[Market Focus] Shipping Stocks Rally Despite Response to Strait of Hormuz Threat
Despite U.S. President Donald Trump's pledge of military protection in response to Iran's threat to block the Strait of Hormuz, shipping stocks are showing strength.
As of 9:14 a.m. on March 4, shares of Heung-A Shipping were trading at 2,660 won, up 330 won (14.16%) from the previous trading day. At the same time, shares of Korea Line Corporation were trading at 2,910 won, up 90 won (3.19%).
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Concerns over a blockade of the strait appear to have fueled expectations of higher shipping rates. Approximately 27% of the world's maritime oil trade passes through the Strait of Hormuz. In response, President Trump said via his social media platform Truth Social on March 3 (local time), "If necessary, the U.S. Navy will begin escorting oil tankers passing through the Strait of Hormuz as soon as possible."
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