Singapore’s benchmark Straits Times Index gained 1.84% on Monday to 2,885.64 points. The Singapore market will likely lose ground after US stocks succumbed to late-day selling on Monday as hopes China’s newfound dedication to yuan flexibility turned to doubts about the speed and magnitude of Beijing’s intentions.

Shipping companies: The Baltic Dry Index, which measures the cost of transporting commodities, fell 3.5% in London yesterday, taking it 17-day loss to 38%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, climbed 4% to $1.55. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, gained 3.7% to 28 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, rose 3.3% to $13.36. The company said it plans to invest 165.9 billion won ($189 million) to build bulk carriers.

Neptune Orient Lines (NOL), the world’s fifth-biggest container shipping firm, carried 34% more containers in the four weeks to May 28 compared with a year ago as intra-Asia and trans-Pacific trade continued to recover.

Wilmar International, the world’s largest palm-oil trader plans to invest US$2 billion ($2.8 billion) in Indonesia, the Information Ministry said on its website, citing Gita Wirjawan, head of the nation’s investment board. Max Ramajaya, a business-development manager at Wilmar’s local unit, said by phone the company may build a sugar plantation, possibly in Merauke, a town on Papua island, without confirming the investment amount. Wilmar climbed 3.3% to $6.02.

A Qatar state fund will proceed with an investment in Yangzijiang Shipbuilding even though Yangzijiang’s proposed acquisition of a stake in another shipyard has been put on hold due to a lawsuit. The Qatar fund will buy 83.55 million new Yangzijiang shares at $1.295 each, a 4.1% discount to the firm’s last traded price of $1.35.

Sembcorp Industries has extended its takeover bid for water company Cascal until July 8. Sembcorp, which had previously set a deadline of June 21, will pay US$6.75 for every Cascal share if it gets at least 80% of the shares, valuing the firm at US$206 million ($284 million). Sembcorp, a Singapore shipbuilding and engineering conglomerate, also said a Cascal shareholder had dropped a lawsuit filed in a US district court to stop the takeover bid.

Singapore-listed Chinese water firm Sound Global, formerly known as Epure, is issuing 261 million shares at a maximum offer price of HK$5.60 ($0.99) each to coincide with plans for a joint listing in Hong Kong.

Mermaid Maritime Pcl: The provider of drilling services to the oil and gas industry said it has agreed to sell its stakes in three Malaysian companies to a unit of Kencana Petrolem Bhd. for US$43.65 million ($60.2 million). Mermaid Maritime increased 3.7% to 56 cents.