Thai shipping stocks dropped again on Wednesday, as the Baltic index fell to its lowest level in three months as a result of a sharp decline in China’s iron ore futures.
As of 15:33 local time in Thailand, the share price of Thoresen Thai Agencies Public Company Limited (TTA) fell ฿1.10/share or 10.00% to ฿9.90/share, with a trading value of 818 million baht.
The share price of Precious Shipping Public Company Limited (PSL) fell ฿1.10/share or 6.29% to ฿16.40/share, with a trading value of 550 million baht.
The share price of Regional Container Lines Public Company Limited (RCL) fell ฿1.50/share or 3.59% to ฿40.25/share, with a trading value of 213 million baht.
The overall index, which includes capesize, panamax, and supramax vessel rates, slipped 241 points, or 7%, to 3,187, its lowest level since July 28.
The capesize index lowered 466 points, or 11.1%, to 3,736, its biggest drop since July 22.
Meanwhile, China’s benchmark iron ore futures on Tuesday (November 2) tumbled to their daily trading limit and fell below 600 yuan ($93.75) per tonne for the first time in nearly a year, owing to a lack of supply and a weak demand outlook.
