Global trade is set to flourish as economic growth accelerates and countries open borders once more as COVID-19 vaccines steadily beat back the pandemic. No industry is more exposed to an upturn than shipping.

“With a cyclical rotation from momentum and growth to economically sensitive, global trade-driven value stocks, we believe shipping is the place to be this year and we are full steam ahead,” said Randy Giveans, the senior vice president of equity research at Jefferies.

With investments in new vessels taking a hit in 2020, oversupply of capacity is less of an issue now than it was a year ago. The demand side of the…