Shares of five shipping companies rose by 2.30% to 17.29% at 15:10 IST after the Baltic Dry Index, which tracks rates to ship dry commodities, gained 2.66% on 9 September 2014.
Varun Shipping Company (up 17.29%), Shipping Corporation of India (up 10.32%), Mercator (up 5.06%), Shreyas Shipping & Logistics (up 2.74%) and Great Eastern Shipping Company (up 2.30%), edged higher.
The S&P BSE Sensex was down 196.42 points, or 0.72% at 27,068.90.
The Baltic Dry Index (BDI) is widely followed by analysts, money managers, shipping companies and investors because it provides benchmark rates for transporting dry bulk commodities such as iron ore, coal, and grain across water. Higher shipping rates augur well for shipping companies in the form of incremental revenue, thereby boosting earnings.
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