Indian shipping cos gain as vessels reroute after Red Sea attacks

The Great Eastern Shipping

19/12/2023 08:38

** Shares of Great Eastern Shipping  GESC.NS , Essar
Shipping  ESPL.NS , Shipping Corp  SCI.NS  rise between 7%-3%;
SCI and GESC hit record highs
    ** Companies have started diverting ships away from Red Sea
due to attacks from Yemen's Iran-backed Houthi militants
    ** French shipping group CMA CGM, Oil major BP  BP.L ,
Norwegian oil and gas firm Equinor are among cos who paused
shipping via Red Sea
    ** Expect an uptick in demand for cargoes and containers in
India as shippers strive to mitigate impact of this situation -
Christian Roeloffs, CEO of Container xChange
    ** India exports petroleum products, chemicals,
pharmaceuticals, engineering goods and textiles and apparels
through the Red Sea - Roeloffs
    ** Port operators JSW Infrastructure  JSWN.NS  and Adani
Ports  APSE.NS  were down 2.2% and 1.2%, respectively

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))