Why Global Shipping Stocks Jumped Today
Global ports are backing up with traffic, and shipping containers are in short supply. The carriers of the commodities and goods that supply the world are the beneficiaries of the current supply/demand imbalance.
Today, shares in bulk carriers Eagle Bulk Shipping (NASDAQ: EGLE), Diana Shipping (NYSE: DSX), and Eneti (NYSE: NETI) moved up as follows:
As vaccine rollouts continue to ramp up and economies begin to reopen across the globe, this backbone of global commerce is beginning to attract investor attention. Shares in these typically under-the-radar companies are getting noticed today after a double-digit single-day move. But the underlying business strength has had some investors in the sector buying all year. Some may consider them sleepy stocks, but Eagle Bulk, Diana, and Eneti are up 108%, 65%, and 38%, respectively, year to date.
Source Fool.com
