Maersk slumps 8% as the end of U.S. port strikes weighs on European shippers

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%.

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