Shipping Stocks Surge Globally as US, UK Strike at Houthis

Shipping stocks, dry-bulk rates are up sharply this year
Military strikes against Yemen’s Houthi rebels lifts oil price

Shipping stocks are set for a second straight month of gains.
Photographer: Krisztian Bocsi/Bloomberg

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By Farah Elbahrawy

January 12, 2024 at 9:07 AM UTC

Updated on

January 12, 2024 at 11:40 AM UTC

This article is for subscribers only.

Shipping and energy stocks extended gains on Friday, after the US and UK launched airstrikes on Houthi targets in Yemen, sending crude higher and stoking expectations that shipping rates will remain elevated.

German shipping firm Hapag-Lloyd AG rose as much as 4.8% while A.P. Moller - Maersk A/S gained as much as 3.9%. Oslo-based Frontline Plc jumped more than 5%, while Danish peers DSV A/S, D/S Norden A/S and DFDS A/S also advanced. In US premarket trading, ZIM Integrated Shipping rose 5.8%.