange in London, set an all-time high of 11,039 in November of last year.
Dahlman Rose analyst Omar Notka said strong recent activity in the market has pushed rates for capesize vessels to year-to-date highs. Weekly rates for the carriers jumped 10 percent in the last week to reach $183,124, which is less than $10,000 under their all-time high in November. Tightness of available hulls in the Atlantic was cited as a key reason for the capesize surge. [7/5/08]