Shipping Stocks Fall after a Success of Suez Massive Ship Rescue – Low Season Fears

Shipping stocks closed lower on March 30 as traffic in Suez Canal resumed after a successful rescue attempt on the 400meter-long “Ever Given”.  

 

Thoresen Thai Agencies Public Company Limited (TTA) fell ฿0.70/share or 5.00% to ฿13.30/share with a trading value of 528 million baht.

 

Precious Shipping Public Company Limited (PSL) fell ฿0.60/share or 4.44% to ฿12.90/share with a trading value of 197 million baht.

 

Jutha Maritime Public Company Limited (JUTHA) fell ฿0.03/share or 2.50% to ฿1.17/share with a trading value of 6.4 million baht.

 

Regional Container Lines Public Company Limited (RCL) fell ฿0.50/share or 1.92% to ฿25.50/share with a trading value of 156 million baht.

 

Asian Marine Services Public Company Limited (ASIMAR) fell ฿0.06/share or 2.21% to ฿2.66/share with a trading value of 6.9 million baht.

 

RHB Securities said that the drop in share price of shipping stocks today might be mainly due to a selling pressure after the price has surged for a while in speculation of rising freight rate and a concern over a massive vessel that blocked Suez Canal for a week. 

 

Moreover, the 2Q is a low season for freight shipping rates