Shipping ETF, up 35% year-to-date, extends gains

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An exchange-traded fund tracking the cost of global shipping surged Friday, continuing a month-long rally. The Breakwave Dry Bulk Shipping ETF , which claims it’s the only freight futures exchange-traded product to focus on dry bulk shipping, was up nearly 12% Friday morning, and has gained more than 35% in the year to date. Dry bulk shipping is a means of moving commodities around the world, and as such is a play on a global economic recovery. Commodities like soybeans , copper and timber are all marching higher as investors reckon the worst of the coronavirus pandemic is behind us.
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