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Investors snap up Maybulk shares, trading volume swells to record high
Shares in Malaysian Bulk Carriers Bhd (Maybulk) rose to a three-year high in active trade, tracking rising dry bulk freight rates currently at their 11-year high.
Maybulk shares rose as much as 11 sen or 15.17% to 83.5 sen today, with trading volume surging to a record 135.7 million almost 14 times its two-month average of 9.78 million shares.
On market close, the stock pared a little of its gains to close at 82 sen, still up 9.5 sen or 13.1%, valuing the dry bulk carrier at RM820 million. The counter has gained over 50% since the start of the year.
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What happened
Shares of dry bulk shipping stocks are on a tear this Monday morning. In 11:25 a.m. trading,
Safe Bulkers (NYSE:SB) are living up to their name for investors today, rising 12% through 1:05 p.m. EDT after the company set an earnings date for its fiscal first-quarter 2021 financial results.
As management advised, Safe Bulkers will release its numbers after close of trading next week, on Wednesday, May 5.
Image source: Getty Images.
So what
So why the enthusiastic response to a rather ho-hum announcement of an earnings date? Well, consider what Safe Bulkers might
report on that date.
Heading into the Q1 report, analysts are already optimistic that Safe Bulkers will reverse its year-ago loss and return a $0.10 per-share profit on sales growth of 27% $57.9 million in revenue. Lending confidence to these predictions, the Baltic Exchange Dry Index (BDI) has been on a winning streak ever since the start of this year. The BDI tracks rates shippers like Safe Bulkers can get for hauling dry bulk goods (e.g., coal, iron pellets, and grain) across the ocean. From a starting p