Container shipping stocks surge in August

Most major container shipping stocks moved higher in August, with the rally spreading across listed carriers in Asia, Europe and the United States. Twelve of the 13 companies tracked by Container News finished above their 31 July closing prices.

Wan Hai led the group with a 34.6% increase, while Maersk and SITC International gained 23.8% and 20.9%, respectively. Yang Ming and Evergreen Marine also posted double-digit increases. Costamare was the only stock in the group to finish the month lower.

The advance came during an eventful month for the container shipping market. Several carriers reported stronger second-quarter results, freight rates remained supportive on key trades despite an uneven market, and shipping lines continued to announce rate increases and peak season surcharges.