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Maersk slumps 5% as the end of U.S. port strikes weighs on European shipping stocks

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AP Moeller - Maersk A/S,Hapag-Lloyd AG,Kuehne Und Nagel International AG

Shares of Moller-Maersk slumped more than 8% Friday as European shipping companies fell on the conclusion of a U.S. port strike.

Shares of Moller-Maersk slumped on Friday as European shipping companies fell on the conclusion of a U.S. port strike.

A prolonged strike would have provided a boost for European shippers to take a larger share of global supply chain demands.A major union for U.S. dockworkers and the United States Maritime Alliance on Thursday brokered a tentative deal on wages and extended their existing contract through Jan. 15 to provide time to negotiate a new agreement.

Thursday's deal ended a strike that had choked U.S. East Coast and Gulf Coast ports since the start of the week and threatened U.S. supply of Hapag-Lloyd said Friday that it could take around three to four weeks to clear the vessel backlog in U.S. ports.

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