Shipping stocks are sinking on Friday as reports come in that U.S. ports are still having trouble following turbulence from the pandemic.
Shipping companies have been dealing with problems ever since the pandemic started. Among them are ships stuck in ports, canceled sailings, as well as increasing prices at warehouses. This all comes back to labor shortages due to Covid-19 lockdowns.
Tony Mulvey, a senior analyst at FreightWaves, told CNBC the following:
As booking levels, which indicate future import volumes, continue their descent, peak season demand on the ocean looks muted. Softer demand on the ocean is leading to carriers increasing the number of blank sailings in an effort to slow the rapid decline in Trans-Pacific spot rates.
Adding to this, shipping companies are looking to send goods to other ports. This has them targeting dropoffs at Gulf Coast and East Coast ports to avoid the backups their facing on the West Coast.
Let’s go over this and the other news affecting shipping stocks below!
Shipping Stocks Down Friday
- Golden Ocean (NASDAQ:GOGL) stock is falling 3% as of Friday afternoon. The company also released its earnings report for the second quarter of 2022 today.
- ZIM Integrated Shipping Services (NYSE:ZIM) shares are slipping 4.5% as of this writing.
- Eagle Bulk Shipping (NASDAQ:EGLE) stock is dropping 2.1% Friday afternoon.
We’ve got more than just shipping stocks news worth checking out today!
That’s due to our in-depth coverage of the stock market on Friday. A few examples include insiders buying Kohl’s (NYSE:KSS) stock, PaxMedica (NASDAQ:PXMD) making its public debut today, as well as an upcoming event from Bed Bath & Beyond (NASDAQ:BBBY). You can find out more on these matters at the following links!
More Friday Stock Market News
- Insiders Are Betting Big on Kohl’s (KSS) Stock. Here’s Why.
- Is PaxMedica (PXMD) Stock the Next Hot IPO?
- Dear BBBY Stock Fans, Mark Your Calendars for Aug. 31
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.