Shares of Neptune Orient Lines (NOL) <NEPS.SI>, which runs the world's eighth-biggest container liner, rose as much as 9.3 percent to a record high of S$5.90 with 1.3 million shares traded as investors expect freight rates to rally following recent ship purchases made by shipping firms.
NOL said last Thursday that it would buy eight container ships worth a total of $1 billion.
"The shipping firms are buying new ships, and that's a good indicator that the companies are forecasting that freight rates will rebound," said a local dealer.
STX Pan Ocean <STXP.SI>, a South Korean shipping firm, said on Monday that it had acquired four new ships at under $30 million each. Last week, the company announced that it had bought two container ships for under $40 million each.
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