Shipping stocks battered after US port strike ends (updated)

Evergreen Marine Taiwan

04/10/2024 08:54

(Updates with European shipping shares)
       SEOUL/LONDON, Oct 4 (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  MAERSKb.CO  fell 7.7% to the bottom of the STOXX
600, while Hapag-Lloyd  HLAG.DE  was down 12.4%. 
  
        Switzerland's Kuehne und Nagel  KNIN.S  was down 1.8%. 
  
    Evergreen Marine  2603.TW , Wan Hai Lines  2615.TW  and Yang
Ming Marine  2609.TW  in Taiwan fell between 8.8% and 10% in
their heaviest drops for several months.
    Japanese shippers Nippon Yusen  9101.T , Kawasaki Kisen
 9107.T  and Mitsui OSK Lines  9104.T  logged drops between 7%
and 9% and were the largest decliners on the Topix index
 .TOPX .    
    "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)
 ((tom.westbrook@tr.com; +65 6973 8284;))