ETF Series Solutions U.S. Global Sea to Sky Cargo ETF (ARCA: SEA)

Dernières nouvelles pour ETF Series Solutions U.S. Global Sea to Sky Cargo ETF (ARCA:SEA)

ETF Series Solutions U.S. Global Sea to Sky Cargo ETF

Invesco Shipping ETF

Guggenheim Shipping ETF

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The US Global Sea to Sky Index uses a smart beta 2.0 strategy to help determine the most efficient marine shipping, air freight and courier, and port and harbor companies in the world. The index uses a combination of fundamental factors to screen for these companies that are listed on well-developed stock exchanges, seeking to provide diversification through exposure to these names. One cannot invest in an index.

Torm Plc

Hafnia Ltd

Teekay Tankers Ltd Class A Common Stock Usd.01

Sitc International Holdings Co Ltd

Nippon Yusen Kk

Cosco Shipping Holdings Co Ltd

Scorpio Tankers Inc

Dorian Lpg Ltd

US Global Sea to Sky Cargo ETF

SEACHANGE INTL INC by SeaChange International, Inc.

SeaChange International Inc

Seapeak LLC 9.00% Series A Cumulative Redeemable Perpetual Preferred Units

Seapeak LLC

Seapeak LLC 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Seamless - United States Dollar

Saean Group Inc

Seaco Ltd

Vivid Seats Inc

SEATECH VENTURES CORP by SEATECH VENTURES CORP.

Seatech Ventures Corp

U.S. Global Investors Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GROW#NASDAQ">GROW</a>) <a href="https://www.globenewswire.com/news-release/2025/01/13/3008669/0/en/U-S-Global-Investors-Highlights-Positive-2024-Results-for-Its-Thematic-Smart-Beta-2-0-ETFs.html">celebrated </a>a banner year in 2024 with its flagship ETFs witnessing solid returns.
The standout performer? The U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) soared 33.21% higher, spurred by an uptick in travel demand, effective capacity management and lower fuel prices. These drivers helped lift the <a href="https://www.benzinga.com/topic/aviation">broader aviation sector</a> fly high.
The Transportation Security Administration&nbsp;(TSA) reportedly screened more than 900 million passengers, up 5% compared to 2023.
United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) was the biggest winner, with its stock soaring 135% on-year in 2024.
<h1 class="wp-block-heading">U.S. Global Jets ETF: An Investment to Consider?</h1>
The U.S. Global Jets ETF aims to replicate the performance of the U.S. Global Jets Index through a portfolio of 51 securities. With an asset base of $1.07 billion, the fund has an expense ratio of 0.60%, which can be a cost-effective investment choice. In addition, this fund allocates almost half of its holdings to large-cap stocks, and top holdings include American Airlines Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>),&nbsp;Delta Air Lines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) and United Airlines.
Moreover, this pure-play aviation holds stocks of both domestic and international companies with a range of market capitalization.&nbsp;This spreads out the risk of volatility in a particular geographic region.
Nonetheless, a point to be noted here is that the fund features a beta of 1.43, which means it is at slightly higher risk to be more volatile than the market.
<h1 class="wp-block-heading">Other U.S. Global ETFs that Contributed to a Stellar Year</h1>
The U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOAU#NYSE">GOAU</a>) gained an impressive 13.80%. This performance mirrored gold's sharp rise, as the metal hit an all-time high of $2,787 per ounce on Oct. 30, 2024.
A modest 2.23% gains closed the year for the U.S. Global Sea to Sky Cargo ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEA#NYSE">SEA</a>). However, a $2.10-per-share dividend was the highlight of the year for this ETF, braving the headwinds that the cargo shipping industry faced, including geopolitical instability and labor disputes.
Adding to its suite of thematic ETFs, U.S. Global Investors <a href="https://www.benzinga.com/news/global/25/01/42772220/us-global-launches-technology-and-aerospace-defense-etf-why-its-allocation-makes-sense">launched </a>the U.S. Global Technology and Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAR#NYSE">WAR</a>) on Dec. 30, 2024. This ETF has substantial exposure to data centers, homeland protection, aerospace and defense, cybersecurity and semiconductor, key areas of interest in today&#8217;s world.
See Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/downgrades/25/01/42923959/evtol-market-soars-too-high-analyst-gives-archer-joby-downgrades">eVTOL Market Soars Too High? Analyst Gives Archer, Joby Downgrades</a></li>
</ul>
Photo: Shutterstock

Broad U.S. Equity ETFs

Travel

Global

ETFs

GOAU

GROW

JETS

US Global Investors Shines In 2024: JETS ETF Soars 33% Amid Travel Boom; Gold, Shipping Funds Add To Gains

The SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>)&nbsp;snapped a three-week losing streak as investors digested the latest interest rate commentary from <a href="https://www.benzinga.com/federal-reserve">Federal Reserve officials</a>.
On Thursday, Atlanta Fed President <a href="https://www.benzinga.com/news/earnings/23/03/31188910/s-p-500-rises-following-bostics-comments-market-volatility-drops-further">Raphael Bostic</a> said he does not see a need for the Fed to increase the pace of its interest rate hikes from 0.25% to 0.5%, even after January inflation data came in hotter than anticipated.
Fed Governor Christopher Waller took a more hawkish tone on Thursday, arguing that terminal interest rates may end up higher than the Fed&#39;s current projected range of between 5.1% and 5.4% if inflation remains elevated.
Comerica Bank&#39;s Chief Economist Bill Adams said Friday the&nbsp;most likely case for interest rates is for the Fed to raise the fed funds target a quarter percentage point at each of their next three decisions, to a range of 5.25%-5.5%, and hold it at that level through March 2024 when cooler inflation should allow the Fed to begin reducing interest rates to a less restrictive level.
On Tuesday, the U.S. Supreme Court heard oral arguments on <a href="https://www.benzinga.com/news/23/02/31073962/supreme-court-student-loan-forgiveness-case-starts-this-week-what-investors-and-students-should-know">two cases</a> challenging the Biden administration&#39;s plan to cancel up to $20,000 in federal student loan debt for certain American borrowers. A group of Republican state attorneys general have made the case that it was unconstitutional for the administration to enact the program without authorization from Congress.
Related Link:&nbsp;<a href="https://www.benzinga.com/news/23/02/31073962/supreme-court-student-loan-forgiveness-case-starts-this-week-what-investors-and-students-should-know">Supreme Court Student Loan Forgiveness Case Starts This Week: What Investors And Students Should Know</a>
On Thursday, shares of cryptocurrency bank Silvergate Capital Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/si#NYSE">SI</a>) plummeted 57% after the <a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31144494/why-crypto-linked-silvergate-capital-stock-is-diving-after-hours">company delayed</a> its annual financial report and warned investors that it may not survive the recent &quot;crypto winter.&quot;
In a Wednesday afternoon filing with the Securities and Exchange Commission, Silvergate said it is &ldquo;analyzing certain regulatory and other inquiries and investigations that are pending.&rdquo;
Electric vehicle company Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>)&nbsp;unveiled its latest &quot;master plan&quot; at its highly anticipated analyst and investor meeting on Wednesday afternoon, but Tesla shares dropped 5.9% on Thursday <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31154654/tesla-investor-day-long-on-aspiration-short-on-details-analyst-explains-after-hours">amid criticism</a> from analysts that the presentation by CEO Elon Musk lacked clarity and details. Musk reiterated Tesla&#39;s goal of increasing its annual EV production from 1.3 million vehicles in 2022 to 20 million by 2030.
Related Link:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/03/31154654/tesla-investor-day-long-on-aspiration-short-on-details-analyst-explains-after-hours">Tesla Investor Day &#39;Long On Aspiration, Short On Details:&#39; Analyst Explains After-Hours Stock Slump</a>
On Cloud Nine: Salesforce Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crm#NYSE">CRM</a>)&nbsp;shares rallied 12% on Thursday after the cloud software vendor reported fourth-quarter earnings and revenue beats and announced it is doubling its share buyback program from $10 billion to $20 billion.
In the week ahead, investors will get more quarterly reports from Sea Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sea#NYSE">SEA</a>) on Tuesday and Gap Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gps#NYSE">GPS</a>), JD.Com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>) and Oracle Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/orcl#NYSE">ORCL</a>)&nbsp;on Thursday.
At least 325 S&amp;P 500 companies have mentioned &quot;inflation&quot; during their fourth-quarter earnings calls, according <a href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_022423.pdf">to FactSet.</a>
Economic Numbers: Following Federal Reserve members&#39; mixed commentary on interest rates, Wall Street will get more key economic updates on Tuesday and Wednesday when Fed Chair Jerome Powell gives his Semiannual Monetary Policy Report to Congress and on Friday when the U.S. Department of Labor releases its February jobs report.
Photo: Shutterstock.

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TSLA

S&P 500 Snaps 3-Week Losing Streak Ahead Of Powell's Congress Visit, February Jobs Report Next Week

<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>)&nbsp;Daraz Group&nbsp;slashed 11% of jobs to counter the weakness in online commerce, joining a growing roster of tech names.</li>
<li>The Pakistani company, which Alibaba snapped from Rocket Internet in 2018, has quintupled active shoppers to over 15 million over the past five years, Bloomberg&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-02-07/alibaba-s-daraz-fires-11-of-staff-as-layoffs-rock-startups?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">reports</a>.&nbsp;</li>
<li>But in 2022, that pace decelerated after the Ukraine war and soaring inflation disrupted supply chains and economies, CEO Bjarke Mikkelsen said in an internal&nbsp;<a class="editor-rtfLink" href="https://daraz.com/newsroom/daraz-ceo-bjarke-mikkelsens-message-to-daraz-employees/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">memo</a>.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29630449/alibaba-focuses-on-south-korea-for-international-e-commerce-with-best-pricing-tactics" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Focuses On South Korea For International E-Commerce With Best Pricing Tactics</a></li>
<li>Daraz in Pakistan&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/06/27807114/heres-how-alibaba-is-reaping-benefits-of-overseas-infra-investments-as-domestic-crackdowns-continue" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">represents Alibaba&#39;s overseas foray</a>&nbsp;along with other private firms, including Lazada Group SA and Trendyol in Turkey, .&nbsp;</li>
<li>In 2021, Daraz shared plans to double orders annually over the next five years, courtesy of its position in South Asian markets.</li>
<li>Alibaba&nbsp;reported second-quarter FY22 revenue growth of 3% year-on-year to $29.12 billion, missing the consensus of $29.45 billion.</li>
<li>International commerce revenue rose by 4% Y/Y to $2.21 billion.</li>
<li>International Commerce (8% of revenue):&nbsp;The combined number of orders of Lazada, AliExpress, Trendyol, and Daraz declined by 3% Y/Y due to the declining orders of Lazada and AliExpress due to change in the European Union&#39;s VAT rules, depreciation of the Euro against the U.S dollar and ongoing supply chain and logistics&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/11/29764002/alibaba-q2-earnings-clocks-only-3-revenue-growth-as-economic-slowdown-and-regulatory-headwinds-weig" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">disruptions due to the Russia-Ukraine conflict</a>.&nbsp;</li>
<li>In 2022, Alibaba rival&nbsp;Sea Limited&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/sea#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SEA</a>) slashed 7,000 jobs, or 10% of its workforce, in the past six months as it fights to stem ballooning losses and win back investors.</li>
<li>Price Action:&nbsp;BABA shares traded higher by 1.47% at $107.13 premarket on the last check Tuesday.</li>
</ul>

