Shares in Danish shipping and oil conglomerate A.P. Moller-Maersk fall 2.4 percent after a Lloyd's List report that container shipping lines are dumping rates to fill expanded capacity, traders say.
"That bit of news is all it takes to push Maersk down," Danske Bank's chief of equities trading Mads Zink says.
Shipping daily Lloyd's List on Friday reports that freight forwarders have seen major shipping lines slashing rates on Asia-Europe westbound cargoes "in a desperate effort to fill up tonnage."
Lloyd's List says some buyers of container transport are saying a return to the situation seen in first half of 2009 -- when freight rates were at a historic low pushing several carriers towards bankruptcy -- is not far away.
The disastrous price war in container shipping in 2009 knocked the Maersk group to its first ever annual loss.
The Shanghai Containerised Freight Index last week showed a 46th straight decline in Asia-Europe rates, ending the week at $1,200 per twenty-foot container, its lowest since August 2009 and down from a March 2010 peak of $2,164, Lloyd's List says.
"That bit of news is all it takes to push Maersk down," Danske Bank's chief of equities trading Mads Zink says.
Shipping daily Lloyd's List on Friday reports that freight forwarders have seen major shipping lines slashing rates on Asia-Europe westbound cargoes "in a desperate effort to fill up tonnage."
Lloyd's List says some buyers of container transport are saying a return to the situation seen in first half of 2009 -- when freight rates were at a historic low pushing several carriers towards bankruptcy -- is not far away.
The disastrous price war in container shipping in 2009 knocked the Maersk group to its first ever annual loss.
The Shanghai Containerised Freight Index last week showed a 46th straight decline in Asia-Europe rates, ending the week at $1,200 per twenty-foot container, its lowest since August 2009 and down from a March 2010 peak of $2,164, Lloyd's List says.