INVESTORS in the korean market are showing increased interest in shipbuilding and shipping stocks, foreseeing potential benefits for the local industry amid escalating tensions between the US and China, with the sector becoming the latest battleground between the two economic giants, reports Korea JoongAng Daily.
Five labour unions in the US, including the United Steelworkers, lodged a complaint with US trade authorities, alleging unfair practices by Chinese shipbuilders.
This tension is expected to favour Korean shipbuilders, especially given rising crude prices, which will likely spur additional orders from oil and gas companies.
As a result major shipbuilding stocks in Korea have demonstrated strong performance.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE) witnessed a 4.96 per cent gain following media reports on the petition from the US labour unions.
Hanwha Ocean, listed on the Kospi, surged 11.34 per cent and maintained a flat closing, with a 5.56 per cent increase seen during mid-trading.
Hyundai Mipo Dockyard experienced a 6.46 per cent surge, with a minimal 0.15 per cent decrease.
The US unions' petition calls for an investigation into unreasonable and discriminatory acts, policies, and practices by Chinese players and the government aimed at securing dominance in the maritime and shipbuilding sectors.
These include imposing port fees on Chinese-built ships to counteract the country's significant presence in the market.
SeaNews Turkey
Five labour unions in the US, including the United Steelworkers, lodged a complaint with US trade authorities, alleging unfair practices by Chinese shipbuilders.
This tension is expected to favour Korean shipbuilders, especially given rising crude prices, which will likely spur additional orders from oil and gas companies.
As a result major shipbuilding stocks in Korea have demonstrated strong performance.
HD Korea Shipbuilding & Offshore Engineering (HD KSOE) witnessed a 4.96 per cent gain following media reports on the petition from the US labour unions.
Hanwha Ocean, listed on the Kospi, surged 11.34 per cent and maintained a flat closing, with a 5.56 per cent increase seen during mid-trading.
Hyundai Mipo Dockyard experienced a 6.46 per cent surge, with a minimal 0.15 per cent decrease.
The US unions' petition calls for an investigation into unreasonable and discriminatory acts, policies, and practices by Chinese players and the government aimed at securing dominance in the maritime and shipbuilding sectors.
These include imposing port fees on Chinese-built ships to counteract the country's significant presence in the market.
SeaNews Turkey