Freight Rate Soars in 9-Day, Sending Shipping Stocks Edging Higher in the Morning Session
Marine shipping stocks edged higher in the morning session on Wednesday, June 10 after freight rates soared 61.00 points to close at 2,481.00 points, picking up for the first time in 9-day.
Marine shipping stocks edged higher in the morning session on Wednesday, June 10 after freight rates soared 61.00 points to close at 2,481.00 points, picking up for the first time in 9-day.
As of 11:53 local time in Thailand, Regional Container Lines Public Company Limited (RCL) rose ฿4.25/share or 7.36% to ฿62.00/share with a trading value of 1,989 million baht.
Precious Shipping Public Company Limited (PSL) rose ฿1.10/share or 5.82% to ฿20.00/share with a trading value of 544 million baht.
Thoresen Thai Agencies Public Company Limited (TTA) rose ฿0.50/share or 2.82% to ฿18.20/share with a trading value of 663 million baht.
Phillip Securities maintained its “BUY” recommendation on TTA with a new target price of 19.40 baht per share, citing the expectation that the BSI Index will continue to rise in 2Q21, compared to 42% in the previous quarter and 330% in the same period last year. This was due to seasonality and the world economy’s recovery from the Covid-19 crisis, most notably in the United States, China, and Europe, as well as major fiscal stimulus measures.
Additionally, Phillip has revised up a target price for PSL from 16.10 baht per share following an increase in container freight rates.