Great Lakes Dredge & Dock Corporation (GLDD), the largest dredging company in the U.S., will see significant opportunities during the expansion of the Panama Canal through 2015, says Jack Kasprzak, Managing Director and Senior Equity Research Analyst at BB&T Capital Markets.
“They have about 40% market share. It’s not leveraged to the traditional end markets of construction…because it operates a bit differently than many construction companies,” Kasprzak said. “The theme for Great Lakes Dredge & Dock is that the Panama Canal is being expanded.”
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Kasprzak says that the expansion of the Panama Canal will push most East Coast ports in the U.S. to expand and upgrade, positioning GLDD well through 2015.
“It looks like most of the East Coast ports in the United States need to be expanded and upgraded to accommodate the larger container ships that will come through the new Panama Canal. That situation is creating significant opportunities for Great Lakes Dredge & Dock, so they are also well-positioned,” Kasprzak said.
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