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Asian shipping shares outside of China plunge

Stock markets across Asia Pacific were sent reeling today amid gloomy economic news, further coronavirus fears and the slashing of global oil prices.

Shipping shares took a battering, especially in Japan, where the nation’s big three lines, Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), saw their share prices drop 7.8%, 6.7% and 10% respectively on a day when the Nikkei 225 fell 5.07%.

Revised data showed Japan’s gross domestic product shrank faster than first thought in the October-December quarter, contracting at an annualised pace of 7.1% as a tax hike hit consumption hard amid a global slowdown, and businesses cut capital spending at the fastest pace since the global financial crisis.

Stock markets elsewhere took a hammering today. Carriers in Taiwan and South Korea also saw their share prices tumble.

The share prices of HMM and Korea Line dropped by around 5.9% and 4.4% respectively while in Taiwan the share price of Yang Ming and Evergreen Marine also decreased by 3.3% and 2.5% respectively.

Confounding the plunges seen elsewhere, Cosco and China Merchants, China’s state-run maritime conglomerates, saw their share prices rise today. While Cosco Shipping Holding saw a mild increase of 1.4%, the share price of Cosco’s energy shipping unit Cosco Shipping Energy Transportation surged by 9.7% today, and China Merchant Energy Shipping also enjoyed a 10% rise as the nation gets its economy back on track and imports of energy ramp up.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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