Hong Kong Stocks Movement | Shipping Stocks Broadly Weaken, OOIL (00316) Drops Nearly 4% as Maersk Announces Resumption of Red Sea Routes

Stock News01-16

Shipping stocks experienced broad-based weakness. At the time of writing, Orient Overseas (International) Limited (00316) fell 3.72% to HK$121.7; SITC International Holdings Co., Ltd. (01308) declined 2.93% to HK$26.5; and COSCO SHIPPING Holdings Co., Ltd. (01919) dropped 2.77% to HK$13.34. The movement follows news that Danish shipping giant Maersk announced on January 15th that it will resume navigation through the Red Sea and the Suez Canal, citing a stabilizing security situation in the region, though it will continue to closely monitor the security conditions in the Middle East. This marks a significant initial step towards normalization for the shipping industry, which has faced two years of disruption to global maritime trade due to attacks on vessels by Yemen's Houthi rebels. The market widely anticipates that freight rates may face downward pressure as vessels gradually return to the shorter Suez route. A HSBC Global Research report indicated that the resumption of shipping through the relevant sea areas would increase capacity by 7% to 8%, leading to a decline in shipping fees. The bank forecasts a 9% to 16% drop in shipping fees this year, having previously assumed that the Red Sea shipping disruptions would persist at least until the middle of the year. The bank currently sees downside risks to these forecasts.

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