Carriers fight to keep rates afloat
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NEUTRAL - Maintained
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- by Raymond YAP, CFA
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Container carriers are not giving up. After two failed GRI attempts in June, carriers managed last week to achieve part of their 1 July target for the Asia-Europe trade. But with an 8% qoq rise in capacity planned for 3Q12, the pendulum may still swing against them. We retain our Neutral call on the shipping sector and highlight quality names such as MISC, Pacific Basin and OOIL for the long haul. Among the top movers last week was MISC whose share price rallied 9% as some investors saw value. RDD
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