Shipping stocks fall after US port strike ends By Reuters

SEOUL (Reuters) – Shares in shipping companies fell sharply in Asia on Friday after workers and U.S. port operators agreed on a deal to end a much earlier strike at East Coast and Gulf docks than expected.

Taiwan’s Evergreen Marine, Wan Hai Lines and Yang Ming Marine fell between 8.8% and 10% in their biggest drops in months.

Japanese shippers Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines were down between 7% and 9% and were the biggest decliners on the index.

“Investors who were hoping for a short-term rebound in freight rates, which are in a downward trend, are selling after the strike ended,” said Yang Ji-hwan, an analyst at Daishin Securities.