Logistics & Marine Transportation Short Selling
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
The International Longshoremen’s Association (ILA) has initiated a 45,000-member strike at east coast and gulf ports over port automation and future wage increases. This is the first ILA strike since 1977 and will affect half of the ocean shipping in the United State with $4 to $5 billion of trade halted per day. Logistics and marine transportation companies will be directly affected by this strike, and we expect short selling to increase as the strike continues. Short selling in these sectors totals $5.5 billion with the top four shorts being logistics companies.
Logistics & Marine Trans Short Interest
Ticker
SI % Float
Short Interest
United Parcel Service Inc
UPS US
1.76%
$1,722,207,765
FedEx Corp
FDX US
1.25%
$754,567,318
CH Robinson Worldwide Inc
CHRW US
5.36%
$684,495,247
Expeditors International of Wa
EXPD US
2.37%
$426,382,889
ZIM Integrated Shipping Servic
ZIM US
17.20%
$394,157,168
ZTO Express Cayman Inc
ZTO US
2.28%
$346,297,612
GXO Logistics Inc
GXO US
3.01%
$178,949,210
Forward Air Corp
FWRD US
25.30%
$165,929,309
Kirby Corp
KEX US
1.56%
$109,642,652
Matson Inc
MATX US
1.82%
$84,501,796
Cargojet Inc
CJT CN
3.73%
$58,566,126
Star Bulk Carriers Corp
SBLK US
2.18%
$57,841,030
Air Transport Services Group I
ATSG US
6.60%
$52,647,795
Cargojet Inc
CGJTF US
3.32%
$51,700,868
Grupo Aeroportuario del Surest
ASR US
0.62%
$47,659,748
Golden Ocean Group Ltd
GOGL US
2.97%
$46,617,602
Global Ship Lease Inc
GSL US
5.30%
$45,286,430
Costamare Inc
CMRE US
6.08%
$40,204,344
Hub Group Inc
HUBG US
1.43%
$38,321,228
Danaos Corp
DAC US
4.42%
$37,912,752
Total Sector
4.25%
$5,506,656,217
Short sellers had been covering their exposure in a rising market in the Logistics and Marine Transportation sectors with $169 million of buy-to-covers partially offsetting a $230 million increase in the value of shares shorted over the last thirty days.
Logistics & Marine Trans Short Interest
Ticker
30D Change
30D Shares Shorted
30D Ch MTM
United Parcel Service Inc
UPS US
$7,225,686
($55,743,778)
$62,969,464
FedEx Corp
FDX US
($156,461,885)
($67,392,978)
($89,068,907)
CH Robinson Worldwide Inc
CHRW US
$46,582,784
$7,818,639
$38,764,144
Expeditors International of Wa
EXPD US
$39,272,253
$24,058,759
$15,213,493
ZIM Integrated Shipping Servic
ZIM US
$101,440,745
$4,509,463
$96,931,282
ZTO Express Cayman Inc
ZTO US
($22,938,509)
($91,136,980)
$68,198,470
GXO Logistics Inc
GXO US
$1,932,320
($401,978)
$2,334,298
Forward Air Corp
FWRD US
$4,023,194
($9,430,784)
$13,453,978
Kirby Corp
KEX US
$18,452,965
$16,559,505
$1,893,461
Matson Inc
MATX US
$23,142,373
$21,900,018
$1,242,355
Cargojet Inc
CJT CN
($4,002,942)
($4,494,913)
$491,971
Star Bulk Carriers Corp
SBLK US
$3,244,206
($2,427,529)
$5,671,735
Air Transport Services Group I
ATSG US
($7,665,888)
($3,480,435)
($4,185,453)
Cargojet Inc
CGJTF US
$361,949
$255,775
$106,174
Grupo Aeroportuario del Surest
ASR US
$5,828,869
$4,317,987
$1,510,882
Golden Ocean Group Ltd
GOGL US
($7,470,480)
($11,252,264)
$3,781,784
Global Ship Lease Inc
GSL US
$3,795,282
$1,992,034
$1,803,248
Costamare Inc
CMRE US
$4,800,805
$1,707,037
$3,093,768
Hub Group Inc
HUBG US
($1,847,247)
$539,142
($2,386,389)
Danaos Corp
DAC US
$163,031
($2,050,270)
$2,213,300
Total Sector
$61,306,024
($168,925,002)
$230,231,025
But over the last few days we have seen a reversal with a slight increase in short selling ahead of the strike. There has been $20 million of new short selling, more than offsetting a $1 million decrease in the value of shares shorted, since 9/28.
