Reported about 1 year ago
The UN passed an agreement on the US-backed Hamas-Israel ceasefire plan, impacting the maritime industry first, with concerns in the market about potential challenges such as oversupply of container space and rapid price drops once the crisis eases. Shipping stocks in Asia, Europe, and futures markets faced heavy selling pressure following news of the agreement. If the Red Sea crisis eases, the container shipping industry may face an oversupply of container space. Industry experts projected two scenarios with potential adjustments in shipping schedules and capacity, affecting freight rates. Consequently, major container shipping companies' stocks plummeted, including Taiwan's Yang Ming Marine Transport, Evergreen Marine, and Wan Hai Lines, as well as global players like Maersk, Hapag-Lloyd, and HMM. The situation has also caused a market correction with potential freight rate adjustments and implications for the global economy.
Source: YAHOO