ETF Trends
ETF Trends

The shipping-related exchange traded fund caught a tailwind Thursday after A.P. Møller-Maersk A/S shares surged on a planned restructuring and new chief executive officer.

The Guggenheim Global Shipping ETF (NYSEArca: SEA), which tries to reflect the performance of the Dow Jones Global Shipping Index and holds high dividend-paying companies in the global shipping industry, rose 4.3% Thursday. SEA, though, was still down 10.2% year-to-date.

The shipping ETF popped after Møller-Maersk sought to unlock value fore shareholders by splitting its operating units, along with naming Søren Skou as the new CEO of Maersk Line, the Wall Street Journal reports.

“The question is whether we have the right structure or whether we should change it,” Chairman Michael Pram Rasmussen told the Wall Street Journal.. “Our companies are self-running, so the consideration is whether they should operate as independent units. Some may also be listed.”

[related_stories]

Møller-Maersk surged 11.9% on the announcement. The Danish conglomerate makes up 18.5% of SEA’s underlying portfolio.

The company said its board of directors will reveal further details about the restructuring plan by the end of the third quarter.

Showing Page 1 of 2