The Baltic Dry Index advanced 3.3% or 50 points settling at 1,565 on Tuesday. About 2 weeks ago, BDI was under 1,260.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) GC Rieber Shipping ASA’s merger discussions with GC Rieber AS halted. Instead, the board of GC Rieber AS proposed to buy the remaining 47.1% of shares it does not own already at NOK 31 per share.
2) Century Logistics Holdings Berhad issued 1,191,500 common shares at the price of MYR 1.00 per share. This issuance is related to warrants conversion.
3) International Shipholding Corporation entered into a time charter contract with Military Sealift Command. The charter is for 1 year with an option to extend for at most 47 additional months. The initial 12 month period will yield approximately $10 million in revenue.