Shipping stocks slide after US port strike ends

Reuters10-04

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 , Wan Hai Lines and Yang Ming Marine in Taiwan fell between 8.8% and 10% in their heaviest drops for several months.

Japanese shippers Nippon Yusen , Kawasaki Kisen

and Mitsui OSK Lines logged drops between 7% and 9% and were the largest decliners on the Topix index

"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;))

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