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Early to buy box shipping stocks

Early to buy box shipping stocks
Morgan Stanley sees further downside to container freight rates over the next six months and said it is too early to buy box shipping stocks.

Morgan Stanley sees further downside to container freight rates over the next six months and said it is too early to buy box shipping stocks.

Morgan Stanley sees further downside to container freight rates over the next six months and said it is too early to buy box shipping stocks.

?We think that all container shipping companies under our coverage will report losses in 2009,? said the bank in a research report issued on Thursday.

The bank viewed shipping companies" plan for Asia-Europe rate hikes in March/April as an indication that rates have troughed.

However, it added: ?We believe this [anticipated Asia-Europe rate hikes] does not point to a sustainable rate recovery as laid-up vessels returned to operations and large vessel deliveries act as a floor for rates. We also see rate downside in the upcoming May transpacific contract negotiations.

?Container stocks will underperform, in our view, unless freight rates stabilise and move to an uptrend.?

The firm suggested investors to sell Taiwan"s Yang Ming Marine and Wan Hai Lines, but said Hong Kong-listed China Shipping Container Lines would be the key beneficiary if demand recovers quicker than the firm expected.

The two Taiwanese firms" stock prices were defiant on Thursday both edging up by 1%. Yang Ming shares closed at $T9.2 apiece and WHL closed at $T13.7 per share.

CSCL share price remained unchanged at HK$1.21 apiece.

It has also downgraded Orient Overseas International Limited, the parent of Orient Overseas Container Line from ?overweight? to ?equal-weight?; while upgrading Taiwan"s Evergreen Marine from ?underweight? to ?equal-weight?.

OOIL shares fell 0.8% to HK$17.86 apiece and Evergreen stocks rose nearly 1% to $T13.35 per share.

www.TurkishMaritime.com.tr

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