Container shipping stocks decline on lower freight rates | SEA LINE GROUP

South Korean container shipping stocks, which surged after the Covid-19 pandemic, are falling amid concerns about an economic downturn and lower freight rates that have plunged nearly 80 percent from their peak.

Shares of HMM Co., the country’s biggest container shipping company, closed at 19,950 won ($16) on Monday, down 61 percent from their peak of 51,100 won in May 2021. HMM shares have gained up to 16 times since the pandemic but they now remain sluggish.

Shares of exchange-traded funds (ETFs) that track transportation indices on Korea Exchange (KRX) remain low. The KODEX Transportation ETF fell 38 percent from its peak in July 2021. HMM accounts for 18.4 percent of the KRX Transportation Index, the largest after Korean Air Lines Co. at 23.6 percent.

Foreign investors have net sold 133.5 billion won worth of HMM shares from January last year and institutional investors 49.7 billion won. Pension funds in particular offloaded 36.4 billion won in HMM shares.

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