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2009-6-10 03:39:00 p.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers Up; But GS Tips More Falls In BDI
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| 1523 [Dow Jones] HK dry-bulk shipping stocks rise on rebound, but likely dead cat bounce with industry outlook remaining negative. "The correction in spot freight rates may have already begun, and we think will worsen," says Goldman Sachs. Notes forward curve implies Baltic Dry Index at 2,335 for 3Q09, 2,030 for 4Q09, while house's estimates more bearish at 1,500 for 3Q09, 1,900 for 4Q09. Spot ended down 3.5% at 3,518 Tuesday. China Cosco (1919.HK) +6.8% at HK$10.34, Pacific Basin (2343.HK) +4.7% at HK$5.40, China Shipping Development (1138.HK) +6.3% at HK$11.14; these stocks down 14.9%-18.7% over past 4 sessions, vs BDI's 18.0% fall during same period.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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