SITC International Holdings has been downgraded to a ‘sell’ by Hong Kong’s BOCOM International over fears about deteriorating market conditions.
“We are worried about the rapid freight rate deterioration in the second half of 2017, while volume growth on the intra-Asia trade could attract more competition,” said BOCOM analyst Geoffrey Cheng.
“Contrary to guidance in the past few quarters, management said the outlook on the China-South Korea-Japan routes started to improve lately in terms of volume.
“However,
