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Ray Chan

Shipping stocks jumped after Beijing issued a new set of guidelines to speed up restructuring of the industry.
The State Council said on Wednesday that there were seven key areas the country’s shipping industry should follow to become a globally competitive player.
Improving existing routes and developing modern shipping are among the key messages of a cabinet document.
At midday on Wednesday, shares of China International Marine Containers (Group) gained 6.3 per cent to HK$18 while China Shipping Container Lines added 2.2 per cent to HK$2.34 and China Cosco advanced 1.7 per cent to HK$3.49.
The benchmark Hang Seng Index rose 1.9 per cent.


Shipping stocks rise on cabinet guidelines

China has urged the shipping industry to improve existing routes and develop modern shipping in a bid to speed up restructuring of the sector. Photo: Reuters

Cosco Pacific and CIMC post slump in profits

CSCL unit buys 24pc stake in terminal in Belgium

Business

China Business

Container selling prices may be adversely affected due to falling costs for corten steel, the main component of containers. Photo: Bloomberg

Cosco Pacific said it expected further solid growth in terminal operations. Photo: EPA

China Shipping Terminal Development also has holdings in terminals in Los Angeles, Seattle and Egypt. Photo: Bloomberg

New | Shipping stocks rise on cabinet guidelines