Shares of a number ship transportation companies closed higher Wednesday on the news Iranian warships had been spotted moving through the Suez Canal. Frontline Ltd. (NYSE:FRO), Genco Shipping & Trading Ltd. (NYSE:GNK), Teekay Corp. (NYSE:TK) and Overseas Shipholding Group, Inc. (NYSE:OSG) all ended the session in positive territory.
The warships appeared to be heading toward Syrian waters.
Also helping the shipping companies rise was an increase in crude prices during the day.
Overseas Shipholding Group closed Wednesday at $34.87, gaining $0.79, or 2.32 percent. Frontline Ltd. closed at $27.08, up $0.58, or 2.19 percent. Teekay Corp. ended the session at $35.75, rising $0.74, or 2.11 percent. Genco Shipping & Trading Ltd. closed the day at $12.79, up $0.40. or 3.23 percent.
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