2024-03-11 02:13:58 ET
Summary
- Global shipping rates surged at the end of 2023, benefiting container liners able to charge higher rates.
- Ongoing tensions in the Gaza Strip pose challenges for firms with assets and operations in the region, though longer-term infrastructure tailwinds could come about.
- Kenon Holdings has potential upside, but improved earnings and technical evidence of a reversal are needed.
- With earnings due out later this month, I highlight key price levels to monitor.
Global shipping rates surged at the end of 2023. The Drewry World Container Index (WCI) jumped from under 1,500 to near 4,000 over just a handful of weeks. While there has been a pullback in the composite index of 6% to $3,287 per 40ft container this past week, the index increased by 82% when compared with the same week last year, according to Drewry....
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Kenon Holdings: Bullish Freight Rate Trends, Eyeing Momentum