Logistics & Marine Trans Short Interest
Ticker
9/28 Change
9/28 Shares Shorted
9/28 Ch MTM
United Parcel Service Inc
UPS US
$5,559,807
$18,217,876
($12,658,070)
FedEx Corp
FDX US
$72,701
($5,595,528)
$5,668,228
CH Robinson Worldwide Inc
CHRW US
$8,676,761
($430,636)
$9,107,397
Expeditors International of Wa
EXPD US
($10,895,874)
($8,623,563)
($2,272,311)
ZIM Integrated Shipping Servic
ZIM US
$19,240,886
$18,003,537
$1,237,349
ZTO Express Cayman Inc
ZTO US
$18,288,966
$882,218
$17,406,747
GXO Logistics Inc
GXO US
($2,229,173)
$2,908,675
($5,137,848)
Forward Air Corp
FWRD US
($4,378,332)
$524,684
($4,903,016)
Kirby Corp
KEX US
($126,325)
$2,431,185
($2,557,511)
Matson Inc
MATX US
($7,619,216)
($7,080,548)
($538,668)
Cargojet Inc
CJT CN
($266,368)
$616,676
($883,044)
Star Bulk Carriers Corp
SBLK US
($42,870)
($165,814)
$122,944
Air Transport Services Group I
ATSG US
($379,753)
($77,320)
($302,432)
Cargojet Inc
CGJTF US
($917,756)
($29,799)
($887,957)
Grupo Aeroportuario del Surest
ASR US
($387,492)
$656,769
($1,044,261)
Golden Ocean Group Ltd
GOGL US
($3,096,914)
($3,059,174)
($37,740)
Global Ship Lease Inc
GSL US
$628,164
$628,185
($21)
Costamare Inc
CMRE US
$545,598
$800,956
($255,358)
Hub Group Inc
HUBG US
($1,554,715)
($804,501)
($750,214)
Danaos Corp
DAC US
$2,164,547
$1,802,834
$361,713
Total Sector
$19,354,242
$20,346,538
($992,297)
Short sellers are already up +$13 million in October month-to-date mark-to-market profits but are still down -$419 million in mark-to-market losses, -7.5%, for the year.
Mark-To-Market P\L
Ticker
MTD MTM P\L
P\L %
YTD MTM P\L
P\L %
United Parcel Service Inc
UPS US
$6,704,915
0.38%
$259,512,610
14.82%
FedEx Corp
FDX US
$6,543,845
0.85%
($58,869,167)
-6.43%
CH Robinson Worldwide Inc
CHRW US
$9,127,139
1.34%
($148,074,688)
-22.27%
Expeditors International of Wa
EXPD US
$6,246,112
1.41%
($7,162,384)
-1.18%
ZIM Integrated Shipping Servic
ZIM US
$9,552,705
2.32%
($297,240,244)
-103.86%
ZTO Express Cayman Inc
ZTO US
($21,476,079)
-6.17%
($59,561,254)
-17.18%
GXO Logistics Inc
GXO US
$616,045
0.34%
$22,987,016
14.46%
Forward Air Corp
FWRD US
($5,233,384)
-3.16%
($9,185,015)
-8.48%
Kirby Corp
KEX US
$375,316
0.36%
($45,552,498)
-46.37%
Matson Inc
MATX US
$388,533
0.44%
($21,646,542)
-24.70%
Cargojet Inc
CJT CN
$116,580
0.19%
($4,534,942)
-9.98%
Star Bulk Carriers Corp
SBLK US
$1,397,106
2.36%
($2,739,220)
-4.32%
Air Transport Services Group I
ATSG US
$368,643
0.67%
$7,896,752
13.93%
Cargojet Inc
CGJTF US
($441)
0.00%
($5,365,972)
-9.62%
Grupo Aeroportuario del Surest
ASR US
$110,586
0.23%
($450,298)
-1.20%
Golden Ocean Group Ltd
GOGL US
$638,987
1.30%
($16,833,174)
-32.98%
Global Ship Lease Inc
GSL US
($112,859)
-0.25%
($7,507,146)
-19.47%
Costamare Inc
CMRE US
($794,267)
-1.94%
($8,008,710)
-32.60%
Hub Group Inc
HUBG US
$174,374
0.44%
$1,383,939
3.67%
Danaos Corp
DAC US
($318,978)
-0.86%
($6,099,172)
-16.33%
Total Sector
$13,408,241
0.24%
($419,325,768)
-7.45%
We should see continues short selling in the Logistics and Marine Transportation sectors as the strike continues. But this may be a short term, more momentum play as short sellers may continue their year-long short covering when the strike is settled.
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