Shipping companies shine as continued Red Sea attacks aid hopes for higher rates

Hoegh Autoliners ASA

02/01/2024 09:11

** Shares in shipping companies Maersk  MAERSKb.CO ,
Hapag-Lloyd  HLAG.DE  and Frontline  FRO.OL  rise more than 3-4%
as attacks on vessels in the Red Sea continue, lifting
investors' hopes for higher freight rates
    ** Despite recent Houthi attacks, Maersk continues to
schedule Suez Canal journeys for over 30 vessels, while also
placing some Red Sea routes on hold
    ** It seems that Maersk will go on sailing through the Suez
Canal, Nordnet analyst Per Hansen says, adding that investors
seem to count on rates that will "more than compensate the
higher risk and costs"
    ** Hansen points out at the same time that Maersk and
shipping stocks are among the most volatile
    ** Stifel analyst Marc Zeck believes there is nothing new to
the story -- "The unresolved issues in the Red Sea continue to
disrupt supply chains which cut into available transport
capacity and boosts freight rates," he says
    ** Nordic shipping companies Hoegh Autoliners  HAUTO.OL ,
Wallenius Wilhelmsen  WAWI.OL  and Hafnia  HAFNI.OL  rise
between 1.3% and 3% in morning trade
    ** Maersk tops Copenhagen blue chip index  .OMXC20  and
together with Frontline is among best performers on pan-European
STOXX 600 index  .STOXX 


 (Reporting by Jesus Calero and Mateusz Dobrzyniewski)
 ((Jesus.calero@thomsonreuters.com,
mateusz.dobrzyniewski@thomsonreuters.com))