Shipping shares rose after Maersk predicted Red Sea disruptions to continue this quarter.
China's state-owned giant Cosco Shipping (1919) advanced 4.54 percent to HK$14.28 per share. Its Hong Kong-based subsidiary Orient Overseas (International) (0316) also climbed 4.66 percent to HK$132.6 apiece. Pacific Basin (2343) increased 4 percent.
It comes after Danish shipping giant Maersk said that the coming months will be challenging for carriers and businesses, as disruptions to container shipping via the Red Sea continue into the third quarter.
Maersk and other shipping companies have diverted vessels around Africa's Cape of Good Hope since December to avoid attacks by Iran-aligned Houthi militants in the Red Sea, with the longer voyage times pushing freight rates higher.
"The longer this lasts, the more our costs will get deeply ingrained," Maersk said in a statement, citing comments made by chief executive Vincent Clerc at "a recent online event with customers."
Maersk expects to have missing positions or ships that differ in size from what the company would normally have on a given string, it said, adding that this would reduce the company's ability to carry the current demand.
Staff reporter and Reuters
