Strike at US East Coast and Gulf ports

Strike at US East Coast and Gulf ports (Photo by MARK FELIX/AFP /AFP)

 

Shipping stocks fell sharply in Europe and Asia on Friday after US port workers and operators reached a deal to end a strike at US East Coast and Gulf ports much earlier than expected.

Shares of shipping giant A.P. Morgan fell sharply in early trading in Europe on October 4. Moeller-Maersk fell 7.7%, hitting the bottom of the STOXX 600 index, while Hapag-Lloyd fell 12.4%.

Switzerland’s Kuehne und Nagel fell 1.8%.

Evergreen Marine, Wan Hai Lines and Yang Ming Marine in Taiwan fell between 8.8% and 10%, their biggest declines in months.

Japanese shipping companies Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines fell between 7% and 9%, the biggest 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.

 

Source: Phaata.com (via MarineLink)

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