| From: Julius Wong | 2/1/2024 6:19:54 PM | | | | | | Shipping, oil stocks turn lower after Israel said to agree to ceasefire deal in Gaza
Feb. 01, 2024 1:30 PM ET
By: Carl Surran, SA News Editor
60 Comments
 HeliRy
Shipping company stocks turn sharply lower following unconfirmed reports Thursday that Israel and Hamas are near agreement on a ceasefire proposal.
Qatar's Foreign Ministry said Israel had agreed to the ceasefire proposal while Hamas gave an "initial positive confirmation," The Jerusalem Post reported.
Among shipping and tanker names: Zim Integrated ( ZIM) -15.1%, Scorpio Tankers ( STNG) -6.4%, Tsakos Energy Navigation ( TRP) -5.1%, Frontline ( FRO) -4.9%, Nordic American Tankers ( NAT) -4.5%, Danaos ( DAC) -3.2%, International Seaways ( INSW) -3.1%, Teekay ( TK) -2.9%, Eagle Bulk Shipping ( EGLE) -2.6%, Star Bulk Carriers ( SBLK) -2%.
Crude oil futures flipped lower on the reports, with March WTI crude ( CL1:COM) -1.5% to $74.70/bbl and March Brent crude ( CO1:COM) -1.6% to $79.23/bbl.
The oil benchmarks had gained more than 1% earlier as the market digested comments by Federal Reserve Chairman Jerome Powell that interest rate cuts were unlikely to happen in March. |
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