Shipping stocks slide after US port strike ends

SEOUL (Reuters) – Shares in shipping companies fell heavily across Asia on Friday after workers and U.S. port operators agreed 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 fell between 8.8% and 10% in their heaviest drops for several months.

Japanese shippers Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines logged drops between 7% and 9% and were the largest decliners on the index.

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