Shipping stocks rise in Europe after Houthi attacks

dAmico International Shipping SA

18/12/2023 08:49

MILAN, Dec 18 (Reuters) - Shipping stocks rose across
European exchanges on Monday after Iranian-backed Houthi
militants in Yemen stepped up attacks on vessels in the Red Sea,
prompting A.P. Moller-Maersk  MAERSKb.CO  and other freight
firms to avoid the route.
    Maersk rose 3.5% in early trade in Copenhagen, before paring
some of those gains. 
    By 0857 GMT, D'Amico International Shipping  B7C.MI , Hapag
Lloyd  HLAG.DE  and Hafnia  HAFNI.OL  gained between 3 and 4.4%.
Frankfurt-listed shares in Scorpio tankers  S0QA.F  and Nordic
American Tankers  NAT.N  rose 5.6 and 8.9%, respectively.
    "We believe that the decision to avoid the Red Sea route for
crude/product cargoes will increase transport time and may put
further upward pressure on freight rates if this condition
persist," Massimo Bonisoli, an analyst at Equita, said. 

 (Reporting by Danilo Masoni; Editing by Amanda Cooper)
 ((Danilo.Masoni@TR.com; Reuters Messaging:
danilo.masoni.thomsonreuters.com@reuters.net))