According to the Zhītōng Finance app, marine transportation stocks plummeted across the board in early trading as of press time.$COSCO SHIP HOLD (01919.HK)$Fall by more than 10%.$COSCO SHIP ENGY (01138.HK)$, $OOIL (00316.HK)$Fall by more than 7%.$COSCO SHIP DEV (02866.HK)$Fall by nearly 7%.

On the news front, on June 11th, the Joint Shipping Index (Europe) main contract fell by more than 9% intraday; the EC2410, 2412, 2502, and 2504 contracts for the distant months hit the limit. Guotou Anxin Futures pointed out that a resolution related to the Gaza Strip submitted by the United States was passed by the United Nations Security Council, calling on Hamas and Israel to accept a ceasefire agreement, which may put greater pressure on the distant month contracts and drag down the trend of the near month contracts.

Lei Yue, head of shipping research at Haitong Futures,tated that the previous market maintained a volatile adjustment, mainly because some views pointed to the weakening of spot demand, and downstream willingness to accept high freight rates was not strong. The market is skeptical whether shipping companies can fully realize the price increases, and negative sentiment is dragging down the market. Recently, multiple shipping companies have announced increased freight rates and raised PSS, reflecting a healthy basic market for current shipping spot markets. Only if the downstream can accept the spot freight rates in early June can they support further price increases by shipping companies.

Editor/Somer