On 9 October 2019, New York-listed bulk owner stocks rise due to China’s openness to a small trade deal with United States. Bulker stocks climbed upwards amid news that China may be open to a trade deal if the United States stops implementing more tariffs. China would accept a partial deal if United States ceases the taxes on Chinese imports. Since US-China trade war started in early 2018, United States has imposed tariffs on $550 billion in Chinese imports, on the other hand China has imposed tariffs on $180 billion on imports from United States. 20 New York-listed bulk owner stocks have seen gains. Golden Ocean Group’s stocks increased 7% to $6.06 per share. In shipping markets, there is a significant correlation in trade deal optimism and dry bulk equities. Shipping rates (freight rates) has started to improve, so bulk carrier shipowners’ stocks has also started to climb.
New York listed dry bulk shipowners Scorpio Bulkers’ stocks has climbed to $6.57 per share on Wednesday and closure was $7.28 per share on Friday.