Shipping shares lower Dahua comments on local dry bulk shipping stocks reduction

Hong Kong's dry bulk shipping stocks fell as the Baltic Dry Bulk Shipping Index (BDI) dropped 4.3% to 3,646 points in Monday, down 15% per cent in the past three trading days. Dahua said the recent pullback was in line with the bank's expectation that BDI would remain weak in 6-July, since summer was the traditional off-season for dry bulk shipments, which stemmed from reduced shipments of food and thermal coal. In addition, the price negotiations between Chinese steel companies and iron ore producers are expected to end this month, and iron ore producers may not continue to push up BDI by chartering large quantities of dry bulk shipments.　　So maintain the region dry bulk shipping stocks reduction rating. In terms of shares, China Ocean (01919-HK) fell 2.6% to HK $9.73, while Pacific Shipping (2343-HK) fell 0.19% to 5.36 Hong Kong dollar, and the Chinese Ocean Development (1138-HK) rose 0.73%, It is HK $11.04 and may be affected by more than 3 million shares of the goodwill Investment Management.