Korea's shipping stocks survive the bear market amid solid shipping rates
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
Korea’s leading bulk carrier, Pan Ocean, saw its stock price surge 21.47 percent this month as of Tuesday. Compared with the beginning of the year, the price jumped 49.54 percent. The shares closed Tuesday’s trading at 8,090 won ($6.40), heading towards last year’s peak of 8,770 won. Korea’s sea flag container carrier, HMM, also climbed 47 percent from its bottom at 21,900 won in January this year. It has gained 13.56 percent so far in May.
Shipping stocks are surviving the bear market as freight rates remained strong despite foggy logistics outlook.
The Shanghai Containerized Freight Index (SCFI) rose 14.86 points in a week to post 4,162.69 last Friday, rebounding in 18 weeks since Jan. 7. The index is still 21 percent higher than a year ago when it posted 3,432.5. The Baltic Dry Index (BDI), representing dry bulk shipping rate, recorded 3,369 on Monday, up 160 percent from its lowest of 1,296 on Jan. 26.
Market analysts expect that freight rates would stay strong because stable supply chain management has become more important than ever in business.
“Companies wouldn’t try to cut down freight rates from their experience during the pandemic,” said Choi Ko-woon, a researcher at Korea Investment & Securities. “They are revising their supply chain management strategies to cope with freight bottleneck, tough inventory management, and longer shipping routes.”
In the short term, shipping companies are expected to benefit from the lifting of citywide lockdown in Shanghai, the world’s biggest port, in June.
Reflecting such positive changes, securities firms have raised estimates for Korean shipping companies’ earnings. According to FnGuide, HMM’s consensus on annual operating profit rose 22 percent from 8.49 trillion won suggested earlier this year to 10.35 trillion won. Pan Ocean’s estimate also jumped 27 percent from 516 billion won to 709.2 billion won during the same period.
HMM rose 0.93 percent to 32,550 won in the early trading on Wednesday, while Pan Ocean stayed the same at 8,090 won.
[ㄏ Maeil Business Newspaper & mk.co.kr, All rights reserved]
Copyright © 매일경제 & mk.co.kr. 무단 전재, 재배포 및 AI학습 이용 금지
- S. Korea and US fire missiles after NK tests ICBM and two shorter missiles - Pulse by Maeil Business News Korea
- Korea’s T1 advances to LoL MSI semifinal, finishing Rumble Stage as second - Pulse by Maeil Business News Korea
- Edison EV to change corporate name to Smart Solutions next month - Pulse by Maeil Business News Korea
- Hanwha pledges $30 bn as it joins Korean big groups’ investment package of $451 bn - Pulse by Maeil Business News Korea
- Celltrion nabs $127.5 mn biosim contracts - Pulse by Maeil Business News Korea
- 강경준, 상간남 피소…사랑꾼 이미지 타격 [MK픽] - 스타투데이
- 삼성전자 vs SK하이닉스 [COVER STORY]
- ‘음방 출연료 폭로’ 후폭풍…빅톤 출신 도한세 “내부고발자 됐다” 해명 [MK★이슈] - MK스포
- 이찬원, 이태원 참사에 "노래 못해요" 했다가 봉변 당했다 - 스타투데이
- 양희은·양희경 자매, 오늘(4일) 모친상 - 스타투데이