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Shipping rides surge as US equities rebound
At least 10 US-listed marine stocks gain by more than 10%; sector indexes rise.
Shipping stock indexes posted gains Wednesday as US equities regained some ground lost in recent bearish markets.
The Dow Jones Global Shipping Index jumped 2.9% to more than $466 in its third-straight positive session, with US shares leading the rise on a calmer day for shipping stocks elsewhere in the world.
The TradeWinds Shipping Index showed 105 shipping and offshore equities on the rise today, with 40 sinking.
New York rises
The US Marine Transportation Index gained 1% as a mixed bag of at least 10 New York-listed stocks surged by more than 10% each.
Excluding shares in penny stock territory, bulker and boxship owner Navios Maritime Partners was the day’s largest gainer, with its share surging 19.8% to close at $1.16 on the New York Stock Exchange.
Euroseas, another Greek owner in the dry-bulk and containership sectors, jumped by 12% to $2.19.
Offshore vessel owners were also at the top of the winners’ column, as rising oil prices aided investor sentiment.
GulfMark Offshore leaped by 18.8% to $3.54, while Tidewater saw its shares gain 14.8% to $5.56.
Gasship shares rallied, with LPG owner StealthGas jumping 13.8% to $3.30.
In European markets, shares were more mixed.
Copenhagen-listed shares of bulker and tanker owner Norden jumped by 10.1% to DKK 96.45 ($14.38), while Teekay spinoff Tanker Investments Ltd (TIL) saw its Oslo share price grow by 6.9% NOK 81.75 ($9.56) a day after it announced a new share buyback.
Asian shipping equities were stable, with the Topix Marine Transportation Stock Price Index of Japanese shipping shares dipping just 0.3%.
Navios Maritime Ptn