WILMINGTON – The University of North Carolina Wilmington Blue Economy Index, which measures the economic activities in the world’s oceans, rose by 0.02% in November, but still underperformed its closest benchmarks, according to a Monday news release.
The index is published on Bloomberg (Ticker: BLUEECO), which provides daily financial data.
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Following a strong September showing with better than 7% growth, the UNCW index slipped by 4.55% in October, falling below the performance of its closest benchmarks, which include the MSCI All World Index, the S&P 500, and the S&P Industrials.
“The modest performance from BLUEECO can be attributed to uncertainty surrounding the United States election,” according to the release.
UNCW said the S&P Industrials increased 7.16% over the month, while the MSCI and S&P 500 showed gains of 3.27% and 5.30%, respectively.
The UNCW index’s top performer was Lindblad Expeditions, a U.S. company specializing in small-ship adventure and expedition cruises that posted a 41% return over the month. The growth was attributed to stronger-than-expected revenues.
Scottsdale, Arizona-based TPI Composites, a global manufacturer of composite wind blades used in wind turbines, was the worst performer in the index, with a 41% decline during the month. UNCW noted that the company was dogged by high operating expenses, an inability to fully pass on cost increases to customers, continued competitive presses from Chinese manufacturers, and potential inflationary challenges in regions such as Turkey.
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The UNCW index follows the World Bank definition of the Blue Economy and was developed in collaboration with the UNCW Cameron School of Business, UNCW Center for Innovation and Entrepreneurship, or CIE, CIE’s Alliance for the Blue Economy, and FactSet to quantify economic activities in oceans and waterways.
