
Maersk shares plunge after US port strike ends
Following the resolution of a strike by harbor workers on the American East Coast, Maersk’s A and B shares fell over five percent on Friday morning. The several-day strike, ending with a tentative deal that includes a 62% wage increase for dockworkers over six years, had threatened to disrupt the global supply chain and was expected to boost freight rates. High rates would have benefited Maersk financially, reminiscent of when route diversions due to unrest in the Red Sea increased rates and led Maersk to raise earnings expectations for 2024. However, the brief strike did not significantly impact freight rates, with only a minor effect anticipated, according to Sydbank’s senior analyst. Before the strike, the potential for higher rates had raised investor expectations, reflected in a share price increase. In contrast, Danish logistics firm DSV saw shares climb by over seven percent after announcing a large new share issuance.