Shipping stocks outperform markets as baltic index hits 9-month high

Pyxis Tankers

26/09/2023 18:31

** Shares of shipping firms rise, defying broader market
weakness as Baltic index scales a 9-month high
    ** Safe Bulkers  SB.N  gains 1% and Golden Ocean  GOGL.O 
rises 0.5%
    ** Other dry bulk carriers Star Bulk Carriers  SBLK.O ,
Navios Maritime  NMM.N , Seanergy Maritime  SHIP.O , Pyxis
Tankers  PXS.O  and Genco Shipping & Trading  GNK.N  up between
0.4% and 3.2%
    ** The Baltic Exchange's main sea freight index  .BADI ,
tracking rates for ships carrying dry bulk commodities, rises
13th time in 14 session on Tuesday, steered by strong gains in
capesize rate
    ** Breakweave dry bulk shipping ETF  BDRY.P  has gained
13.1% so far this month, looking to break streak of five
straight months of losses

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))