Shipping stocks hit high tide as investors react to prominent upgrade, industry consolidation
A rising tide lifted all boats in the shipping sector Wednesday after JP Morgan’s coverage of Navios Maritime Containers LP (NASDAQ:NMCI) set sail with an Overweight rating. Noah Poponak issued a price target of $9, according to StreetInsider, more than quadruple Tuesday’s close.
The Monaco-based shipping company skyrocketed 42%, and the effects rippled throughout the sector.
Castor Maritime Inc. (NASDAQ:CTRM), a shipper based in Cyprus, rose 30% to $13.25
Also making waves was a $1.65 billion merger between privately-held Diamond S Shipping and Greek shipper Capital Product Partners LP (NASDAQ:CPLP).
Their combined fleet will consist of 68 tankers, making it the fifth-largest public tanker company in the world. The new company is expected to begin trading on the NYSE under the name Diamond S Shipping Inc, per The Maritime Executive.
The sector responded well to the consolidation.
Globus Maritime Limited (NASDAQ:GLBS) rose 13.7% to $3.74.
EuroDry Ltd (NASDAQ:EDRY) edged up 1% to $9.09.
Navios Maritime Holdings Inc (NYSE:NM) jumped 26% to $2.67.
Seanergy Maritime Holdings Corp (NASDAQ:SHIP) was a rare shipper with its stock under water, falling 8.8% to drop anchor at $4.96.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217361/shipping-stocks-hit-high-tide-as-investors-react-to-prominent-upgrade-industry-consolidation-217361.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).