OOIL leads slide in Hong Kong shipping stocks as Baltic index falls

Orient Overseas (International)

09/06/2022 04:21

** Shares of Orient Overseas (International) (OOIL)
 0316.HK  lead slide in Hong Kong shipping stocks, falling 8.2%
in their worst day since March 28, on concerns over demand 
    ** OOIL sinks to HK$252, lowest since June 1; biggest pct
decliner in Hang Seng Composite Index  .HSCI  and in Hang Seng
Composite Index on industrials  .HSCIIG  
    ** The Baltic Exchange's main sea freight index  .BADI 
extended losses to hit a more than one-month low on Wednesday,
pressured by lower rates across all vessels  urn:newsml:reuters.com:*:nL4N2XV2P5
    ** Citi says rates past peak from data across North America,
Europe and Asia, and most indicators that are softening are
consumer focused but industrial and commodities remain strong
    ** Citi says freight rate trends towards its peak in Asia
Pacific on China's reopening and inventory restocking in 2Q and
3Q, but beyond this point, headwinds from slowing consumer in
the U.S. and Europe could put pressure on rates
    ** Nomura sees containership rates down on routes to Europe
and the U.S.  
    ** COSCO Shipping's Hong Kong shares  1919.HK  drop 7.1% in
their worst day since April 25; Pacific Basin  2343.HK  falls
6.8%, SITC  1308.HK  down 7.4%  
    ** Hang Seng Composite Index tracking industrials  .HSCIIG 
drops 2.3%; Hang Seng Composite Index  .HSCI , Hang Seng Index
 .HSI  both slip 0.7%
    


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