Tech

Media

BABA

Alibaba's Pakistan E-Commerce Wing Daraz Joins Downsizing Bandwagon As Slowdown Hits

<ul>
<li>Alibaba Group Holding Ltd&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/baba#NASDAQ">BABA</a>) Southeast Asia e-commerce unit&nbsp;Lazada Group&nbsp;saw a slight pullback in higher-ticket items, including electronics, as Singles&#39; Day&#39;s annual mega-sales event kicked off.</li>
<li>Consumers are being more cautious when spending on high-ticket items like costly electronics, Lazada Chief Business Officer James Chang said in an interview with&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2022-11-11/alibaba-s-lazada-says-shoppers-cautious-as-mega-sale-kicks-off?sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg</a>.&nbsp;</li>
<li>&quot;People are thinking, now that things open up, is there going to be a lot of pullback? Indeed, in certain sectors and areas, we see that,&quot; he said.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29516082/alibaba-and-jd-com-impress-with-presales-figures-for-singles-day" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba and JD.com Impress With Presales Figures For Singles&#39; Day</a></li>
<li>Still, Alibaba expected customers to spend more and exploit discounts ahead of an anticipated era of accelerating inflation and a possible economic downturn.&nbsp;</li>
<li>Many customers, especially for repeat purchase goods, looked to enjoy the discounts to stock up, he said.</li>
<li>Lazada and&nbsp;Sea Ltd&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sea#NYSE">SEA</a>) Shopee lured online shoppers during monthly mega-sales events, offering bargains and special deals in Southeast Asia.</li>
<li>The discount-driven monthly affair reaches a peak during Singles&#39; Day, a 24-hour-long sales bonanza on November 11 that seeks to replicate its Chinese peers&#39; success.</li>
<li>This year, online sales will likely stagnate as consumers cut back on spending amid rising inflation and the threat of a recession.&nbsp;</li>
<li>Alibaba, the tech giant that dominates Singles&#39; Day in China, will likely post flat to meager growth in takings from this year&#39;s event.</li>
<li>Bloomberg even raised the prospect of an unprecedented fall in the value of its transactions.</li>
<li>It&#39;s hard to see where sales will end at the end of Singles&#39; Day, but Lazada is &quot;quite bullish,&quot; Chang said.</li>
<li>Alibaba kicked off its Singles Day extravaganza for the first time in years&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29376491/alibaba-ditched-its-popular-singles-day-influencers-for-corporate-entrepreneurs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">without its two mega sales stars</a>.</li>
<li>Price Action:&nbsp;BABA shares traded higher by 4% at $72.57 premarket on the last check Friday.</li>
<li>Photo via Wikimedia Commons</li>
</ul>

Alibaba's Lazada Finds Cautious Shoppers As Its Shopping Extravaganza Kicks Off

The S&amp;P 500 is off to a very hot start to the month of November, propelled by a favorable election outcome and a promising Pfizer Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) coronavirus vaccine candidate. However, some stocks have performed better than others so far in November, and short sellers have still made a killing in a handful of stocks this month.
Rotation Out Of Tech: Investors have rotated out of big tech growth names since the election after more than a decade of tech leading the market higher. According to Ortex Analytics analyst Peter Hillerberg, short sellers are down more than $5.5 billion month-to-date in November.
&ldquo;This rapid swing in sentiment has caught many short sellers off guard, leading to significant losses so far in November. However, these losses would have been far worse had it not been for pockets of profit, for example among tech stocks,&rdquo; Hillerberg said Wednesday.
Despite the booming overall market, short sellers have made at least $364,000 in net profits on 10 different stocks in November, according to Ortex.
Related Link:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/10/17977551/nio-peloton-among-analysts-top-short-squeeze-candidates"> Nio, Peloton Among Analyst&#39;s Top Short Squeeze Candidates</a>
Most Profitable Shorts: Here&rsquo;s a list of the 10 most profitable shorts so far this month, sorted by the net profits short sellers have logged through Nov. 9:
<ol>
<li>Zoom Video Communications Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zm#NASDAQ">ZM</a>), $999.6 million in profit.</li>
<li>Wayfair Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/w#NYSE">W</a>), $936.7 million in profit.</li>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), $460.1 million in profit.</li>
<li>Teladoc Health Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tdoc#NYSE">TDOC</a>), $457.6 million in profit.</li>
<li>Sea Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sea#NYSE">SEA</a>), $449.4 million in profit.</li>
<li>Alibaba Group Holding Ltd - ADR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>), $448.4 million in profit.</li>
<li>Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), $420.7 million in profit.</li>
<li>Netflix Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>), $416.4 million in profit.</li>
<li>Peloton Interactive Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pton#NASDAQ">PTON</a>), $375.8 million in profit.</li>
<li>Square Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sq#NYSE">SQ</a>), $364.3 million in profit.</li>
</ol>
Benzinga&rsquo;s Take: The short tech trade reversed on Wednesday morning, with the Nasdaq up 1.7% and the Dow Jones Industrial Average up just 0.2% in midday trading.
Traders will be watching the market closely in the coming days to determine whether or not the short growth trade has run its course or whether November&rsquo;s trading action is just the beginning of a longer-term rotation out of tech stocks with bloated valuations.

