Ooil Leads Gains In Hk: listed dry bulk shipping firms on strong freight rates

Orient Overseas (International)

28/05/2024 08:46

** Shares of Orient Overseas (International) Ltd  0316.HK 
(OOIL) lead the rise in Hong Kong-listed dry bulk shipping
firms, climbing 5.3% to HK$144.50 - the highest since May 9,
2023
    ** OOIL is the second biggest pct gainer in Hang Seng
Commerce & Industry Index  .HSNC  and Hang Seng Index  .HSI  
    ** Jefferies says container freight rates continue their
strong rebound with higher charter rates reflecting market
tightness and it prefers pure container lines such as COSCO and
OOIL
    ** HSBC says container shipping heading towards an early
peak season and container freight rate rally still has momentum
    ** "Concerns around US tariff increases on China and longer
lead times from prolonged Red Sea disruptions are also driving
some frontloading" - HSBC
    ** COSCO Shipping's Hong Kong shares  1919.HK  surges 5.3%
to HK$13.88 and Shanghai stock up 2.2% to 15.87 yuan; both touch
their highest since June 2022
    ** Pacific Basin  2343.HK  rises 2.9% and SITC International
 1308.HK  climbs 0.2%

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