Containers are stacked at the Portsmouth Marine Terminal (PMT), as port workers from the International Longshoremen’s Association (ILA) participate in a strike, in Portsmouth, Virginia, U.S., October 2, 2024. REUTERS
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 (2603.TW), Wan Hai Lines (2615.TW) and Yang Ming Marine (2609.TW), in Taiwan fell between 8.8% and 10% in their heaviest drops for several months.
Japanese shippers Nippon Yusen (9101.T), Kawasaki Kisen (9107.T), and Mitsui OSK Lines (9104.T), 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
