Neptune Orient Lines (N03.SG) +5.0% at $2.30 in strong volume, container shipper +11% over last 5 days, HK-listed peers also rallying; “There is some talk of this (rise) being in anticipation of Christmas demand, but the high point has already come and gone this year; in terms of volumes, we are beyond the peak already,” says DBS Vickers analyst Suvro Sarkar. 

NOL’s operating data for 4 weeks ended Sept. 17 show slowdown in on-year volume growth, freight rates coming off peak, down 2.4% on-period. For reason behind rally, Sarkar says some positive earnings results may be factor, but one need look no further than the Fed, and its readiness to fire up the printing press; “with further loosening of liquidity from the U.S., people expect that will benefit trade. That’s the only news that can explain this kind of rise...it’s all macro.” Orderbook suggests $2.31 may limit upside today.