Posted on January 21, 2026
By Peter Bowe, Publisher, DredgeWire
In 2025, the DredgeWire Stock Index (DWSI)—a basket of publicly traded maritime companies—didn’t just rise; it clobbered the broader market, delivering a 36% return, roughly double the S&P 500. Several constituents posted triple-digit or high double-digit gains, underscoring that maritime infrastructure has become one of the most powerful investment themes in industrial America and around the world.
DredgeWire constructed the index 18 months ago from 10 equally weighted companies based in the United States, Europe, and Asia, spanning dredging, shipbuilding, marine construction, and maritime technology.
Japan’s Penta-Ocean was the undisputed champion, surging 127%. Port deepening across Asia, expanding coastal-resilience budgets, and a growing U.S. footprint have turned the company into a proxy for the global rebuild of marine infrastructure. Investors clearly believe its backlog is both real and durable.
Conrad Industries finished second, up over 100%—a remarkable result for a Gulf Coast builder of tugs, barges, and specialty vessels. The surge signals that long-anticipated replacement demand in the Jones Act fleet is finally translating into orders and margins. Conrad has quietly evolved from a steady regional yard into a national story tied to energy logistics and inland-waterways renewal.
Maersk, the world’s second-largest shipping company, placed third, rising more than 60%. After the post-pandemic reset in container markets and improving Suez Canal conditions, Maersk demonstrated it can earn through the cycle. The rebound reflects confidence in disciplined capacity management and the long-term value of integrated logistics over pure box rates.
Great Lakes Dredge & Dock advanced a solid 20+%, measured from early January 2025 to early January 2026. For many DredgeWire readers, this may be the most consequential data point. GLDD sits at the center of U.S. port maintenance, coastal protection, and offshore-wind preparation. With new hopper dredge capacity, experienced crews, and strong policy tailwinds, the company is positioned as a steady compounder rather than a speculative rocket ship. GLDD has also formally authorized, but not yet deployed, capital for share repurchases.
Record federal funding, a roughly $1 billion backlog, and fresh contract awards provide revenue visibility through 2026–27 and support expectations for sustained top-line growth. Since the start of 2026, GLDD shares have climbed further, pushing the company to a $1 billion market capitalization for the first time.
Elsewhere in the index, Orion Group Holdings rose over 30%.
If the index tells us anything, it’s that investors reward visible backlog first—and execution second.
DredgeWire notes, with a little pride and a bit of irony, that three long-time sponsors—Great Lakes Dredge & Dock, Conrad, and Trimble—have all delivered standout performances within the index. Coincidence? Maybe.
What the index makes clear is why it outperformed the S&P 500: capital is chasing concrete, steel, and sediment. Ports must be deeper, coasts higher, fleets younger, and energy infrastructure tougher. The winners are companies directly tied to that physical rebuild; the laggards remain dependent on purely cyclical freight or episodic project work.
For 2026, the message to operators, suppliers, and investors is clear. The waterfront is no longer a niche. It is a core growth story—and the market is finally pricing it that way.
Follow the DredgeWire Stock Index, updated weekly: https://dredgewire.com/stocks/
Named sponsorship of the index is available.
DISCLAIMER:
The DredgeWire Stock Index and this article are not intended as financial advice. They are meant to be an informal and fun way to follow the performance of some of the key players in the maritime industry.
Investors should not rely on this information for financial advice and should consult with their own financial advisor before investing in individual stocks.
For simplicity this index weights all 10 names in it equally with respect to stock price percentage changes, regardless of the relative size and market capitalization of each.
DredgeWire Stock Index – https://dredgewire.com/stocks/
