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Shipping Stocks Are Surging

Rob WileNov 29, 2013, 22:27 IST

Shipping stocks are having a big day.

Frontline is up 13.5%.

Nordic American Tankers Limited has climbed 6.4%.

DryShips Inc. is 5.7% higher.

The reason: the Baltic Dry index climbed more than 9% Thursday.

"Despite abysmal earnings levels for dry bulks, asset values have improved - leading us to take the view that 'something has got to give' - either rates come up or asset values will fall back down," Arctic Securities analyst Erik Nikolai Stavseth said in a recent note according to Reuters. "We think the former is the case and maintain our take that there will be an improvement in freight earnings in H2/13 to support the rise in asset values."

Here's the chart for Frontline:

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