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 or5.00% 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 or1.92% to ฿25.50/share with a trading value of 156 million baht.

Asian Marine Services Public Company Limited (ASIMAR) fell฿0.06/share or2.21% 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