HK Stock Market Move | Consolidated shipping stocks rose in late trading, with mainline shipping prices still higher than the breakeven line for shipping companies. There may be some improvement in performance compared to the second quarter.

Shipping stocks rose at the end of the day. As of the time of writing, COSCO Shipping Holdings (01919) was up 3.83% to HK$15.19, OOIL (00316) was up 3.31% to HK$143.7, and SITC (01308) was up 2.59% to HK$34.84. On the news front, the leaders of China and the United States held a meeting last week, and the economic and trade teams of both countries reached a generally positive outcome. It is believed that the agreement to reduce tariffs on certain products may drive a rebound in American exports. Last week, the transatlantic shipping prices accelerated due to the increase in peak season rates and fuel surcharges. China Securities Co., Ltd. stated that although shipping prices have returned to normal levels, the prices on the Europe and America routes, as well as other routes, are still above the breakeven point for shipping companies. It is expected that the performance of shipping companies in the second quarter may see some improvement, as the shipping market gradually stabilizes. Chinese exports remain strong, providing continued support for shipping demand.