The Shipping ETF Is Sitting Empty At Shores Of International Ports
“Idle ships are sinking the Claymore/Delta Global Shipping ETF(SEA), a fund that tracks companies within the global maritime shipping industry. While demand for some types of vessels remains strong, the companies which comprise SEA’s portfolio own and contract a broad range of ships, making the fund vulnerable to the recent draught,” Don Dion Reports From The Street.
Dion continues to say, “Companies at the top of SEA’s roster, like Seaspan(SSW), Teekay Tank(TNK), General Maritime(GMR) and Euronav(EURN), face a difficult climate in the wake of the global economic crisis as ready fleets outstrip demand in many sections of the industry. SEA’s underlying portfolio includes shipping companies that derive more than 80% of their revenues from one of the following segments of the shipping industry: the seaborne transport of dry bulk goods and the leasing and/or operating of tanker ships, container ships, specialty chemical ships and ships that transport liquid natural gas or dry bulk goods.”
“Strong demand for raw materials like steel has helped to keep bulk ships busy, but a drop in buyers of finished goods is keeping container ships stuck in harbors. According to a recent New York Times article, one tenth of the world’s container ships are estimated to be idle,” Dion Reports.
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Empty ships are clogging international ports as commercial vessels sit idle — a trend that has not been missed by industry insiders. A recent report from the Baltic and International Maritime Council, an independent international shipping association, noted that, “the sheer number of ships currently swinging around their anchors either waiting to load or discharge throughout the month of January has been exceptional.”
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Here is a closer look at the Claymore/Delta Global Shipping ETF (SEA):
The investment (SEA) seeks to track the price and yield performance, before fees and expenses, of the Delta Global Shipping index. The fund invests at least 90% of total assets in common stock, American depositary receipts (“ADRs”), global depositary receipts(“GDRs”) and master limited partnerships (“MLPs”) that comprise the index and investments that have economic characteristics that are substantially identical to the economic characteristics of the component securities that comprise the index. It is nondiversified.
|
FUND HOLDINGS |
| NAME | SYMBOL | WEIGHTING |
|---|---|---|
| SEASPAN CORP | (SSW) | 4.19 % |
| NAVIOS MARITIME PARTNERS | (NMM) | 4.06 % |
| MITSUI O.S.K. LINES LTD | (9104) | 4.05 % |
| NIPPON YUSEN KK | (9101) | 4.04 % |
| GENERAL MARITIME CORP. | (GMR) | 3.99 % |
| SHIP FINANCE INTERNATIONAL LTD | (SFL) | 3.99 % |
| TEEKAY TANK-CL A | (TNK) | 3.97 % |
| EURONAV NV | (EURN) | 3.95 % |
| D/S NORDEN | (DNOR) | 3.94 % |
| OVERSEAS SHIPHOLDING GROUP | (OSG) | 3.88 % |
| COSCO CORP SINGAPORE LTD | (COS) | 3.88 % |
| TEEKAY LNG PARTNERS | (TGP) | 3.84 % |
| TEEKAY SHIPPING CORP | (TK) | 3.66 % |
| TSAKOS ENERGY NAVIGATION | (TNP) | 3.64 % |
| A P MOLLER – MAERSK A/S | (MAERSKB) | 3.52 % |
| NAVIOS MARITIME HOLDINGS | (NM) | 3.50 % |
| PACIFIC BASIN SHIPPING LT | (2343) | 3.41 % |
| CHINA SHIPPING DEVELOPMENT | (1138.HK) | 3.39 % |
| FRONTLINE LTD | (FRO) | 3.35 % |
| CHINA COSCO HOLDINGS-H | (1919) | 3.21 % |
| KAWASAKI KISEN KAISHA LTD | (9107) | 3.18 % |
| ORIENT OVERSEAS INTERNATI | (316) | 3.11 % |
| CHINA SHIPPING CONTAINER | (2866) | 2.63 % |
| NEPTUNE ORIENT LINES LTD | (NOL) | 2.49 % |
| EAGLE BULK SHIPPING INC | (EGLE) | 2.31 % |
| GOLDEN OCEAN GROUP LTD | (GOGL) | 2.25 % |
| DRYSHIPS INC | (DRYS) | 2.19 % |
| EXCEL MARITIME CARRIERS | (EXM) | 2.15 % |
| DIANA SHIPPING INC | (DSX) | 2.13 % |
| GENCO SHIPPING & TRADING | (GNK) | 2.09 % |
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