Share prices for publicly-listed non-operating owners (NOOs) have risen on average 300% since their March lows, with medium-size and smaller companies seeing the greatest rewards. Many NOOs, who saw their share prices plummet by a bigger margin than their carrier counterparts in the first quarter following the global outbreak of COVID-19, are now set to finish the year on a high following the explosion in tonnage demand. Danaos Corp has recorded a near eightfold increase in its share price since March’s low of USD 2.50, and was trading above USD 20 per share at the start of this week, its highest level since 2008. The surge has lifted the company’s market capitalisation above USD 400 M. Other mid size NOOs Global Ship Lease and Navios Maritime Containers have seen their stock rise sixfold and fourfold since March. The shares are up 130% and 175% compared to the start of the year, and represent the highest levels in more than two years for both companies. Larger NOOs have also seen stock recoveries since March, but remain at lower levels than the start of the year. Atlas Corp, the parent company of Seaspan and the largest NOO with a market cap of USD 2.5Bn, has registered a near doubling in its share price since March but remains 15% off its January 1 price. Costamare meanwhile has also only recently returned to start-of-the-year levels, and is trading below its 52-week high after a strong performance in December 2019. Despite the boom, the NOO share price increases have been overshadowed by the carriers’ even stronger performance.