US-listed shipping stocks snapped out of a one-week slump traced partly to further Covid-19 concerns and are now looking to start of earnings season to sustain the momentum. Paced by dry bulk equities, the 30 stocks under coverage of investment bank Jefferies posted an average one-week gain of 2.1% on Friday, reversing a loss of 9.6% in the week prior.

The performance was almost exactly in line with the 2% rise in the S&P 500 and the 2.1% lift in the small-cap Russell 2000 index. It improved the Jefferies Shipping index to a 43.3% gain so far this year and 34.6% rise compared to the same time of 2020.

Now comes the start of second-quarter earnings season, as six companies report results in the days ahead. GasLog Partners, Navios Maritime Partners and Ardmore Shipping all disclose earnings on Tuesday, with Safe Bulkers, Kirby Corp and Capital Product Partners coming later in the week. “For the week ahead, we expect a lot more activity in shipping as earnings season begins, the BDI keeps climbing, and small caps gain some traction,” said Jefferies lead shipping analyst Randy Giveans.

Dry bulk continues to be a source of strength for the New York listings, gaining an average of 6%. Giveans noted that rates were above $30,000 per day for capesizes, Kamsarmaxes, supramaxes and handysizes, with the spread within $1,230 per day across the sizes.

“It is notable that this is the first time ever that all four spot rates are within 4% of each other while also being greater than $30,000 a day. As rates remain strong, we expect asset values to continue to climb, further supporting dry bulk equities,” Giveans said.

On a company level, Eagle Bulk Shipping of Connecticut led shipping stocks with a 10.2% gain, while New York-based Genco Shipping & Trading of New York was in second place with an 8.7% jump. Navios Partners, Safe Bulkers, Diana Shipping and Star Bulk all were bunched in the top 10 gainers.

As has often been the case in 2021, containership owners also shared the spotlight, notching a 3% average gain as rates and relevant indices continued to hit all-time highs. Danaos was the top gainer in containerships with a 7.8% jump. Capital Product Partners rose by 5.8%. Tanker owners eked out a 1% rise amid continued rates weakness, while both LNG and LPG carriers both fell 1%..