Shipping Stocks Rise as Red Sea Attacks Threaten to Squeeze Supply

(Bloomberg) — Shipping stocks rose across the globe Monday as disruption to Red Sea routes due to militant attacks on vessels was expected to drive up the prices they charge for moving goods in ocean containers.

The world’s largest shipping group, AP Moller – Maersk A/S, jumped as much as 4.7% to take a three-day rally to 18%. Germany’s Hapag-Lloyd A.G. gained 9.4% on Monday and U.S.-listed ZIM Integrated Shipping Services Ltd. soared as much as 14%. The stocks were extending rallies from last week when Maersk and Hapag announced they would halt journeys in the area.