The Baltic Handysize Index (BHSI), a leading indicator of economic activity of spot freight earnings for smaller dry bulk vessels, is currently trading close to US$800 ($1,078.16), close to the US$831 high in December 2023 and more than double the trough recorded in August last year.
SAC Capital analyst Matthias Chan is maintaining his “buy” call on Uni-Asia Group (SGX:CHJ
) with an unchanged target price of $1.02 as the group’s weaker FY2023 ended Dec 31, 2023, points towards a “normalising” of the shipping industry following its “unprecedented boom” from chronic port congestion globally in FY2022.
For the FY2023, Uni-Asia’s net profit came in 82% lower y-o-y at $5.1 million, while revenue dropped 33% y-o-y to $58 million.
