The top cruise equities forged ahead on Tuesday, while dozens of other listed maritime stocks sputtered over growing concerns of a global recession.

Shares of Frank Del Rio-led Norwegian Cruise Line Holdings saw the biggest gain, soaring 10% to close at $12.46.

Arnold Donald-led Carnival Corp’s stock jumped 6.4% to close at $9.38, while Jason Liberty-led Royal Caribbean Group equities gained 2.9% to finish Tuesday’s trading on Wall Street at $36.30.

“Travel trends in the cruise industry have remained strong in the post-pandemic cruise recovery and I believe people have over discounted worst-case scenarios,” Tigress Financial Partners Ivan Feinseth told TradeWinds.

“I think, like most of the market selloff, that the fear of recession may not come or be as bad as people believe, and at some point we are getting a bounce in a very oversold conditions and extremely oversold conditions in the cruise stocks.”

The broader market clearly showed Tuesday’s comeback from recession worries that have caused the Dow Jones Industrial Average to lose 16% and the S&P 500 to fall more than 20% since the year began.

The Dow lost more than 300 points within the first five minutes of Tuesday’s trading but then came back during the day to reach 30,971 points and post a meagre 0.4% decline from Monday.

The S&P lost almost 50 points within 35 minutes of Tuesday’s trading but then recovered nearly 70 points to land at 3,825 points and beat Monday’s result by 32 ticks.

But more than 20 New York-listed shipowner equities took it on the chin on Tuesday as a result of recession jitters.

Tanker owner Energy Navigation dropped 6.4% to close at $8.95 per share, while container ship owner Costamare’s stock fell 5.9% to end Tuesday’s trading at $5.91.

Diversified owner Capital Product Partners saw its stock tumble 5.3% to $14.10.

Shares of GasLog Partners, which owns LNG carriers, slipped 5.1% to $5.25.