Cosco Shipping
A COSCO container is seen at the Noatum container terminal near Bilboa, in Santurtzi, Spain. Reuters

Shares in Cosco Shipping, a provider of ship building and marine engineering services, jumped as much as 11 percent to a record high of S$0.61 on Tuesday in a weak broader market.

At 0300 GMT, Cosco Shipping shares advanced 9 percent to S$0.59 on the Singapore Exchange. The benchmark Straits Times index was down 0.6 percent in morning trades.

About 52 million shares changed hands compared to average volume of 5 million shares. The stock gained about 24 percent on Monday.

Investor sentiment improved after Chinese shipbuilder Yangzijiang Shipbuilding reported better-than-expected third-quarter earnings. Earlier this month Cosco announced a S$488 million cash buyout at S$1.02 per share of Singapore-listed logistics firm Cogent Holdings.

The company is engaged in operating ship repair, marine engineering and dry bulk shipping outfits in China and Singapore. It offers bulk, liquefied natural gas, and special purpose carriers, as well as oil tankers.