Jinwu Financial News | Shipping stocks fell collectively, with COSCO Haineng (01138) falling 7.69%, Pacific Shipping (02343) falling 7.2%, COSCO Offshore (01919) falling 5.2%, Orient Overseas International (00316) falling 4.7%, and COSCO Haifa (02866) falling 4.72%.
On October 8, the main contract for the shipping index (European line) futures suddenly collapsed. At the end of the session, it plummeted by more than 20%. By the end of the session, it had reached 1,900 points. Compared with the highest point on July 4, the cumulative decline had already exceeded 60%.
According to the latest data from the Shanghai Shipping Exchange, as of October 7, 2024, the Shanghai Export Container Settlement Freight Index (European routes) reported 2662.75 points, down 15.9% from the previous period.
Analysts pointed out that cargo volume on the European route began to decline seasonally, the shortage of capacity began to ease relatively well in the short term, and shipping companies began to cut prices rapidly one after another.