Shipping ETF Gets Spooked Ahead of Chinese Export Data

May 9, 2012 3:59 PM EDT
Chinese shipper Cosco Pacific Ltd. dragged down global shipping ETFs today. A report out tomorrow will likely show Chinese export growth is slowing, and this appears to be what is weighing down Cosco and other stocks in the sector.

Cosco Pacific Ltd. H Shares (CSPKF) have a weighting of 5.19 percent in Claymore/Delta Global Shipping (NYSE: SEA), a popular shipping ETF that tracks stock performance of high dividend-paying companies in the global shipping industry.

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