US Port Strike Suspension Sends Shipping Stocks Slumping Worldwide

📆 10/4/2024 12:05 PM
📰 BNNBloomberg

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Shipping,Strike,Global Supply Chain

Shipping stocks plummeted globally after a three-day US dockworkers' strike was suspended, with analysts predicting a decline in sea freight prices. Major shipping companies like Maersk and Hapag-Lloyd experienced significant drops, while Asian shares also saw declines.

The U.S. port strike could soon be impacting the global supply chain says John Gradek, coordinator at McGill's supply chain management program.

AP Moller - Maersk A/S dropped as much as 8.6% in Copenhagen trading, its steepest descent in about eight months, while German peer Hapag-Lloyd AG plunged as much as 14%. Large falls were also seen in Asian shares such as Cosco Shipping Holdings Co. and Kawasaki Kisen Kaisha Ltd, while ZIM Integrated Shipping Services Ltd slid in New York premarket.

“Now the strike has lasted just 72 hours we see limited knock on effects and expect freight rates will continue to normalize,” Alexia Dogani and colleagues wrote in a note. Shipping stocks in Asia slumped as news of the suspension first broke, paring gains seen over the past few weeks as industrial action neared.

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