US shipping stocks were given a lift today on the back of a buoyant market boosted by welcome news on the job market and interest rates.
The shares of 30 New York-listed companies went up amid a federal jobs report showing 312,000 new jobs in December, up from 176,000 expected.
Federal Reserve chairman Jerome Powell's reassurances of a strong US economy and patience with rising interest rates also contributed to positive market sentiment.
The Dow Jones Industrial Average rose 746 points to close at 23,433 while the S&P 500 gained 84 points to end the week at 2,532.
"Shipping is high beta, so is almost always going to be the tip of the spear with respect to market sentiment," Stifel analyst Ben Nolan told TradeWinds.
"I think the broader market seems to be looking to take on some risk and is looking for beaten down value ideas."
Nolan follows a wide range of 25 shipping companies, from tanker owner DHT Holdings to Star Bulk Carriers to GasLog Partners.
Euroseas led the way with a 9.2% spike to $0.71, while Golden Ocean Group saw an 8.9% gain to $6.49.
Star Bulk Carriers jumped 8.5% to $10.14 as Nordic American Tankers rose 8.3% to $2.22.
Several other stocks enjoyed gains between 5% and 8%, including International Seaways, Scorpio Bulkers and Global Ship Lease, while the rest ticked up by at least 1.4%.
