Investors desperate for good news seized upon reports that the coronavirus pandemic may be peaking in some parts of the US and Europe, pushing the broad market up nearly 8% and lifting shipping stocks in all categories.
Another reduction of new Covid-19 cases in the world's epicentre, New York City, followed similar news in Italy and Spain, giving investors cause to push the Dow Jones Industrial Average to its third-biggest gain ever: up 1,627 points to 22,680.
The index is still down more than 20% from record highs reached in February.
The rally pushed all 30 stocks in the DJIA to gains and lifted all 11 industrial sectors measured by the S&P 500.
Shipping's gains were just as broad.
The battered "Big Three" cruise lines rallied, as Royal Caribbean led the way at 21%, followed closely by Carnival Corp at 20% and Norwegian Cruise Line at 18%. Carnival, the world's biggest line, is still down more than 50% for the year.
Gains for dry bulk ran into the double digits, as Genco Shipping & Trading piled on 17%, with Scorpio Bulkers and Safe Bulkers both up 14%. Star Bulk and Golden Ocean both gained 9%, while Diana Shipping picked up 7%.
Tanker stocks are being closely watched amid the oil price war and as shipping best-performing sector on the year.
The story Monday was so far, so good.
Tsakos Energy Navigation led the crude names with a 9% jump, just ahead of a pack including Euronav (7%), Frontline (6%), Diamond S Shipping (5%) and International Seaways (3%).
The group raked back some of last week's losses on fears of a US-brokered end to the crude price war between Saudi Arabia and Russia. A meeting of the Opec+ cartel and others, possibly including the US, was put off from Monday to Thursday.
West Texas Intermediate crude fell 6.5% to $26.51 per barrel, while Brent crude tumbled 3% to $33.07.
Amid more news of product tankers moving into floating storage and time-charter fixtures, Scorpio Tankers led all tanker owners with an 11% leap.
Boxships logged solid gains with Global Ship Lease at 11% and Danaos Corp at 7%, while Teekay LNG led the gas group with a 10% climb.
