HONG KONG—China Cosco Holdings Co., the world’s largest operator of iron-ore and coal ships, fell the most in two months in Hong Kong trading after Credit Suisse Group downgraded the company and the wider dry-bulk sector.

The shipping line dropped 8 percent to HK$23.65 at the noon trading break Thursday. STX Pan Ocean Co., South Korea’s biggest bulk-shipping line, slipped 6.6 percent to S$3.54 in Singapore trading. Credit Suisse downgraded both companies to “neutral” from “overweight.”

The bank followed JPMorgan Chase & Co. in cutting its rating on China Cosco on concerns that share- price gains may slow after more than doubling in the past year. Record Chinese iron-ore inventories and the closure of ports in Brazil to ease congestion could cause shipping rates to ease, Credit Suisse said.

“There could be share-price downside risk near term” as dry-bulk stocks closely track rates, analysts Hung Bin Toh and Sam Lee said in a note to clients Thursday. “Dry-bulk demand and the BDI could weaken in the coming weeks,” they added, referring to the Baltic Dry index, a measure of commodity shipping costs.

U-Ming Marine Transport Corp., Taiwan’s biggest dry-bulk line, fell 5.5 percent to NT$104 in Taipei. Credit Suisse also downgraded the shipping line to “neutral.”

JPMorgan cut China Cosco and U-Ming to “neutral” from “overweight” in a May 20 report. The Baltic Dry index fell 0.2 percent Wednesday to 11,771. It has surged 82 percent in the past year, led by China’s demand for iron-ore shipments. (Bloomberg)

RP loses training ship offered by Tsuneishi

PHILIPPINE maritime authorities have failed to secure a training ship that Japanese shipyard operator Tsuneishi Heavy Industries had offered for the use of the local industry after training centers failed to hold a dialogue on how to use the vessel.

MELBOURNE—Fortescue Metals Group Ltd., controlled by Australia’s richest man Andrew Forrest, may ship as much as 23 million metric tons of iron ore this year after completing its first three shipments this month.

HONG KONG—China Cosco Holdings Co., the world’s largest operator of iron-ore and coal ships, fell the most in two months in Hong Kong trading after Credit Suisse Group downgraded the company and the wider dry-bulk sector.

MUMBAI—Shipping Corp. of India Ltd., the nation’s biggest sea carrier, will borrow $1.3 billion to purchase more vessels to meet rising trade in the country.