Changes in Hong Kong stocks | Shipping stocks fell across the board, shipping companies continued to cut freight rates in the first half of September Bank of America indicates industry headwinds two years after ignoring the market

The Zhitong Finance App learned that shipping stocks fell across the board. As of press release, Dongfang Overseas International (00316) fell 4.29% to HK$147.1; COSCO Offshore (01919) fell 3.87% to HK$16.63; Haifeng International (01308) fell 3.65% to HK$43.3; and Dexiang Shipping (02510) fell 2.81% to HK$13.14.

According to the news, according to data from the Shanghai Shipping Exchange, as of August 31, the Shanghai Export Container Settlement Freight Index (European routes) reported 3047.62 points, down 5.9% from the previous period. Shanghai East Asia Futures pointed out that shipping companies continued to cut freight rates in the first half of September. Maersk continued to maintain the normal pace of price reduction previously anticipated by the market, cutting $200 month-on-month this week. Short-term market transactions are congested at East China Port and freight rates on other routes have increased, but overall, the 10 contracts still compete with the pace of price reduction during the off-season, and there is some pressure on the upper side.

Bank of America Securities released a research report saying that COSCO Offshore's net profit and shareholder returns for the first half of the year were in line with the forecast. Benefiting from strong demand and high freight rates supported by port congestion, the company's profit prospects for the second half of the year are expected to be strong, but the short-term profit strength is fully reflected in the valuation, and the market ignored the gradual intensification of industry headwinds in the 2027-28 fiscal year. As a result, the company's target price was raised from 12.5 yuan to 13.5 yuan, but the “outperforming market” rating was reiterated.