‘Tanker gang’ day traders piled into ship stocks during jam

Ever Given container ship is pictured in Suez Canal in this Maxar Technologies satellite image taken on March 26, 2021. Maxar Technologies/Handout via Reuters

SINGAPORE: As soon as retail investor Calvin Froedge heard that a massive container vessel was stuck in the Suez Canal, he pulled his car over to the side of the road, opened up his laptop and started buying shipping stocks.

“It’s a huge shipping chokepoint, ” said the American, who lives near another important waterway in Panama. “This is actually kind of a black swan thing.”