A huge gap between the share prices and net asset values (NAVs) of New York-listed shipping stocks has largely closed over the past seven months amid a recovery in freight markets and investor interest.

A TradeWinds review of figures supplied by US investment bank Jefferies shows that dry bulk shares are now trading at 81% of NAV and tanker stocks at 92.4%, compared with 73.6% and 80.1% in January.

The gains are significant in that they move shipping back towards the conditions that must exist for capital markets activity to flourish in forms ranging from equity ­issues to mergers and acquisitions.