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TDOC

Zoom Video, Alibaba Among Most Profitable Shorts Since Election Day

-American Shipper
<a href="https://www.freightwaves.com/news/exclusive-ocean-carriers-miss-out-on-us110-with-each-box-shipped" title="https://www.freightwaves.com/news/exclusive-ocean-carriers-miss-out-on-us110-with-each-box-shipped">https://www.freightwaves.com/news/exclusive-ocean-carriers-miss-out-on-us110-with-each-box-shipped</a>

Shippers Missing Out on Generating Hundreds of Millions of Revenue Dollars Each Year

Rising commodities are not translating to upside for the Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>). SEA, a high-dividend play on global shipping companies, plunged nearly 3.7 percent last week and is lower by 8.4 percent over the past month, bringing its year-to-date loss to 7 percent.
Challenges linger for shipping container companies, not the least of which include following through on the improved profitability seen in 2017.
&ldquo;Sustaining last year&#39;s improved profitability in 2018 may prove challenging for container shipping companies,&rdquo; Fitch Ratings said&nbsp;<a href="https://www.fitchratings.com/site/pr/10022309">in a recent note.</a> &ldquo;The fact that some companies are likely to have remained loss-making in 2017 highlights the ongoing weakness in sector fundamentals due to persistent overcapacity, which may undermine a longer-lasting recovery.&rdquo;
<h3>
	How SEA Sails</h3>
SEA, which has been trading for nearly eight years, follows the cap-weighted Dow Jones Global Shipping Index. The exchange traded fund holds American depositary receipts, global depositary receipts and master limited partnerships.
SEA &ldquo;offers potential to benefit from global commerce growth through exposure to the global shipping industry &mdash; oftentimes a leading indicator for global commerce and economic trends,&rdquo; <a href="https://www.guggenheiminvestments.com/etf/fund/sea-guggenheim-shipping-etf">according to the issuer</a>.
The holds 26 stocks and is attractively valued with a price-to-earnings ratio of 13.7 and a price-to-book ratio of just 0.88. However, those attractive valuation metrics exist for unattractive reasons.
<h3>
	How To Sustain A Recovery</h3>
&ldquo;Sustainable recovery of freight rates depends on continuous and consistent capacity discipline in the industry,&rdquo; said Fitch. &ldquo;Freight rates are volatile and many previous increases reversed when the supply and demand imbalance returned. Supply growth is expected to have been about 4 percent in 2017, with a further acceleration to over 5.5 percent in 2018, again exceeding demand growth. This may put pressure on rates and make it challenging to sustain the profitability achieved in 2017.&rdquo;
Although some of SEA&#39;s components pay high dividends, the ETF&#39;s trailing 12-month yield is just 1.67 percent, meaning its investors are largely dependent on capital appreciation. Mergers and acquisitions could provide another potential catalyst for SEA.
&ldquo;We believe most container shipping companies will continue to regard their market position along with the operation of mega ships as key to their success, which may prompt further M&amp;A and new vessel orders as the top three companies try to sustain their market leadership and smaller companies seek to increase scale,&rdquo; said Fitch.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/03/11292893/this-transportation-etf-could-fly-in-march">Talking Transportation ETFs</a>
<a href="https://www.benzinga.com/news/18/03/11283447/how-to-be-aggressively-bearish-on-junk-bonds">Getting Bearish on Junk Bonds</a>

Sector ETFs

Commodities

Choppy Seas For The Guggenheim Shipping ETF

By now, traders not living in caves and under rocks have heard about the breathtaking rally in DryShips Inc. (NASDAQ: <a class="ticker" href="/stock/drys#NASDAQ">DRYS</a>). The once moribund shipping company has seen its shares surge at breakneck speed over the past week, at various points delivering gains of well into four digits in just a few days.

	Exchange-traded funds investors looking to access DryShips via ETFs have been left disappointed. Not many, perhaps not any, ETFs hold shares of DryShips. That&#39;s right. Not even The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) features DryShips among <a href="http://gi.guggenheiminvestments.com/products/etf/sea/holdings">its 25 equity holdings</a>.
<h3>
	No DRYS For SEA</h3>

	Although there have been times throughout SEA&#39;s six and a half years on the market that confusion pertaining to what corner of the shipping universe the ETF actually offers exposure has benefited the fund, the recent run-up in DryShips is not an example of such a scenario. SEA is up less than 3 percent over the past week, literally pennies compared to the surge in DryShips.

