Reported 11 months ago
FTNN News reported on June 24th, 2024, that as the Taiwanese stock market plunged by 310.7 points due to pressure from leading AI chipmaker NVIDIA and TSMC's ADR, the shipping industry faced challenges from the Red Sea crisis and restrictions in the Panama Canal, causing a global rise in transportation costs. Despite this, shipping giants COSCO Shipping Lines, Evergreen Marine Corp., and Wan Hai Lines saw their stocks rise today in defiance. Wan Hai Lines surged over 3%, Evergreen rose over 2%, but slight pullbacks were observed later due to a decline in the European Line Shipping Futures Index. The global shipping crisis due to the Red Sea crisis and Panama Canal restrictions led to shortages in container markets, causing global port congestion.
Source: YAHOO