Wednesday was a weak day for shipping rates. Baltic Dry Index went down 1.252% or 18 points to settle at 1,420. Let’s go on to a cheat sheet for shippers.
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Here is your Cheat Sheet for interesting news at marine transportation companies:
1) Hurtigruten ASA was ordered to return government funding it received in 2008. Hurtigruten ASA received extra NOK 75 million for its services to the state but this increase was not approved by European Free Trade Association’s Surveillance Authority.
2) Mercator Lines Limited is contemplating to sell its coal exploration and mining unit through an IPO. The unit, Oorja Holdings Pte. Ltd., is expected to raise $150 million, and the transaction is expected take place by January.
3) Rand Logistics, Inc. reiterated its guidance for 2011 EBITDA in the range of 34 to 36 million dollars.
4) Diana Shipping Inc . (NYSE:DSX) was awarded a contract for one Panamax vessel with Cargill International S.A. last week. The charter is at the daily rate of 13,250 dollars minus a 5% commission to third parties.
Check Out: Investing In Transportation: Risk Factors for Marine Shippers .