Dry bulk shipping stocks have risen to near pre-Covid-19 levels after the recent surge in stock prices fuelled by rising spot rates. When the recovery began in 3Q20, most of the stocks were trading at 0.65x to 0.85x P/NAV levels. However, as of 1 February 2021, most of these stocks are trading at par with their respective net asset values, with Navios Maritime making an exception, closing 1 February 2021 trade at 1.85x P/NAV.
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