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Shipping stocks hammered as Wall Street tumbles

An overnight drop in US stock markets on coronavirus concerns saw listed shipowners take a battering.

The Dow Jones dropped 650 points (2.3%) overnight, while the Nasdaq was down 189 points (1.64%), however most shipping stocks bore the brunt of the sell-off dropping far more than the index average.

Biggest losers included Danaos Corporation which was down 7.8%, followed by Globus Maritime which dropped 7%, while Costamare, TEN, GasLog, Scorpio Tankers and Golar LNG Partners were all down more than 5%. Other substantial falls included Top Ships, Eagle Bulk, Safe Bulkers, Global Ship Lease and Genco, which all fell between four and five percent.

Of the many listed companies in the US, only Teekay Tankers, Panagea, Navios Maritime Holdings, Seacor Holdings and Grindrod finished in the green.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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