Shipping stocks are in a correction mode as the global spot rate benchmark Baltic Dry Index underwent a sharp downward swing. This week the index declined by over 11 percent. It recorded its year high last month at 4661 points. On Thursday it nosedived to 3671. The correction is prompted by ship oversupply situation but industry insiders said the dry bulk rates has improved to a great extent from the lows of 2008.
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The recent sharp increase was not backed by fundamentals said by Mr S.S Panigarh of APJ Shipping.
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