Shipping stocks rebound along with broader market jump

It wasn't just tankers Thursday, with Carnival and Genco making gains, too

After repeated batterings in recent days, many shipping stocks finished higher Thursday amid a broader market recovery.

As Covid-19 continues to weigh on financial markets — and policymakers work to slow its spread and boost financial markets — the Dow Jones Industrial Averaged crept up 188.27 points, or 0.95%, to finish at 20,087.19, with many shipping stocks followed along.

Among those posting gains were International Seaways, which climbed $2.41, or 14.54%, to $18.99, Scorpio Tankers, which jumped $2.18, or 16.74%, to $15.20 and SFL Corp, which rose $1.27, or 19.1%, to $7.92.

The gains, though, were not confined to tanker owners, which had seen shares go up thanks to higher rates due to the Saudi Arabia-Russia oil price war.

Carnival Corp, one of the cruise industry's "Big Three" along with Norwegian Cruise Line and Royal Caribbean, saw its shares finish $0.70, or 7.53%, higher to $10.

The cruise industry has been especially hard hit by the coronavirus outbreak, with the cruise majors losing $54bn in equity value from 52-week highs.

Bulker owner Genco Shipping & Trading saw its shares rise $0.86, or 19.1%, to $5.37.

KNOT Offshore Partners shares climbed $1.34, or 15%, to $10.26 and Dorian LPG shares jumped $0.63, or 9.78%, to $7.07.

Thursday afternoon, Dorian LPG chief operating officer John Lycouris and chief financial officer Ted Young trumpeted the company's $100m share buyback plan as a means to boost its discounted shares.

The green numbers came the day after the Dow fell 1,338 points to 19,898, erasing all the gains made during US President Donald Trump's administration.

According to the World Health Organization (WHO, there were more than 191,000 cases of Covid-19 worldwide Wednesday, an increase of more than 15,000.

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