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Maersk shares hit three-month low on prospect of Gaza deal reopening Red Sea route
Maersk shares have fallen on expectations a Gaza ceasefire deal could eventually restore container shipping routes through the Red Sea and Suez Canal, easing a capacity crunch that has supported freight rates.
The accord raised hopes that Yemen’s Houthi rebels might halt attacks on commercial shipping in the Red Sea. Such attacks have forced shippers to reroute south of Africa since late 2023.
Shares in the Danish shipping company were down 2 percent at 10:25 GMT, touching their lowest since July 8. A Maersk spokesperson reiterated that the group will consider resuming transit through the Red Sea only once a long-term and viable security solution has been established.
“There is a clear link between the security risks in the Bab al-Mandeb Strait and the conflict in Gaza, though it remains too early to assess how progress in Gaza will influence the situation in the Red Sea,” it said. “We hope this agreement marks the first step toward ending the conflict and achieving lasting peace.”
A return to Suez would increase available shipping capacity and put further pressure on freight rates, which have already declined from peaks earlier this year, according to analysts at Sydbank and ABG Sundal Collier.
Peace is bad for business....
Houthis say monitoring ceasefire
Houthi leader Abdel-Malik al-Houthi has said the group will monitor Israel’s compliance with the Gaza ceasefire agreement.
The Yemen-based group will resume support for Gaza if Israel fails to comply, he said.
The Houthis have launched regular attacks on Israel and commercial shipping in the Red Sea in solidarity with Gaza throughout the war.
