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2009-6-23 11:59:00 a.m. HKT, XFNA
DJ MARKET TALK: HK Dry Bulkers Sharply Down; BDI Declines
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| 1146 [Dow Jones] HK dry bulker shippers sharply lower, with Baltic Dry Index down 1.1% at 4,029 over past 2 sessions, after rising 18.0% between June 10 and June 18; UOB KayHian says latest rally in BDI likely driven by Capesize market with more iron ore shipments, more fixtures on Brazil/China routes and ports congestion. Notes BDI started to lose steam Friday, house expects China's iron ore imports could continue to edge down on monthly basis given current high level of iron ore stockpiles at Chinese ports. Keeps regional dry bulk shipping at Underweight. Within sector, China Shipping Development (1138.HK) down 6.0% at HK$9.61, China Cosco (1919.HK) down 5.9% at HK$8.96 and Pacific Basin (2343.HK) down 5.7% at HK$4.81.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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