	The reason for this is simple. When markets get excited about stocks like DryShips, as sporadic as that enthusiasm may be, the famous <a href="https://www.benzinga.com/general/education/16/11/8707842/what-is-the-baltic-dry-shipping-index-and-what-does-it-do">Baltic Dry Index</a>, a measure of daily charter rates to ship a variety of commodities across the globe, responds in unison.

	However, SEA follows the the Dow Jones Global Shipping Index, a basket of dividend-paying global shipping firms. Many of the stocks in that index and, by virtue, SEA, are not dedicated dry bulk shippers.
<h3>
	The Whimsy Of The Waves</h3>

	This is not great news for anyone that bought SEA as a result of the recent surge in DryShips. However, this situation cuts both ways. For example, there have times when the Baltic Dry Index tumbles and <a href="https://www.etftrends.com/2014/01/shipping-etf-trouncing-baltic-dry-index/">SEA remains sturdy and even moves higher</a>.

	&ldquo;The Baltic Dry Index was actually on the rise well before the U.S. election. The index was already up nearly 30 percent in the two months prior to the election on signs of improvement in the <a href="http://www.benzinga.com/general/education/16/11/8707842/what-is-the-baltic-dry-shipping-index-and-what-does-it-do">Chinese economy</a>. The Baltic Dry Index is a measure of key ship leasing rates that are critical for shipping stocks,&rdquo; <a href="http://www.benzinga.com/news/16/11/8709005/3-legitimate-catalysts-driving-the-illegitimate-rally-in-shipping-stocks">Benzinga reported earlier this week</a>.

	As that trade unwinds, SEA is not likely to suffer as much as individual dry bulk shippers. The equivalent of the Baltic Dry Index that is more impactful to SEA is the Baltic Dirty Tanker Index, which tracks transportation rates for oil and related commodities.

	SEA holds American depositary receipts (ADRs), global depositary receipts (GDRs) and master limited partnerships (MLPs), according to Guggenheim.

Long Ideas

Movers

DRYS

No DryShips, No Soup For Shipping ETF

-- Seabridge Gold (TSX:SEA) (NYSE: <a class="ticker" href="/stock/sa#NYSE">SA</a>) today reported that the 2016 multi-pronged exploration program on its 100%-owned Iskut Project in northwestern British Columbia has achieved its primary objective: to identify a prospective new porphyry copper-gold system with a potentially intact epithermal precious metals zone at its top, for drill testing in 2017. 
The untested target, known as Quartz Rise, has all the hallmarks of a porphyry lithocap, a geological feature found at the top of major porphyry systems throughout the world. A lithocap is a clay-silica-rich alteration feature which is a product of hydrothermal fluids escaping at the top of a porphyry mineralizing system. Typically, these features act as a cover obscuring structurally-controlled epithermal gold and silver systems that evolve from intrusive-related porphyry systems.
Commenting on the program, William Threlkeld, Seabridge's Senior Vice-President of Exploration, noted that the Quartz Rise target "has the right high temperature crystalline clay-silica alteration and a coincident magnetotelluric anomaly with the appropriate signature. Historical data from magnetic surveys support the lithocap hypothesis and iron mineral ratio analysis used successfully in the industry to identify productive lithocaps is also positive. Finally, and perhaps most importantly, we have taken samples of this lithocap that contain visible gold," Threlked said. "Collectively, these data point to a large and compelling target for the potential discovery of an intermediate-sulfidation epithermal precious metals system overlying porphyry copper-gold mineralization."
Seabridge completed a limited amount of drilling this summer at the old high grade Johnny Mountain gold mine to test detailed ore control concepts on a known deposit while proceeding with the comprehensive program.
"Our drilling confirmed the key structures that control mineralization and the likely elevation where we should expect to find higher grades. The old mine is found at the bottom of the slope and the high grade gold mineralization does not continue to depth. In our assessment, the Johnny Mountain mine is on the edge of a larger system and lies near the bottom of the productive gold-bearing zone which was largely eroded away by glaciation. The nearby, higher elevation Quartz Rise resisted glaciation and remains largely intact in part due to its higher silica content. We think the upper parts of a porphyry system with higher grades of precious minerals may lie intact above the Johnny Mountain mine and under the lithocap on Quartz Rise," said Threlkeld. (See image at <a href="http://seabridgegold.net/images/NOct26-16-graph.jpg" title="http://seabridgegold.net/images/NOct26-16-graph.jpg">http://seabridgegold.net/images/NOct26-16-graph.jpg</a>)

Press Releases

Seabridge Gold Identifies a Large, Untested Target at Iskut Project

Shipping names are rebounding strong Thursday morning, as Diana Shipping Inc. (NYSE: <a class="ticker" href="/stock/dsx#NYSE">DSX</a>) is up over 4 percent, Teekay Tankers Ltd. (NYSE: <a class="ticker" href="/stock/tnk#NYSE">TNK</a>) added 1.75 percent, Frontline Ltd. (NYSE: <a class="ticker" href="/stock/fro#NYSE">FRO</a>) is up about 2.75 percent and Euronav NV (NYSE: <a class="ticker" href="/stock/eurn#NYSE">EURN</a>) is up over 3.35 percent. However, the broadly followed The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) has declined 6 percent since the beginning of 2016.

	Traders are looking to take advantage of short-term momentum in lieu of a struggling industry saddled with debt and populated with dry bulk names trading at excessive valuations to Net Asset Values (NAV).

