Shipping shares rise on surging BDI

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Hong Kong: Shipping stocks in Asia gained this morning after cargo rates rose. The Baltic Dry Index climbed 7.3 percent in London yesterday, taking gains in the past two days to 12 percent.
China Shipping Development rose 4.4 percent to HK$10.56. STX Pan Ocean Ltd., South Korea’s biggest bulk carrier, gained 2.7 percent to 11,250 won in Seoul. Mitsui O.S.K. Lines Ltd., the world’s largest operator of iron-ore vessels, added 1.9 percent to 585 yen in Tokyo. Shipping lines were also boosted by news from China, where it was revealed the economy grew close to 8% in the second quarter. [16/07/09]