By CNBC (World News) | Created at 2024-10-04 07:35:24 | Updated at 2024-10-04 09:22:25
1 hour ago
An aerial view of the Dundalk Marine Terminal October 03, 2024 in Baltimore, Maryland.
Anna Moneymaker | Getty Images
Shares of Moller-Maersk slumped more than 8% Friday as European shipping companies fell on the conclusion of a U.S. port strike.
U.S. dockworkers and the United States Maritime Alliance on Thursday brokered a tentative deal on wages and extended their existing contract through Jan. 15 to provide time to negotiate a new agreement.
A prolonged strike would have provided a boost for European shippers to take a larger share of global supply chain demands.
Maersk shares were down 7.65% by 8:32 a.m. London time.
Germany's Hapag Lloyd was down 11.75%.Swiss logistics company Kuehne + Nagel also fell 1.79%.
This is a breaking news story. Please check back for updates.
