Fundamentals are driving up shipping stocks, according to Jefferies' Randy Giveans.
In his Maritime Shipping Quarterly note released Wednesday, the analyst wrote that the Jefferies Shipping Index had shot up 16% since the start of 2019, despite a seasonal slowdown in the first quarter and early-year newbuilding deliveries.
"The fundamental backdrop and outlook for 2H19/2020 improved for most sectors, leading to significant increases in both asset values and time charter rates during the quarter," Giveans wrote.
