[Featured Stock] HMM Hits 52-Week Low... Impact of Sharp Drop in Ocean Freight Rates

[Asia Economy Reporter Kwon Jae-hee] As maritime freight rates sharply decline, the stock price of HMM, the 'shipping industry leader,' has hit a 52-week low.

As of 9:45 a.m. on the 5th, HMM is trading at 21,100 KRW on the KOSPI market, down 1.17% from the previous trading day.

Shortly after the market opened, the price fell further to 20,800 KRW, breaking the 52-week low record.

Maritime freight rates, which surged significantly due to port congestion during the COVID-19 pandemic, have recently been declining amid concerns over an economic downturn.

The Shanghai Containerized Freight Index (SCFI) was recorded at 2,847.6 points as of the 2nd. The index fell below 3,000 points for the first time since April last year.

Additionally, the SCFI, which reached an all-time high of 5,109.6 points in early January this year, has dropped approximately 44.3% over the past nine months.

This content was produced with the assistance of AI translation services.