U.S. shipping stocks from dry bulk ship owners to tanker companies have soared since Donald Trump was elected President early Wednesday morning.
At of end of day Thursday, the Dow Jones US Marine Transportation Index had risen 6.54% since markets opened Wednesday morning, helped along by a 3.60% gain on Thursday.
Looking at individual stocks…
Dryships (NASDAQ: DRYS), which specializes in the transportation of drybulk cargoes, ended Thursday up a staggering 133% after staying relatively flat on Wednesday.
Globus Maritime Limited (NASDAQ: GLBS) closed Thursday at $2.40, up 32% on the day and 42% since markets opened Wednesday morning.
Top Ships (NASDAQ: TOPS), owner and operator of medium range “eco” tankers, was also up 25.53% Thursday, closing at $2.95.
Genco Shipping & Trading (NYSE: GNK), an international dry bulk ship owning company, rose 19.62% Thursday, marking its second day of gains.
Bermuda-based Nordic American Tankers (NYSE: NAT), a crude oil shipping company, also gained more than 15% Thursday even after reporting an $0.08 per-share-loss in Q3 2016 earlier in the day. In its report the company said it does not expect the result of the US presidential election to have a negative impact on NAT.
Other shipping company’s that enjoyed double digit percentage gains Thursday included Navios Maritime (NYSE: NM), Diana Shipping (NYSE: DSX), Star Bulk (NASDAQ: SBLK), Ardmore Shipping (NYSE: ASC) and Eagle Bulk (NASDAQ: EGLE). With the exception of Ardmore Shipping, all were also up by lesser percentages on Wednesday.
Meanwhile Golden Ocean (NASDAQ: GOGL), Golar LNG (NASDAQ: GLNG), Scorpio Bulkers (NYSE: SALT), Stealthgas (NASDAQ: GASS), Tsakos Energy Navigation (NYSE: TNP), Scorpio Tankers (NYSE: STNG), and Safe Bulkers (NYSE: SB) all gained more than 5% on Thursday.
So does this mean that Donald Trump’s presidency will be good for the shipping industry? Who knows, but it would appear that the stock market sure does think so at the moment.
Copyright 2016 Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.