Shipping Stocks Hit on US Dockworkers' Strike Suspension [Yahoo! Finance]
A.P MOLLER-MRS UNS/ADR (AMKBY)
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Source: Yahoo! Finance
Shares of Danish shipping giant A.P. Moller-Maersk and Germany's Hapag-Lloyd dropped, following declines earlier by Asian shipping lines. The International Longshoremen's Association (ILA), which represents around 45,000 dockworkers, and United States Maritime Alliance (USMX) on Thursday struck a deal to return to talks and extend their expired contract through Jan. 15. Shares of global shipping companies tumbled Friday, as the suspension of the U.S. dockworkers' strike reduces the possibility that snarled supply chains would lead to more global trade rerouting and boost their business. The International Longshoremen's Association (ILA), which represents around 45,000 dockworkers, and United States Maritime Alliance (USMX) Thursday struck a deal to return to talks and extend their expired contract through Jan. 15. Shares of European shipping giant A.P. Moller-Maersk, which warned earlier that the strike would affect supply chains, were down 5% in Danish trading Friday. Hapag-
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