Maersk shares fell on Thursday to their lowest since July, as investors anticipated 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.
Israel and Hamas agreed on Wednesday to the first phase of US President Donald Trump’s plan for Gaza, raising hopes that Yemen’s Iran-aligned Houthi forces might halt attacks on commercial shipping in the Red Sea. Such attacks have forced shippers to reroute south of Africa since late 2023.
However, the Houthis have yet to comment on the ceasefire deal or signal any policy change. The group claimed responsibility for attacking a Dutch-operated vessel last week.
Maersk’s shares were down two per cent at 09:14 GMT, touching their lowest since July 8.
“Maersk is falling due to the expectation of further drops in the freight rates in connection with a higher probability of safe passage through the Red Sea,” Sydbank analyst Mikkel Emil Jensen said.
Analysts warned that even if the ceasefire holds, shipping companies were likely to wait months for assurances that attacks will not resume.
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.
Maersk did not immediately respond to a request for comment.
(Reporting by Vera Dvorakova; Writing by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen and Mark Potter)
