<\/p>\n
Shares in European shipping companies climbed on Monday as escalating Middle East tensions forced major carriers to reroute vessels, tightening global shipping capacity and fueling expectations of higher freight rates.<\/p>\n
Maersk shares rose 7%, reaching their highest level since March 2, 2023, while Hapag-Lloyd gained 4%.<\/p>\n
On Sunday, Maersk, Hapag-Lloyd and CMA CGM began rerouting ships around Africa, avoiding the Suez Canal and Bab el-Mandeb following U.S. and Israeli strikes on Iran and the closure of the Strait of Hormuz.<\/p>\n
Both Maersk and Hapag-Lloyd announced they were suspending all vessel crossings in the Strait of Hormuz until further notice.<\/p>\n
Brokerages said further disruption is likely to push freight rates higher alongside rising oil prices.<\/p>\n
Nordic tanker companies also saw gains, with Copenhagen-listed Torm and Oslo-listed Frontline up 5%.<\/p>\n
Norwegian RoRo shipper Hoegh Autoliners rose 3.6%.
Source: Investing.com<\/p>\n
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