Oh my, Baltic Dry!

Why so many postings on the Baltic Dry Index?

Do remember, when I started posting on this topic, Regarding the Dry Bulk Shipping Sector, the Baltic Dry Index had plunged and most of the dry bulk shippers saw their stocks beaten down terribly. Then on Monday, Feb 11th 2008, I had noted that the Baltic Dry Index has started showing some signs of a turnaround and this was thanks to a heads-up from a Sahamas member, SDay.

I then made an update here: Update on Baltic Dry Index

Do look at the BDI numbers on that day. Here's the screenshot of my Bloomberg screen on that day.

And the BDI increased every single day since then! See Another Update on Baltic Dry Index and Baltic Dry Index Update

This morning, I did another check on the Index.

The BDI is up another 247 points! Up another 3.456%

Which means the BDI is up _______ this week!!!

Yes, looking at the rear view mirror, the BDI had peaked on Oct 2007 but now indicators are clearly showing that things are picking up very nicely and that shipping stocks are rebounding nicely.

And here is another current news snippet on some shipping stocks performance obtained from a Google news search.

• Shipping Corporation of India (SCI) jumped 8.23 per cent to Rs 213.10 in response to a sustained rise in the Baltic Dry Index, a benchmark for the cost of shipping various commodities such as coal and iron ore.
  
  The Baltic Dry Index rose for a fifth consecutive day on Thursday. The index has bounced back after having plunged to a seven-month low on 29 January 2008 on concerns that global growth will slow.
  
  SCI’s net profit declined 22 per cent to Rs 176.78 crore on a 11.5 per cent fall in q-o-q net sales to Rs 915.27 crore in Q3 December 2007. (Source: here )

How now my Dearest MooMooCow?