Shipping Companies Shares Decline in Asia

SEOUL (Reuters) – Shares in shipping companies fell heavily across Asia on Friday after workers and U.S. port operators reached a deal to end a strike on the East and Gulf coast docks far sooner than expected.

Evergreen Marine, Wan Hai Lines, and Yang Ming Marine in Taiwan saw declines between 8.8% and 10%, marking their heaviest drops in several months.

Japanese shippers Nippon Yusen, Kawasaki Kisen, and Mitsui OSK Lines experienced declines between 7% and 9%, making them the largest decliners on the Topix index.

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