This war seems like no chance to end by 2024. Will b prolong till hopefully after US presidential election!
Shipping company shares sink on possible slowing of Red Sea hostilities
Shipping company shares are under heavy selling pressure Tuesday as investors weighted news of a possible ceasefire between Israel and Hamas, which could result in merchant vessels returning to the Red Sea and lowering freight rates. Shares in A.P. Moller-Maersk and Hapag-Lloyd , which had raised guidance along with Q1 earnings as the Red Sea conflict pushed prices up, both fell more than 6% in European afternoon trading. In early U.S. trading, ZIM Integrated Shipping -13.6%, Frontline -5.1%, Scorpio Tankers -4.4%, Torm -4.4%, Safe Bulkers -4%, Teekay Tankers -3.8%, Danaos -3.8%, Tsakos Energy Navigation -3.5%, Star Bulk Carriers -3.2%, Euronav -3%, Costamare -2.9%, International Seaways -2.8%, Nordic American Tankers -2.5%, Teekay Corp. -2.3%. A ceasefire agreement likely would lead to a reduction or complete stop of Houthi attacks on ships in the Red Sea, which could see container ships return to the key shipping lane, meaning that 4% of global fleet capacity will co
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