Reported about 1 year ago
Container and bulk shipping stocks plummeted today with the container giants dropping over 7% and bulk shipping stocks all in the red, with Hapag-Lloyd-KY falling by over 5%. Analysts attribute the declines in container and bulk shipping to the drop in SCFI and BDI indices and caution against touching shipping stocks at the moment due to the continued downward trend. The analyst advises investors to wait until mid-August when second-quarter earnings will be released to possibly sell off, as profits are expected to improve from the first quarter, but suggest against entering the market now for short-term gains as the current market volatility is still ongoing.
Source: YAHOO