Shipping stocks in Hong Kong saw a rebound in early trading, with SITC International (01308) leading the way with a more than 4% increase. This positive trend was also reflected in other shipping companies, as Orient Overseas International (00316) rose 1.78%, Pacific Ocean Shipping (02343) reported a 1.24% increase, and COSCO Shipping Holdings (01919) saw a 0.92% rise.
The Container Shipping Index (European Line) also opened up by more than 7% on the news, indicating a strong upward trend in European shipping rates. China Merchants Futures noted that the escalating situation in the Middle East is likely to lead to increased detours around the Cape of Good Hope in the short term. Additionally, with the approaching Spring Festival leading to a pickup in shipments, sea freight rates are expected to remain high and volatile.
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