HK Stock Market Move | TS LINES (02510) rose over 4% in late trading; Red Sea routes may continue to contribute excess profits in the second half of the year.

TS LINES (02510) rose over 4% in late trading. As of press time, it was up 4.23% at HK$14.06, with a turnover of HK$42.5611 million. On the news front, on September 11 local time, the Houthi armed group issued a statement saying that since September 3, it had launched large-scale military operations from multiple directions, with the goal of expelling Saudi armed forces gathered in some coastal areas of western Yemen. Regarding the safety of Red Sea shipping, the Houthi statement said that current maritime navigation is safe for vessels of companies from all countries, except for Saudi vessels. Shenwan Hongyuan Group issued a research report stating that TS LINES added Red Sea route services in the first half of the year, generating revenue of approximately US$13 million. Freight rates on the Red Sea route climbed sharply after June. As of August 21, the NCFI Red Sea route freight rate index had risen to 4,546 points, an increase of 164% compared with the same period last year; the average from early July to date increased by 76% compared with the average in the first half of the year. It is expected that the Red Sea route may continue to contribute excess profits to the company in the second half of the year.