Shipping stocks were swept away in a broad sell-off in New York on Wednesday as investors struggled with a resurgence of Covid-19 in several US states.

The outbreaks spooked investors, sending the Dow Jones Industrial Average down 721 points or 2.8%, as the duration of the pandemic cast fresh doubts on prospects of a "V-shaped" economic recovery.

A new spread of the virus in China is also a concern, according to Jefferies lead shipping analyst Randy Giveans.