Marine shipping stocks extended gains on early Wednesday trading as global oil tanker rates jolt higher on rising fuel prices.
At 12.15 hrs. local time in Thailand, the share price of Precious Shipping Public Company Limited (SET: PSL) rose THB1.10/share or 6.36% to THB18.40/share, with a trading value of THB221 million.
The share price of Prima Marine Public Company Limited (SET: PRM) rose THB0.35/share or 5.65% to THB6.55/share, with a trading value of THB378 million.
The share price of Thoresen Thai Agencies Public Company Limited (SET: TTA) rose THB0.25/share or 2.51% to THB10.20/share, with a trading value of THB187 million.
The share price of Regional Container Lines Public Company Limited (SET: RCL) rose THB0.75/share or 1.56% to THB48.75/share, with a trading value of THB231 million.
The rising price of shipping stocks is expected to be bolstered by rising global oil tanker rates, which have increased by 98% in the last four days, while tanker hire rate has increased almost 100% in the past two weeks as a result of the conflict between Russia and Ukraine, which has caused many countries continuing to impose sanctions against Russia.
Meanwhile, the BDI freight index has begun to recover, with the latest reading of 2,069 points representing a gain of 25 points or 1.24% from yesterday’s closing of 2,042 points.