Momentum from the US Senate's approval of a $2trn economic stimulus package steamrolled the hurdle of a horrific US jobs report and lifted the Dow Jones 1,351 points (6.3%) to 22,552, officially entering a new "bull market".
Shipping shares went along for the ride in most cases. After a mixed day on Wednesday, shipping stocks continued to claw back losses from last week's market wipeout courtesy of the coronavirus pandemic.
Tanker shares have been the most reliable gainers in the extreme volatility of the broader market, stoked by the oil price war between Saudi Arabia and Russia — and the former's decision to flood the market with cut-rate crude.
They marched forward on Thursday, led by Navios Maritime Acquisition's 24% gain. Irish product tanker owner Ardmore Shipping picked up 14%, while John Fredriksen's Frontline jumped 12% and Herbjorn Hansson's Nordic American Tankers continued a comeback by adding 10%.
In dry bulk, no one matched Genco Shipping & Trading's 22% surge, with Navios Maritime Partners next at 10% and the sector's two giants — Star Bulk Carriers and Scorpio Bulkers — both adding 9%.
Danaos Corp led a solid performance for the containership group at 18%, followed by Costmare at 17% and Global Ship Lease at 14%.
Cruise lines have not received direct aid in the government package and their results were mixed on Thursday. Carnival Corp climbed 15%, but Norwegian Cruise Line dropped 7% and Royal Caribbean fell 4%.
A better trading week has helped move the basket of shipping shares away from their 52-week lows, but they remain far below yearly highs and, in most cases, are well below net asset value.
In the broader market, the gains came despite a morning announcement that an unprecedented 3.28m US workers had filed for unemployment benefits over the past week as a result of the coronavirus fallout.
Debate continues over whether the US economy should be re-opened sooner or later, with the virus outbreak likely still weeks from its peak but with the spectre of potential long-term financial damage if the shutdown persists much longer.
