Maersk Gains on Bets Rate Increases to Succeed: Copenhagen Mover
A.P. Moeller-Maersk A/S (MAERSKB), owner of the world’s largest container line, rose for the fifth consecutive day, the longest winning streak since Feb. 9 in Copenhagen, on bets the industry will succeed in the next round of freight rate increases.
Maersk’s B shares gained as much as 1.6 percent to 44,280 kroner, the highest price since April 3. The stock was up 0.9 percent at 44,000 kroner at 10:37 a.m. in the Danish capital.
Container lines, including Hanjin Shipping Co. rose in Asian trading today as investors predicted that operators may be able to raise rates next month, said Um Kyung A, a Seoul-based Shinyoung Securities Co. analyst. China’s Export Containerization Freight Index, which tracks rates on cargo hauled from China, rose 4 percent at the end of last week, boosting expectations for higher rates for shipments to Europe and the U.S.
Members of the Transpacific Stabilization Agreement, which include Hanjin and Copenhagen-based Maersk, plan to raise rates next month for annual contracts by $500 per 40-foot container shipped to the U.S. from Asia.
Maersk’s container operations will lose money this year, the company said Feb. 27. Maersk will publish first-quarter results on May 16.
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