On July 14, SITC International rose 3.01% in regular trading, trading at HK$34.0/share, with turnover of HK$41.02 million. The move came as the broader shipping sector strengthened on expectations of a second-quarter freight rate recovery.
Multiple institutions have expressed optimism on the volume-price recovery outlook. CICC maintained its outperform rating and raised its target price to HK$40, while UBS lifted its target to HK$33.8, both citing improving freight volume growth and rate rebound trends. The company reported Q1 container shipping volume up 7.6% year-over-year to 855,800 TEUs, with management expecting to benefit from the container freight rate recovery that began in March. Additionally, rising fuel costs can be fully passed through to customers via fuel surcharges, protecting margins.
Within the Marine sector, COSCO SHIP HOLD rose 1.71%, OOIL rose 1.99%, TS LINES rose 0.66%, while PACIFIC BASIN fell 0.67%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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