Shipping stocks fell sharply on Monday as Wall Street’s main indexes closed higher. Multiple shipping names sank by double digits, adding to last week’s pullback.
U.S.-listed shipowner shares face simultaneous sentiment pressures on multiple fronts.
The longer China’s COVID lockdowns last and the further they spread, the more concern there is on China’s economy, its demand for tanker and dry bulk import cargoes, and its ability to export containerized cargoes. Russia-Ukraine war fallout is...