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Shipping stocks rally as Strait of Hormuz blockade fears rise

South Korean shipping stocks rallied in early trading on Monday as the Middle East crisis escalated following Iran‘s airstrikes on Israel.

Heung-A Shipping Co. shares traded at 3,225 won ($2.33) as of 9:45 a.m. on Monday, up 95 won, or 3.04 percent, from the previous trading day.

SM Korea Line Corp. also saw its shares rise 2.02 percent, or 38 won, to 1,919 won, while those of Pan Ocean Co. were up 20 won, or 0.49 percent, to 4,070 won.

Iran launched a massive airstrike on Israel with hundreds of drones and missiles on Saturday in retaliation for a recent Israeli attack on its consulate in Syria, raising fears of a fifth Middle East war.

Amid reports suggesting that Israel will retaliate as early as Monday (local time), there are also concerns about Iran’s potential blockade of the Strait of Hormuz, a crucial passageway oil exports from major oil-producing countries. Approximately 20 percent of global oil exports passes through this route.
Source: Pulse

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