MUMBAI (Commodity Online): Shipping stocks trade with gains on the bourses today as the Baltic Dry Index, a measure of shipping costs for commodities has jumped 4.26% to 2911 in London on Wednesday, 3 March 2010.

Some of the leading shipping stocks including Shipping Corporation of India Ltd (BOM:523598) and Mercator Lines (BOM:526235) posted moderate gains amid weak markets. The key benchmark index, Sensex, remained under pressure at 16931.91 down by 0.4% from its Wednesday’s closing.

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Shipping Corp stocks climbed over 2.7% to Rs.151.90, while Mercator Lines gained 2.6% to Rs.56.95 during the afternoon trading session on the Bombay Stock Exchange (BSE). Great Eastern Shipping Company Ltd (BOM:500620) traded at Rs.288 up 2.06% and Essar Group venture, Essar Shipping Ports & Logistics Ltd (BOM:500630) gained 0.6% to Rs.68 on BSE.

The Baltic Dry Index (BDI) is showing signs of recovery in the new financial year. During the depth of the global economic crisis in 2008, the BDI shed 90% of its value. In fact, from an all time high of 11,793 on 20 May 2008, the index had nosedived to an all-time low of 663 in October 2008 as the global demand for raw materials slumped.

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