Global Shipping Stocks Sink After US Dockworkers Pause Strike

Maersk, Hapag, Cosco among stocks falling as operations resume
Prolonged strike would have pushed up shipping prices

Container ships anchored off the coast of Long Beach, New York, on Oct. 3.Photographer: Victor J. Blue/Bloomberg

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By Joe Easton, Haruka Iwai, and Yasutaka Tamura

October 4, 2024 at 1:41 AM UTC

Updated on

October 4, 2024 at 10:58 AM UTC

This article is for subscribers only.

Shipping stocks slumped worldwide after a strike by US dockworkers was suspended after only three days, spurring predictions of a decline in the price of transporting goods by sea.

AP Moller - Maersk A/S dropped as much as 8.6% in Copenhagen trading, its steepest descent in about eight months, while German peer Hapag-Lloyd AG plunged as much as 14%. Large falls were also seen in Asian shares such as Cosco Shipping Holdings Co. and Kawasaki Kisen Kaisha Ltd, while ZIM Integrated Shipping Services Ltd slid in New York premarket.