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4 Shipping Stocks Wall Street Loves

Stock MarketsAug 26, 2021 04:31PM ET
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© Reuters 4 Shipping Stocks Wall Street Loves

Shipping rates are hovering near multi-year highs, driven by a strong global economic recovery and rising demand. Analysts expect high rates and continuing demand to drive the industry’s growth for the rest of the year. Consequently, we think popular shipping stocks Genco (GNK), Navios Maritime (NMM), Euroseas (NASDAQ:ESEA), and EuroDry (NASDAQ:EDRY) should deliver solid upside in the coming months. So, let’s evaluate these names a little more closely.The rising demand for commodities amid fast-paced global macroeconomic recovery has resulted in high demand for shipping. Container shipping rates have rallied to record highs in the second quarter of 2021 and are expected to remain at lofty levels for the rest of the year.

The industry is projected to generate operating profits of nearly $35 billion in 2021. The continuing high levels of demand and steady increase in both spot and contract rates are expected to boost the shipping industry substantially in the near term.

Given this backdrop, we think of Wall Street analysts’ favorites, Genco Shipping (NYSE:GNK) & Trading Limited (GNK), Navios Maritime Partners L.P. (NYSE:NMM), Euroseas Ltd . (ESEA), and EuroDry Ltd. (EDRY), could be solid additions to one’s portfolio.

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4 Shipping Stocks Wall Street Loves
 

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