COSCO SHIP DEV (02866) surged more than 35% during afternoon trading. At the time of writing, the stock was up 25%, trading at HK$1.50 with a turnover of HK$1.606 billion.

On March 3, the European container freight index recorded its second consecutive day of hitting the daily limit-up. Several major international shipping companies have implemented risk mitigation measures and raised fees. Hapag-Lloyd has added a US$1,500 surcharge per 20-foot container citing risk factors, while CMA CGM has imposed an additional US$2,000 fee per 20-foot container for bookings in the region, further intensifying cost pressures in the shipping industry.