5 Best Shipping and Container Stocks To Buy

2. Genco Shipping & Trading Limited (NYSE:GNK)

Number of Hedge Fund Holders: 19

The New York-based shipping company primarily operates dry bulk vessels used to transport grains, coal, iron ore, and steel. Overall, 19 funds of the 873 elite funds tracked by Insider Monkey reported owning stakes in the company at the end of June 2021, down from 22.

On September 13, H.C. Wainwright analyst Magnus Fyhr initiated a Buy rating on Genco Shipping & Trading Limited (NYSE:GNK). The analyst sees good vessel profitability in the coming year backed by moderate demand growth in the dry bulk market. The analyst set a $30 price target for the shipping stock. The stock gained 161% in the past twelve months.

Genco Shipping & Trading Limited (NYSE:GNK) established a new joint venture with Singapore-based The Synergy Group in August. The joint venture, GS Shipmanagement Pte. Ltd., will operate eight of its vessel fleet alongside Synergy’s container ships, tankers, dry bulk vessels, and LNG vessels, which will be launched in the third quarter.