Shipping stocks rally in COSCO's wake

Eagle Bulk Shipping

07/07/2022 16:04

** Shares of shipping firms rise on Thurs after China's
COSCO  601919.SS  provides robust update
    ** Shanghai-based dry bulk shipping and container terminals
operator's shares hit over 3-mth high after co said expects H1
profit to jump 74.5% yr/yr  urn:newsml:reuters.com:*:nL1N2YO06C
    ** Shares of logistics giant AP Moeller-Maersk  MAERSKb.CO 
up 7.1% with analysts pointing to positive read across from
COSCO  urn:newsml:reuters.com:*:nL8N2YO2T2
    ** Ocean transport/logistics firm Matson's  MATX.N  stock up
3.8% and among top performers on Dow Transports  .DJT  on Thurs
    ** Dry bulk carriers gain: Eagle Bulk Shipping  EGLE.O 
2.7%, Star Bulk Carriers  SBLK.O  5.2%, Safe Bulkers  SB.N 
1.7%, Diana Shipping  DSX.N  5.1%, Navios Maritime  NMM.N  4.4%,
Seanergy Maritime  SHIP.O  4.9%, Genco Shipping & Trading
 GNK.N  2.5%
    ** Zim Integrated Shipping Services  ZIM.N  advances 4.7%
    ** U.S. equities rise on Thurs as rate hike fears ebb  .N ,
while crude prices jump >4% as tight supply outweighs recession
fears  O/R 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))