Shipping stocks rally to outperform Goldman Sachs says bleak outlook

Hong Kong dry bulk shipping stocks rebounded to win the market, the index is up 3.71%, reported 18728.89 points, a deal of HK $76.209 billion. China Ocean (01919-HK) rose 8.47%, reported 10.50 Hong Kong dollars, Pacific Shipping (02343-HK) rose 6.59%, reported 5.50 Hong Kong dollar, the Chinese Sea Development (01138-HK) higher 6.87%, reported 11.20 Hong Kong dollar, in the past 4 trading days such shares fell 14.9%　　-18.7%. Goldman Sachs pointed out that Hong Kong's dry bulk shipping stocks rebound higher fear can not last, because the industry is still bleak outlook.　　Goldman Sachs said the spot freight adjustment may have begun, and the bank believes the situation will deteriorate further. The bank pointed out that the Baltic Dry Bulk Shipping Index forward curve indicates that the index will reach 2,335 in the third quarter of 09, the fourth quarter of 09 will reach 2030, but Goldman Sachs is low forecast, the third quarter of 09 is expected to be 1500 points, 09 fourth quarter to 1900 points. The spot Baltic Dry bulk shipping index closed down 3.5% per cent to 3,518 points in Tuesday, meaning a big fall.