A new US-China trade deal has sent shares of shipping lines Zim and Maersk soaring, raising hopes for the shipping industry despite cooling spot rates.
Shares of Zim Integrated Shipping (NYSE:ZIM) rose 6% in New York and A.P. Moller-Maersk (OTCPK:AMKBY) (OTCPK:AMKAF) rose 3% in Europe after the United States and China said they had finalized a trade deal reached last month. Under the deal, China agreed to supply rare earths in exchange for the United States lifting countermeasures, raising hopes for further successful trade talks in the future.
President Trump said a deal had been struck with China after reaching consensus on trade in rare earth materials the United States needs, and China’s Ministry of Commerce confirmed that the two countries had agreed on a framework for the deal.
Both stocks are now up for the week, reversing sharp declines earlier in the week.
In contrast, container freight rates are starting to fall again after recent gains, as container traffic to the United States has slowed sharply following a surge spurred by the tariff pause. Shipping analytics firm Drewry’s World Container Index fell 9% this week, marking its second straight weekly decline after five weeks of gains.
MSN
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