Dry Bulk Shipping Index On The Move, Dry Bulk Stocks On The Rise

Benzinga

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The Dry Bulk Shipping Index has been on a consistent decline the past five years, but most recently rallied by nearly 30 percent in the past week.

Demand for dry-bulk shipping surged as total seaborne Iron ore imports are projected to rise by 10 percent to 1.307 billion metric tons in 2014, according to Diana Shipping's most recent earnings call.

Iron ore and coal demand is a large indicator for dry-bulk shipping, making up one-third of dry-bulk ton-miles. China is becoming a large geographical focus for dry-bulk shipping, being the largest iron ore importer, increasing by nearly 19 percent in the first half of 2014.

Stocks recently on the move were:

Safe Bulkers (NYSE: SB) up 3.72 percent

DryShips (NASDAQ: DRYS) up 2.19 percent

Paragon Shipping (NASDAQ: PRGN) up 3.29 percent

Diana Shipping (NYSE: DSX) up 1.31 percent

The Guggenheim Shipping ETF (NYSE: SEA) up nearly one percent

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