HK-listed dry bulk shipping groups soar as Baltic sea freight index rises

Orient Overseas (International)

15/03/2023 05:40

** Oriental Overseas (International)  0316.HK  (OOIL) leads
rally in Hong Kong-listed dry bulk shipping firms, rising nearly
 10% to HK$134.40, biggest jump since March 16, 2022
    ** Stock top gainer in the Hang Seng Index  .HSI  and Hang
Seng Commerce & Industry Index  .HSNC 
    ** The Baltic Exchange's main sea freight index  .BADI ,
tracking rates for ships carrying dry bulk commodities, rose to
a near 12-week high on Tuesday, helped by higher rates for all
vessel segments, especially capesizes 
    ** The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, was up 122 points, or
about 8.3%, to 1,587 - its highest since Dec. 22
    ** Hong Kong shares of COSCO Shipping Holdings  1919.HK 
surges 6.6%, Pacific Basin  2343.HK  jumps 7.2% and SITC
International  1308.HK  rises 4.2% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  and the
Hang Seng Index  .HSI  both climb 1.3%, while the Hang Seng
Composite Index  .HSCI  gains 1.4%  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))