Shipping Stocks Rally Across the Board as Red Sea Resumption Faces Delays

Stock News11:00

Container shipping stocks advanced across the board. At the time of writing, COSCO SHIP DEV (02866) rose 6.09% to HK$1.22; COSCO SHIP HOLD (01919) gained 2.82% to HK$14.96; OOIL (00316) increased 2.52% to HK$146.6; and SITC (01308) climbed 0.73% to HK$33.22. On the news front, shipping groups Hapag-Lloyd and Maersk announced on February 3 that they would adjust the route of a shared service, resuming transit via the Red Sea and Suez Canal. However, the vessel "Maersk Detroit," which was expected to be the first to resume Red Sea navigation, ultimately diverted south to sail around the Cape of Good Hope. The company explained that the rerouting was due to schedule delays caused by severe weather in the western Mediterranean, leading to the decision to adjust the sailing plan via the Cape of Good Hope. Shenwan Hongyuan Group noted in a research report that this detour indicates a swift resumption of Red Sea routes remains unlikely. Additionally, the market has entered the early March shipping schedule. With factories resuming operations after the Spring Festival holiday, demand is expected to improve. Market participants are watching for potential post-holiday announcements of freight rate increases and price support measures by shipping companies.

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