BUZZ-OOIL leads gains in HK-listed dry bulk shipping firms on strong freight rates

Reuters05-28

** Shares of Orient Overseas (International) Ltd (OOIL) lead the rise in Hong Kong-listed dry bulk shipping firms, climbing 5.3% to HK$144.50 - the highest since May 9, 2023

** OOIL is the second biggest pct gainer in Hang Seng Commerce & Industry Index and Hang Seng Index

** Jefferies says container freight rates continue their strong rebound with higher charter rates reflecting market tightness and it prefers pure container lines such as COSCO and OOIL

** HSBC says container shipping heading towards an early peak season and container freight rate rally still has momentum

** "Concerns around US tariff increases on China and longer lead times from prolonged Red Sea disruptions are also driving some frontloading" - HSBC

** COSCO Shipping's Hong Kong shares surges 5.3% to HK$13.88 and Shanghai stock up 2.2% to 15.87 yuan; both touch their highest since June 2022

** Pacific Basin rises 2.9% and SITC International

climbs 0.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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