July 1 deemed ‘Bloody Friday’ in shipping due to stock drops

A container ship is traveling into a port.

Friday will “Hereby [be] known in #shipping as ‘Bloody Friday,’ ” J Mintzmyer, head of research at Value Investor’s Edge, .

Stock prices for shipping giants such as Zim Integrated Shipping Services (NYSE: ZIM), Genco Shipping (NYSE: GNK) and Eagle Bulk Shipping (NASDAQ: EGLE) experienced major drops Friday.

Experts said the decreases could be due to weakening manufacturing activity in the U.S. and a weakening demand for consumer goods as the country shifts to a post-pandemic economy.

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