My Dry Bulk Shipping Index, stoked by a significant rise in yesterday's BDI coupled with better-than-anticipated home sales data, rose 7.5% yesterday. This rise was mostly due to the performance of DryShips , which gained an astonishing 13.6% in trading yesterday; DryShips holds the index's largest weighting.
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At first glance, the drivers behind DryShips' considerable rally are less than clear, with possible suspects ranging from speculation over Friday's earnings release to short-covering.DryShips is now up 17.0% on a weekly basis.
Shippers have continued to try to take advantage of a strong shipping rate environment, by helping to shore up future cash flows through contracts. These moves, combined with early indications of a bottoming and potential recovery in the global economy, have caused me to become less bearish toward the sector, as tracked by my DBSI, for the long term.
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