China Cosco Holdings Co. led gains among shipping lines in trading on mainland stock exchanges after freight rates rose the most in two months last week.
China Cosco Holdings Co. led gains among shipping lines in trading on mainland stock exchanges after freight rates rose the most in two months last week. China Cosco, the world's largest operator of dry-bulk ships, advanced 5.2 percent to 17.13 yuan as of 10:23 a.m. local on the Shanghai Stock Exchange, set for the highest close in almost a year. China Shipping Development Co., a unit of China's second- biggest sea-cargo group, climbed 4 percent to 15.80 yuan in Shanghai, while Cosco Shipping Co., a unit of China's biggest shipping company, added 5 percent to 13.20 yuan. The Baltic Dry Index, a measure of shipping costs for commodities, rose 41 points, or 1.2 percent, to 3,542 points on July 17, according to the Baltic Exchange. It gained 19 percent for the week, buoyed by a 26 percent increase in rates to hire capesizes that typically haul iron ore to make steel.
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