US-listed shipping stocks ended their head-scratching post-election rally on Thursday with a major correction that saw some stocks fall more than 50% since Wednesday’s close.
NASDAQ-listed DryShips Inc. (NASDAQ: DRYS), which at one point had surged more than 1,500% since last Tuesday’s election, ended the day at $11 per share, down 85% since Tuesday’s $73 close. The trading volume and price gains were so much in fact that NASDAQ suspended trading of DRYS shares Wednesday amid a request for information from the company. On election day, shares of DRYS closed at $4.56 per share.
Diana Containerships (NASDAQ: DCIX), a global containership owner, opened Thursday at $18 but by end of trading had fallen more than 68% to $4.05.
Drybulk shipping company Globus Maritime (NASDAQ:GLBS), which was priced at $1.74 last Tuesday, fell more than 58% on Thursday closing at $5.93. Shares hit a day high of $19.50.
Shares of Greek shipping company Euroseas (NASDAQ:ESEA), which at one point more than quadrupled since Trump was elected president, fell more than 43% on Thursday to $2.75.
Seaenergy Maritime (NASDAQ:SHIP) also had its share price fall more than 45% on Thursday, ending the day at $3.90. Shares of SHIP nearly doubled this past Tuesday on a volume of 13,579,900 – compare that to the three-month average volume of 561,335.
Shares of Top Ships (NASDAQ:TOPS), another big winner since Trump was elected, fell nearly 29% Thursday to $4.35. Keep in mind Top Ships stock price is still up nearly 100% since election day Tuesday.
More shipping stocks suffering double digit percentage losses on Thursday included:
- Genco Ship & Trade (NYSE:GNK) down 25% to $8.69
- Eagle Bulk Shipping (NASDAQ: EGLE) down 22% to $7.11
- Diana Shipping Inc. (NASDAQ: DCIX) down 15% to $3.40
- Tidewater Inc. (NYSE:TDW) down 14% to $.199
- Scorpio Bulkers (NYSE: SALT) down 10% to $5.20
Now there’s no telling what tomorrow will bring, but for now it looks like The Great Trump Shipping Stock Rally of 2016 may be over.
But perhaps it’s not all bad news. After all most stocks are still way up from where they were a little over a week ago and the Baltic Dry Index is at more than 1,100 points right now, up from its all-time low of 290 in February. Maybe this rally is the bump the shipping markets needs right now.