4 Stocks to Buy as the Global Surge in Container Shipping Rates Persists By StockNews

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4 Stocks to Buy as the Global Surge in Container Shipping Rates Persists

Stock Markets Nov 24, 2021 09:30AM ET

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4 Stocks to Buy as the Global Surge in Container Shipping Rates Persists

CMRE

+1.40%

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DAC

+1.81%

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MATX

+0.08%

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Shipping container rates have risen substantially over the past 18 months and are likely to increase further as the holiday season approaches. Thus, we think popular shipping stocks ZIM Integrated Shipping Services (ZIM), Matson (NYSE:MATX), Costamare (NYSE:CMRE), and Danaos Corporation (NYSE:DAC), which have outperformed the broader market so far this year, could rally further. So, let’s examine these names.Shipping container rates have been surging since the onset of the COVID-19 pandemic last year, exacerbated by supply bottlenecks and increased waiting times. While retail and manufacturing companies have witnessed increased production and supply costs amid surging shipping rates over the past 18 months, shipping and logistics companies have reported a sharp uptick in their profits.

Since the impending holiday season is spurring consumer spending, shipping rates are expected to increase further in the coming months. Given the steady economic recovery, rising household income, and falling unemployment rate, the National Retail Federation expects holiday spending in the United States to increase between 8.5% -10.5% year-over-year in 2021.

Renowned shipping companies ZIM Integrated Shipping Services Ltd. (ZIM), Matson, Inc. (MATX), Costamare Inc . (CMRE), and Danaos Corporation (DAC) reported increased profits in the last quarter, driven by strong demand and higher freight rates. Analysts expect their earnings to rise by more than 90% in the current quarter. Thus, these stocks could be ideal bets now.

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4 Stocks to Buy as the Global Surge in Container Shipping Rates Persists

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