Shipping Stocks and Freight Rates Rally on Red Sea Turmoil

Tensions in the Red Sea are rising, pushing up prices Thursday for several things related to shipping.

Container carriers’ shares advanced. Maersk rose as much as 3.7% to hit a five-month high after Bank of America upgraded the stock. Hapag-Lloyd rallied too, as did the shares of Israeli carrier Zim and China’s Cosco.