Baltic Dry Index Update

Here's an interesting snippet from the following market notes posted on Bloomberg News. Japan's Nikkei Rises, Led by Shipping Companies on Cargo Rates

• Japan's Nikkei Rises, Led by Shipping Companies on Cargo Rates
  
  By Masaki Kondo and Satoshi Kawano
  
  Feb. 13 (Bloomberg) -- Japan's Nikkei 225 Stock Average rose, led by shipping lines after freight prices extended the longest streak of gains in two months.
  
  Mitsui O.S.K. Lines Ltd., Japan's No. 2 shipper, surged to the highest level in six weeks, while smaller rival Kawasaki Kisen Kaisha Ltd. jumped for a second day. Taiheiyo Cement Corp., which retreated 57 percent in the past six months to yesterday, climbed the most in more than two weeks.
  
  The Baltic Dry Index, a measure of commodity-shipping costs, surged 12 percent in the past four days after having plunged to a seven-month low on Jan. 29 on concern global growth will slow.
  
  The Nikkei gained 46.34, or 0.4 percent, to 13,068.30 at the close in Tokyo, after rising as much as 1.7 percent in early trading. The broader Topix index was almost unchanged at 1,285.35.
  
  ``Shipping lines, despite their positive outlook for earnings, have been ignored amid concern the global economy will slow,'' said Hiroaki Osakabe, who helps oversee $365 million at Chiba-Gin Asset Management Co. ``With the Baltic index bottoming out, investors are grabbing their stocks for a quick profit.''
  
  Mitsui O.S.K. added 4.9 percent to 1,403 yen, the highest close since Dec. 28, while Kawasaki Kisen advanced 4.4 percent to 1,038 yen. The Topix Marine Transportation Index climbed 3.8 percent, the biggest gain among 33 industry groups.

And here's a quick check on BDI numbers on Bloomberg.