Shipping Stocks Rise as Red Sea Attacks to Squeeze Supply

Maersk shares up 18% over three days on Suez Canal worries
Sector lagged as Covid disruption faded, interest rates rose

WATCH: Tor Svelland, Svelland Capital founder and CEO, talks about the impact of these attacks on commodity prices and the shipping industry.Source: Bloomberg

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By Joe Easton and Winnie Hsu

December 18, 2023 at 1:24 AM UTC

Updated on

December 18, 2023 at 3:32 PM UTC

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Shipping stocks rose across the globe as disruption to Red Sea routes due to militant attacks was expected to drive up the prices they charge for moving goods in ocean containers.

The world’s largest shipping group, AP Moller - Maersk A/S, jumped as much as 4.7% to take a three-day rally to 18%. Germany’s Hapag-Lloyd gained 9.4% on Monday and US-listed ZIM Integrated Shipping Services Ltd soared as much as 14%. The stocks were extending rallies from last week when Maersk and Hapag announced they would halt journeys in the area.