	Tankers have struggled over the past year as day rate volatility drove uncertainty for those seeking charters. Using data from Credit Suisse, Benzinga plotted the day rates for Suexmax, Panamax, and Aframax shippers since the start of the year:

	<a href="/files/u52055/ships.jpg"><img alt="" src="/files/u52055/ships.jpg" style="width: 551px; height: 326px;" /></a>

	Declines in rates have been driven by a drop in Venezuela&#39;s production industry among other factors such as export declines, dwindling demand for ships to store oil, retiring of tankers, among others. <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/07/8235047/as-chinas-new-home-builds-roll-so-does-bullish-demand-fo">As noted Wednesday</a>, China&#39;s steel industry is coming under pressure and the nation needs to unload inventories as its construction market cools.

	Credit Suisse data shows China&#39;s Iron Ore Inventories are closing in on July 2014 highs and as the Chinese introduce regulations to contain swelling home prices within the region, the demand for construction supplies has dried up leaving a deluge of Iron Ore inventories:

	<a href="/files/u52055/capture_21.jpg"><img alt="" src="/files/u52055/capture_21.jpg" style="width: 429px; height: 334px;" /></a>

	Aside from China, pressures from Nigeria have dampened investor excitement as the region battles with militant attacks on pipelines and Exxon Mobil Corporation (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>)&#39;s recent force majeure (<a href="http://www.benzinga.com/news/16/05/7977929/exxon-declares-force-majeure-on-nigerian-crude-exports-due-to-pipeline-damage-dj">here </a>and <a href="http://www.reuters.com/article/us-nigeria-oil-exports-idUSKCN0ZV1QJ">here</a>) has resulted in a decline in ship demand.

	Low day rates coupled with a material uptick in Chinese demand for ships to move inventories has Wall Street excited for a possible momentum trade, as an increasing Baltic Dry Index acts as the recent data-driven catalyst:

	<a href="/files/u52055/baltic.jpg"><img alt="" src="/files/u52055/baltic.jpg" style="width: 550px; height: 325px;" /></a>

	The recent drop in day rates for VLCCs matches the analog from the mid-2015 decline in rates and traders are getting into shipping names they believe will benefit from a rise in demand which will increase day rates, thereby helping those ever struggling shipper margins:

	<a href="/files/u52055/vlcc.jpg"><img alt="" src="/files/u52055/vlcc.jpg" style="width: 422px; height: 328px;" /></a>

	The latest catalyst of China&#39;s demand appears to be over-riding the concern from a decline in demand originating from Nigeria and Venezuela. The excitement over shippers Thursday morning appears unwarranted, given the outlandish valuations placed on dry bulk carriers from a Price to NAV perspective.

	Per Morgan Stanley:

	<a href="/files/u52055/msco_price_nav.jpg"><img alt="" src="/files/u52055/msco_price_nav.jpg" style="width: 550px; height: 332px;" /></a>

	The story for tankers, based on regional exposure, offers a bullish momentum trade but the longevity of such a trade remains questionable. More importantly, the strength in the Baltic Dry Index appears to be driving dry bulk names higher, expanding the disconnect in valuations noted in Dry Bulk names in the image above.

	The underlying story moving the needle on shippers is not one that would be akin to a typical economic expansion. Trade accordingly.

EURN

Shippers Surge As Baltic Dry Index Notches Another Uptick

Clarksons Says Suezmax West Africa/Europe Day Rates Rose 13.1% WoW To $20,700/Day, VLCC West Africa/China WoW Day Rates Up 10.9% To $38,800

Dry bulk shipping sot rates have been on the decline, but according to JPMorgan analyst Corrine Png, the forward curve suggests higher rates ahead, even in a seasonally weak Q3.

	The Baltic Dry Index (BDI) declined week-over-week, with Capesize earnings off 22 percent to $6.6K/day and Panamax earnings down 8 percent to $6.2 K/day.

	Looking ahead to Q3, Png notes that the forward curve points to Capesize TC at $9.0K/day, Panamax TC at $5.4K/day, Supramax TC at $5.9K/day and Handysize TC at $4.6K/day.

	Capesize chartering activity was up 17 percent week-over-week last week and up 14 percent year-over-year: 64 percent will carry iron ore (vs. 76 percent the previous week) and 33 percent will carry coal (vs. 10 percent the previous week).

	Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7973356/why-natural-gas-investors-and-renewable-energy-investors#ixzz48XjjZwJ1">Why Natural Gas Investors And Renewable Energy Investors Are Hoping For The Same Thing</a>

	In the past week, China and the rest of Asia&rsquo;s shipping demand climbed while Europe&rsquo;s share declined. Of all Capesize vessels chartered, 69 percent were meant to carry cargo to China (vs. 52 percent the previous week).

	The number of Panamax ships chartered fell 36 percent week-over-week to 37 vessels, and the number of chartered Handysize vessels also declined 78 percent.

	Global bulk shipping capacity remained unchanged month-over-month at 778.2 MM dwt.

	Png says the current orderbook implies 8.3 percent supply growth in 2016, but JPMorgan anticipates that net supply growth will come in much lower at around 2.6 percent due to vessel delivery shortfalls.

	The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) is down 7.9 percent year-to-date.

	Disclosure: the author holds no position in the stocks mentioned.

Econ #s

What's Going On With Dry Shipping?

