Shares of Asian shipping companies fell, after their global counterparts declined after the Danish Shipping Watch newspaper published news that the Houthi rebels in Yemen had concluded a deal with selected companies to facilitate safe passage through the Red Sea for them.
A.P. Moller-Maersk and Hapag-Lloyd denied concluding any such agreement after the report was published. Hapag-Lloyd shares fell 10% on Monday, while Maersk shares fell 5.7% in Europe. ZIM Integrated shares fell by 6.3% in the United States.
Separately, Chinese shipping company Cosco intends to stop transporting goods to Israel due to Houthi threats and attacks.
Shares of Japanese companies Kawasaki Kisen, Mitsui OSK, and Nippon Yusen fell by 3.8%, 2.8%, and 2.5%, respectively.
In South Korea, the shares of HMM and Korea Line declined by 4.9% and 1.9%, respectively. Shares of Yang Ming Marine (8.7%), Wan Hai Lines (6.9%), and Evergreen Marine also fell 6.5% in Taiwan.
The share prices of listed companies in mainland China fell, including: Cosco Shipping Energy by about 4.7%, Cosco Shipping (3.4%), and China Merchants Energy Shipping (3.1%).
Turning to companies listed in Hong Kong, shares of Orient Overseas (5.5%), Pacific Basin (6.7%), CITC International (5.5%), Cosco Shipping Holdings (5.1%), and Cosco Shipping Energy (3.2%) recorded losses.
