Big three dented

Japan’s big three posted heavy falls in Tokyo Tuesday morning after each was downgraded by Deutsche Securities

NYK, Mitsui OSK and K Line all lost nearly a tenth of their value in early trading after the bank slapped a “hold” rating on each of the stocks.

NYK was hardest hit as its share lost 10% during the morning as stocks carried on from yesterday’s losses.

K Line slid 9.5% and Mitsui OSK slumped 8.7% following the downgrades.

Each rallied in the afternoon, with K-line closing down 4% at JPY 512 ($5.02) per share and Mitsui down 5.5% at JPY 713 per share. NYK last traded at JPY 551 per share, down 3.5%.

TradeWinds reported yesterday that US shipping stocks were in freefall with over 40 industry players shedding more than 10% of their value. (Click here to read article in full.)

The falls followed heavy losses for European shipping firms on a day when London’s FTSE 100 index suffered the largest decline in its history. (Click here to read article in full.)

Printable version Newsletter sign up