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| Shipping Monitor [ PDF ] | |
| Container spot rates ease further | |
| UNDERWEIGHT - Maintained | |
| - by Raymond YAP, CFA | |
| Last week, the SCFI spot rates fell by up to 4% wow on the US and European trades, suggesting that the weak demand environment is unable to absorb the capacity reactivated for the summer. We forecast another 1½ months of decline until the US peak season in July. Container rates will continue weakening until carriers begin to idle ships from October. We are Neutral on the container shipping sector, with OOIL as our top pick, given the recent sharp share price correction. We remain Underweight on the dry bulk and tanker shipping sectors. |
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