The shipping community has been in tatters as of late. Very Large Crude Carrier (VLCC) rates have fallen more than 10 percent year-over-year, according to a May 9 report from Credit Suisse. Rates for Suezmax and Aframax vessels have fallen roughly 30 percent year-over-year. The only stand out was LNG, where day rates rose 7 percent year-over-year.

	Rates have pressured shippers so much that now it appears ships are being abandoned at sea. According to <a href="https://gcaptain.com/abandoned-tanker-mysteriously-washes-ashore-in-liberia/">GCaptain</a>, the Tamaya 1 was discovered off the coast of Liberia last week. The ship, flagged from Panama according to <a href="http://www.marinetraffic.com/en/ais/details/ships/shipid:462945/mmsi:372509000/imo:7927178/vessel:TAMAYA_1">MarineTraffic</a> is 63.91 meters long, and was last positioned off the coast of West Africa on April 22.

	<a href="/files/u52055/capture_76.png"><img alt="" src="/files/u52055/capture_76.png" style="width: 450px; height: 180px;" /></a>

	The last location of Tamaya 1 is well North of the pirate-focused areas off the southern coast of Africa, leaving the door open to speculation about what happened.

	<a href="/files/u52055/capture_77.png"><img alt="" src="/files/u52055/capture_77.png" style="width: 450px; height: 278px;" /></a>

	Source: The Economist

	Liberia&#39;s government is taking heat from locals for failing to notice the ships on the nation&#39;s shore for at least a couple days.

	Speculation of what happened ranges from the low-probability of a Pirate attack to a possible fire attributed to unconfirmed reports of evidence of a fire in the ship&#39;s cabin.

	The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) closed Monday&#39;s session at $11.64, down roughly 7 percent year-to-date.

Empty Tanker Lands Onshore, No Signs Of Crew

JP Morgan Cautious On Shippers, Says Container Market Service Contract Negotiations Look Difficult, Sees Downward Pressure On Rates

Golden Ocean Group Ltd (NASDAQ: <a class="ticker" href="/stock/gogl#NASDAQ">GOGL</a>) CEO Herman Billung painted a bleak outlook picture for shareholders at an <a href="http://www.reuters.com/article/idUSL8N16B1IJ">industry conference</a> this week. According to Billung, the bottom may soon fall out of the dry shipping space.

	&ldquo;The market has never been this bad before in modern history. We haven&rsquo;t seen a market this bad since the Viking age,&rdquo; Billung joked. &ldquo;This is not sustainable and will lead to dramatic changes.&rdquo;

	Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/03/6797799/analyst-warns-use-stock-rally-to-sell-recession-odds-now#ixzz41x5LJlAx">Analyst Warns: Use Stock Rally To Sell, Recession Odds Now 33%</a>

	He added that the first major change will be a wave of industry bankruptcies that will make counterparty risk a top concern. How bad will it get? Incredibly, Billung estimates that only about half of the 2016 orderbook will be delivered.

	To nobody&rsquo;s surprise, Billung claims that Golden Ocean Group is the best investment in dry bulk shipping today and praised Hemen Holding as the company&rsquo;s biggest advantage. &ldquo;We are there for the long term and have a main sponsor who is strongly committed to the company and the industry,&rdquo; he said of Hemen.

	If things get as bad for dry shippers as Billung expects, the pressure could soon spread to banks that have loan exposure to failing shipping companies.

	So far this year, Golden Ocean&rsquo;s stock is down 34.6 percent. The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) is also down 8.6 percent in 2016.

	Disclosure: the author holds no position in the stocks mentioned.

Specialty ETFs

Management

GOGL

Dry Bulk CEO Warns Of Coming Bankrupcies

As if its more than 40-percent decline over the past year does not confirm as much, The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) has, pun fully intended, hit stormy seas. SEA&#39;s slide is not surprising. Waning emerging markets commodities demand <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/04/2482369/stormy-seas-ahead-for-the-shipping-etf#">has pressured</a> the rates SEA&#39;s constituents can charge.
Then there is all the chatter about the tumbling Baltic Dry Index, but investors should note SEA is not as correlated to that index as some think. The ETF follows the Dow Jones Global Shipping Index, which can hold American depositary receipts (ADRs), global depositary receipts (GDRs) and master limited partnerships (MLPs), according to <a href="http://guggenheiminvestments.com/products/etf/sea">Guggenheim</a>.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/02/6657347/what-to-do-with-emerging-markets-etfs">What To Do With Emerging Markets ETFs?</a></bzrelatedlink>
The reality is SEA is more tightly linked to the Baltic Dirty Index, and that reality is not encouraging. Companies that build oil tankers are faced with double quagmire: Rising steel prices and falling resale prices for their ships. That doesn&#39;t even take into account oil demand, which arguably isn&#39;t where it should be at this point in the economic recovery.
Now, notable investors are growing concerned about the outlook for shipping companies.
<h3>Private Equity And Shipping</h3>
&ldquo;Private equity is turning its back on shipping after a glut of funding over the last five years contributed to overcapacity in the industry, according to Andrian Dacy, the head of JPMorgan Asset Management&rsquo;s Global Maritime business,&rdquo; according to <a href="http://www.bloomberg.com/news/articles/2016-02-25/investors-turn-leery-on-shipping-amid-bulker-woes-jpmorgan-says">Bloomberg</a>.
There is another fundamental issue plaguing SEA: exposure to Greek stocks. The ETF devotes 10 percent of its weight to Greek stocks, one of the largest such allocations aside from the Global X FTSE Greece 20 ETF (Global X Funds (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>)). Of course, it should be remembered that the Global X FTSE Greece 20 ETF is down more than 55 percent over the past year. 
<h3>Value Trap?</h3>
Combine the aforementioned factors and it is understandable why SEA trades with a price-to-earnings ratio below nine and a price-to-book ratio of 0.7. However, that might be more value trap than value, particularly at a time when pros may be compelled to depart the shipping sector.
&ldquo;Investment firms including WL Ross &amp; Co., Oaktree Capital Group LLC scooped up vessels at near record-low prices since 2010, intending to ride a global recovery in shipping that has so far failed to materialize amid a sustained slump in the container and bulk-carrier markets,&rdquo; according to Bloomberg.
Image Credit: <a href="https://pixabay.com/en/beach-dry-crust-wild-waves-water-768587/">Public Domain</a>

