Shipping stocks battered after US port strike ends
Tweet
Share
E-mail
Containers are stacked at the Portsmouth Marine Terminal (PMT), as port workers from the International Longshoremen's Association (ILA) participate in a strike, in Portsmouth, Virginia, U.S., October 2, 2024. REUTERS/Jose Luis Gonzalez
SEOUL/LONDON (Reuters) -Shares in shipping companies fell heavily in Europe and Asia on Friday after workers and U.S. port operators agreed a deal to end a strike on the East and Gulf coast docks far sooner than expected.
In early trading in Europe, shipping group A.P. Moeller-Maersk fell 7.7% to the bottom of the STOXX 600, while Hapag-Lloyd was down 12.4%.
Switzerland's Kuehne und Nagel was down 1.8%.
Evergreen Marine, Wan Hai Lines and Yang Ming Marine in Taiwan fell between 8.8% and 10% in their heaviest drops for several months.
Japanese shippers Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines logged drops between 7% and 9% and were the largest decliners on the Topix index.
"Investors who hoped for a short-term rebound in freight charges, which are in a downward trend, are selling as the strike ended," said Yang Ji-hwan, an analyst at Daishin Securities.
(Reporting by Jihoon Lee in Seoul, Tom Westbrook in Sydney and Lucy Raitano in London; Editing by Muralikumar Anantharaman)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Yen edges up as traders push back Fed rate hike bets
- Trump instructs Pentagon to reduce military exercises with South Korea
- Shipping slows through Strait of Hormuz after tanker attacks, data shows
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
