By David Sachs

Hapag-Lloyd shares jumped in early trading Monday after the company said it would pause shipments through the Red Sea following an attack on one of its vessels.

At 0831 GMT, shares in the German shipping company were up 1.8% at EUR128.00 after climbing as high as EUR132.50.

A Hapag-Lloyd ship was traveling through the Bab el-Mandeb Strait on Friday when it was attacked, the company told the Wall Street Journal over the weekend. The attack occurred on a key route to the Suez canal, the company said. The canal handles around 34% of global shipping traffic, and the pause could drive up container rates in the near term, Citi analysts said Monday.

"We see the Suez Canal disruption, if prolonged, as potential upside risks to container rates likely until Chinese New Year's seasonal trough sets-in," the analysts said.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

December 18, 2023 03:50 ET (08:50 GMT)

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