Good news on the trade war front bumped up shipping stocks Thursday.
After the US and China announced they would hold trade talks in early October, most New York-listed shipping companies closed the day up.
Among the top performers were Scorpio Tankers, Matson and Kirby Corp.
Scorpio Tankers finished the day up 5.53%, or $1.50, to $28.61.
Matson, a US-flag carrier that does business in China, rose $1.43, or 4%, to $37.27.
Kirby jumped the most by dollar value, $3.14, or 4.33%, to $75.74.
In all, 41 companies ended up in the green, while just 13 ended up losing value.
The ongoing trade war between the world's two largest economies has dragged shipping equities down in recent months — especially in the last few weeks as the two countries move to hit each other with tariffs as high as 30% on some goods.
Analysts have told TradeWinds in recent months that shipping's high beta and its importance to global trade make it particularly susceptible to trade war news.
The talks are reportedly expected to start with deputy officials in mid-September before high-level meetings in Washington the next months.
There is no set date for talks yet.
