Shares of COSCO SHIP HOLD (01919) plummeted 8.52% on October 4, 2024, after U.S. port workers suspended a three-day strike, dashing hopes for higher freight rates due to limited supply.
The strike by U.S. dockworkers had closed container ports from Maine to Texas, raising expectations of a potential 2.5% cut in shipping supply if the strike lasted longer than seven days. This had fueled hopes of higher spot container shipping rates for companies like COSCO SHIP HOLD.
However, the International Longshoremen's Association and the U.S. Maritime Alliance reached a tentative agreement on wages, prompting the workers to return to work until January 15 while negotiations continue on other outstanding issues. The resolution of the strike threat removed the prospect of supply constraints and undercut the expected boost to freight rates.
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