Philadelphia Stock Exchange plans shipping stock options
The Philadelphia Stock Exchange said it has launched a marine shipping index and that options on the index would be launched at a later date.
The exchange said the PHLX Marine Shipping Index (SHX) seeks to reflect the performance of publicly listed companies primarily involved in worldwide seaborne transportation of liquid goods of crude oil, petroleum products, chemicals, and dry goods of iron ore and agricultural commodities.
The index had a start date of March 1, and a beginning price level of 250. The index comprises 17 companies and is equal-dollar weighted.
“Marine shipping represents a sector that is four times the 100-day historical volatility of the S&P 500 and is essentially inversely correlated to the price of crude oil,” said Daniel R. Carrigan, vice president of new product development. “Additionally, SHX tends to lead crude oil price moves by as much as one week worth of trading days.”
The component issues of the index are: American Commercial Lines Inc., Alexander & Brown Inc., DryShips Inc., Diana Shipping Inc., Eagle Bulk Shipping Inc., Excel Maritime Carriers Ltd., Frontline Ltd., General Maritime Corp., Kirby Corp., Nordic American Tanker Shipping, OMI Corp., Overseas Shipholding Group, Ship Finance International Ltd., Seaspan Corp., Teekay Shipping Corp., Tsakos Energy Navigation Ltd., Knightsbridge Tankers Ltd.
Philadelphia Stock Exchange plans shipping stock options
