SHIPPING STOCKS RISE, BIGGEST GAINERS IN EUROPE AT START OF 2024
Shipping companies have been the best performing stocks in Europe since the start of 2024, and were set for their biggest weekly jump in years, as the re-routing of vessels following attacks in the Red Sea boosted freight rates. Shippers have avoided the region as a result of attacks on commercial vessels in the Red Sea since mid-November and analysts at Jefferies say liners controlling more than 85% of global fleet capacity have diverted services utilising the Red Sea mostly around Africa. Sailing around Africa adds at least 10 days of travel time and that has already shown up in freight rates - Asia to Europe prices have nearly doubled since mid-December to more than $4,000 per forty-foot equivalent unit (FEU), Freightos data showed as of Jan. 3.
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