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Shipping cos numbers would be strong going ahead

2008-05-08 09:50:55 Source : Bazaar/CNBC-TV18

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CNBC-TV18�s Executive Editor, Udayan Mukherjee - When commodities rallies so strongly, shipping tend to follow. We saw the Baltic Freight Index or the Dry Freight Index crossed 10,000 yesterday. The Baltic Dry Freight Index has gone up 80% since the end of January. And one saw what happened to Mercator Singapore Index, they were very strong numbers, rates had gone up, top line has gone up and they are adding vessels as well. But stock quietly responded already if one looks at what has happened last one month and in line with other midcaps.

Shipping Corporation and GE Shipping are up 20% a piece. Mercator Lines is the stand out performer and that is up 40% in the last one month, so they have rallied a bit. But I still think the kind of number one saw from GE shipping in the current quarter and Mercator Line Singapore, I would imagine that as long as this whole commodity upmove continues one could still play shipping for more because their delivered numbers will have to be strong with this kind of rates which are prevailing. I think the Baltic Dry Freight Index could well be on its way to a new high.