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As APAC Shippers Slide, COSCO SHIP PORT & OOIL Slump ~2%
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The Baltic Dry Index sagged for three straight days, down 4.8% yesterday (8th) to 966, marking the lowest since late July 2023. Asia-Pacific shippers came under hefty pressure this morning. Japan's three major shippers, Mitsui OSK Lines, NYK Lines and Kawasaki Kisen Kaisha, slipped 4.6%-6%. Taiwan's shipper Evergreen dived 5.5%; YangMing Marine Transport and Wan Hai Lines cratered 4.4% and 4.2%. In Hong Kong, COSCO SHIP PORT (01199.HK) and OOIL (00316.HK) lost 2.2% and 2%. Shanghai International Shipping Institute released the China Shipping Prosperity Report for the fourth quarter of 2024, according to Securities Times. In the quarter, the China Shipping Prosperity Index stood at 115.73, an increase of 3.49 points compared with the previous quarter, and remained in the relatively buoyant range. Looking ahead to the market trend in the first quarter of 2025, Zhou Dequan, Director of the Compilation Office of China Shipping Prosperity Index, said that, according to the survey, except for container shipping companies whose profitability remained in a prosperous range in the first quarter, the profitability of other types of port and shipping companies faced the risk of decline. Based on the China Shipping Business Climate Survey, China's shipping business climate index is expected to be 104.25 in the first quarter of 2025, a decrease of 11.48 points from the current quarter, entering the micro-prosperity range, Zhou said. AAStocks Financial News |
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