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The rising geopolitical tension in the Middle East could provide some relief for the transportation and logistics sector, which benefits from higher charges, but could be inflationary when passed on to end-users.
Shipping traffic through the Suez Canal fell 20% between December 24 and January 2 compared to a year earlier, according to the PortWatch platform, after shipping companies began rerouting vessels in response to attacks by Yemen's Houthis.
Maersk shares have surged 33% in the past month, and two recent upgrades show Wall Street sees more upside.
Houthi rebel shipping disruptions reaching the Straits of Hormuz and Red Sea could double oil prices, Goldman Sachs has warned.
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. Danish shipper Maersk, which controls about one-sixth of global container trade, said on Friday its ve...