HK-listed dry bulk shipping groups slump as Baltic sea freight index falls

Orient Overseas (International)

26/01/2023 05:34

** Oriental Overseas (International)  0316.HK  (OOIL) leads
a slump in Hong Kong-listed dry bulk shipping firms, falling as
much as 6.5% to HK$124.30 - lowest since Nov. 22
    ** Stock to mark biggest daily pct drop since Dec. 19, if
losses hold; biggest pct loser in the Hang Seng Index  .HSI 
    ** The Baltic Exchange's main sea freight index  .BADI ,
tracking rates for ships carrying dry bulk commodities, fell for
the seventh straight session on Wednesday as demand for capesize
vessels remained weak
    ** The overall index, which factors in rates for capesize,
panamax, and supramax shipping vessels, was down 2.5% at 703, a
fresh two-and-a-half-year low, and the capesize index  .BACI 
lost 7.9% to 631, the lowest since early June 2020
    ** Hong Kong shares of COSCO Shipping Holdings  1919.HK 
fall 2.5%, while Pacific Basin  2343.HK  drops 2.9%
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
2%, while the Hang Seng Composite Index  .HSCI  and the Hang
Seng Index  .HSI  both rise 1.8%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))