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Shipping names weaken on US led cease-fire proposal

TRANSPORTATION

{MAERSKB DC Equity -5.2%} {HLAG GY Equity - 6.2%}

  • Maersk & Hapag equities weaker after US proposed cease-fire plan for Gaza passed the UN Security council; 14 of 15 members voting in favour while Russia abstained.
  • The plan had not had public commitment from the the two key parties; Israel & Hamas. Below headlines emerging may be bringing that one step closer.
  • Reminder Maersk upgraded FY guidance recently quoting ongoing threats in red sea & supply chain bottlenecks that it said "won't improve soon". Not a curve we see value in.

"HAMAS OFFICIAL TELLS REUTERS THE GROUP ACCEPTS THE UN CEASEFIRE RESOLUTION, READY TO NEGOTIATE OVER THE DETAILS - [RTRS]"

"BLINKEN: HAMAS RESPONSE TO UN RESOLUTION 'HOPEFUL SIGN' - bbg"

"BLINKEN SAYS DECISION FROM HAMAS LEADERSHIP IS WHAT COUNTS - bbg"

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