Shipping stocks slide after US port strike ends

Evergreen Marine Taiwan

04/10/2024 03:21

SEOUL, Oct 4 (Reuters) - Shares in shipping companies
fell heavily across 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.
    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 and Tom Westbrook in Sydney;
Editing by Muralikumar Anantharaman)
 ((tom.westbrook@tr.com; +65 6973 8284;))