Three shipping stocks rallied on Tuesday trading as the Shanghai Containerized Freight index has reached record high. This reflects increased shipping demand in the run-up to the end-of-year holiday season.
As of 12.13 hrs local time in Thailand, the share price of Regional Container Lines Public Company Limited (SET: RCL) rose THB4.50/share or 10.40% to THB47.75/share, with a trading value of THB894 million.
The share price of Precious Shipping Public Company Limited (SET: PSL) rose THB4.29/share or 4.29% to THB17.00/share, with a trading value of THB278 million.
The share price of Thoresen Thai Agencies Public Company Limited (SET: TTA) rose THB0.35/share or 3.72% to THB9.75/share, with a trading value of THB226 million.
Maybank Securities (Thailand) (MST) stated that the surge in shipping stocks was driven by a speculation of investors following the Shanghai Containerized Freight index reaching an all-time high, indicating that cargo shipments at the end of the year remained on track.
Meanwhile, despite continued volatility, the Baltic Dry Index (BDI) continues to generate a bullish sentiment for dry bulk shipping stocks such as PSL and TTA.
