pennbattle34000dx| Freight rates are skyrocketing! Shipping port stocks collectively strengthened Orient Overseas International and COSCO Maritime Control both hit new highs

Transfer from: Gelonghui

Hong Kong stocks, shipping and port stocks collectively strengthened. Among them: Orient Overseas International rose more than 6%, its share price hitting a new high since August 2022, with a cumulative increase of nearly 30% during the year; COSCO Haikong rose %, its share price hitting a new high since November 2007, with a cumulative increase of nearly 70% during the year. Pacific Shipping, COSCO Haineng, Sinotrans, and COSCO Haifa followed suit.

The Red Sea crisis has exacerbated transportation capacity constraints, and shipping market prices have soared. Damascus on the 24thpennbattle34000dxA report pointed out that the Red Sea crisis disrupted the shipping market capacity, resulting in a shortage of capacity on European routes. Coupled with newly delivered ships, shipping prices are soaring.

In addition, from May 18 to May 24, the Ningbo Export Container Freight Index (NCFI) of the Maritime Silk Road Index released by the Ningbo Shipping Exchange closed at 2,187pennbattle34000dx.5 points, up 7.4%. Previously, CMA and Maersk issued price increase letters in June, and CMA's FAK offer rose to 3200/6000 after the shipping date on June 1 (up 500/1000 from the previous period).

In terms of individual stock news, Morgan Stanley upgraded COSCO Haikong's H-share rating to equal, with a target price of HK$13.20; and upgraded COSCO Haikong's A-share rating to equal, with a target price of RMB 15.90.