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3 Shipping Stocks Wall Street Predicts Will Rally More Than 60% By StockNews

by Mike Robinson

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© Reuters. 3 Shipping Stocks Wall Street Predicts Will Rally More Than 60%

Even though COVID-19 pandemic restrictions hit the shipping industry hard, it is expected to grow significantly in the near term thanks to the increasing demand for raw materials from reopening industrial activities around the globe. So, we think it could be wise to add shipping stocks International Seaways (NYSE:), Globus Maritime (GLBS), and Performance Shipping (PSHG) to one’s watch list now. Wall Street analysts predict that they will rise more than 60% in the next few months. Keep reading.
COVID-19 restrictions on pandemics led to shortages of shipping containers, and skyrocketing freight prices due to a lack-supply imbalance. In addition, Chinese authorities’ intervention in commodities trading continues to affect the shipping industry.

According to the SpendEdge report container shipping is predicted to expand at a 3.53 percent CAGR until 2024, however. The Baltic Exchange Dry Index rose 2% to 4,651 yesterday. This is its highest level since November 2009. The increasing commodity demand is predicted to drive the shipping industry forward in the next few months.

Against this backdrop, we think it could be wise to add shipping stocks International Seaways, Inc. (INSW), Globus Maritime Limited (GLBS), and Performance Shipping Inc. (PSHG) to one’s watchlist now. Wall Street analysts anticipate these stocks will rise more than 60% in value in the short term.

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