GREK

Jump Ship With This ETF

JP Morgan Says Forward Curve Points To A Q2 2016 Vessel Segment Recovery, Stronger Ship Rates Drove Uptick In BDI

BZ NOTE: &nbsp;image --&gt; &nbsp;http://www.benzinga.com/files/u52055/capture_51.png

Baltic Dry Index Continues To Make New Lows, Hits 310 As Of February 2

BZ NOTE: JP Morgan suggests soft Caribbean rates and weak Aframax vessel rates may mean Panama Canal and Venezuelan ports may be weighing on supply in the region

JP Morgan Says VLCC Rates Declined In The Middle East, Dry Bulk Rares For Capesize Are DOwn 7%

<li>The latest shipping numbers indicate surging capesize earnings rates.</li>
<li>JPMorgan expects supply growth will come in below 3.0 percent for 2016, but an increase in demand will also be needed to boost rates.</li>
<li>Capesize chartering activity was down 23 percent week-over-week, but remains 58 percent higher than a year ago.</li>
In a new report, JPMorgan analyst Corrine Png shared all the latest global dry bulk shipping data. JPMorgan believes that supply growth will come in below 3.0 percent for 2016, but an increase in demand will also be required for higher rates. Here&rsquo;s a breakdown of the key numbers investors should be watching.
<h3>Latest Rates</h3>
The latest weekly earnings for capesize vessels surged 69 percent to $10.3K/d, while panamax earnings declined slightly to $5.6K/d. The one-year capesize time-charter (TC) rate is now $8.1K/d.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/12/6021672/jp-morgan-says-chinas-shipping-demand-fell-during-the-pa">JPMorgan Says China's Shipping Demand Fell Druing The Past Week</a></bzrelatedlink>
<h3>Looking Ahead</h3>
The forward rate curve indicates that rates will generally be higher in Q1 of 2016, with the possible exception of capesize rates. Forward freight agreements indicate capesize TC rates of $6.3K/d in Q1, $6.8K/d in Q2 and $8.4K/d in Q3. Panamax TC rates are projected at $45K/d in Q1, $5.4K/d in Q2 and $5.4K/d in Q3. Supramax TC rates are expected to be $5.1K/d in Q1, $5.9K/d in Q2 and $5.9K/d in Q3. Handysize TC projections come in at $4.5K/d in Q1, $4.9K/d in Q2 and $5.0K/d for the entirety of 2016.
<h3>Global Demand</h3>
Capesize chartering activity was down 23 percent week-over-week, but remains 58 percent higher than a year ago.
According to the numbers, China&rsquo;s shipping demand has softened, while the rest of Asia and Europe picked up the slack. In the most recent week, 69 percent of capesize vessels were chartered to deliver to China. The split on these China-bound vessels was 94 percent iron ore and 6 percent coal.
Europe&rsquo;s demand share came in at 10 percent, while the rest of Asia took 20 percent of demand share.
<h3>Outlook</h3>
Shipping investors are hoping that a bounce-back in rates will spur a rebound for stocks in 2016. Shares of The Guggenheim Shipping ETF (NYSE: <a class="ticker" href="/stock/sea#NYSE">SEA</a>) are down 27.6 percent in the past six months.
Disclosure: The author holds no position in the stocks mentioned.
Image Credit: <a href="https://pixabay.com/en/ship-freighter-bangkok-express-895109/">Public Domain</a>

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AAAU

AFTY

AIRT

AIRTP

ASHR

ASHS

ATSG

BDRY

BGLD

BOAT

BWET

CANE

CBON

CHIQ

CHRW

CNGT

CNXT

CNYA

COPX

CPER

CQQQ

CXSE

DFEN

DSGR

DXPE

ECNS

EDEN

EXPD

FLCH

FLHK

FLTW

FRGT

FTAI

FWRD

GATX

GLDI

GLDM

GLTR

HUBG

IAUM

IGLD

JANL

JJMTF

JJNTF

JJSSF

JJTFF

KALL

KFVG

KGRN

KSTR

KTEC

KURE

KWEB

MCHI

MGRC

OUNZ

PALL

PHYS

PLTM

PPLT

PSLV

PYPL

RAYC

RLGT

SGGFF

SGOL

SHPP

SIVR

SLVO

SUPL

SUPP

TLSS

XMTR

YANG

YINN

Earnings

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ETF Series Solutions U.S. Global Sea to Sky Cargo ETF

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