Reported 10 months ago
FTNN News reported that due to the Red Sea crisis affecting shipping schedules, the strong demand in the container market led to container shortages and global port congestion. This caused a rise in container freight rates, boosting the stock prices of 'container shipping giants' with Wan Hai seeing a 20% increase last week. However, today, the stock prices plummeted after European shipping contract rates drastically fell, dragging down Yang Ming by 9%, Evergreen by 8%, and Wan Hai by over 6%. Experts suggest that the shortage of containers may worsen in the coming weeks and months, with Maersk already adjusting profit expectations upward for the second time in a month due to escalating freight rates.
Source: YAHOO