Shares of oil and gas shipping companies declined Friday as vessel traffic through the Strait of Hormuz increased, easing a bottleneck that had elevated freight rates.
Frontline fell 8%, while Ardmore Shipping dropped 9%. Dorian LPG and Scorpio Tankers each declined 5%, SFL Corporation slid 4%, and Nordic American Tankers fell 2.7%. Dry bulk shippers also retreated, with Star Bulk down 7.4% and Genco Shipping falling 32%. The stocks were down sharply this week.
In Copenhagen, Maersk sold off Friday but finished the week with gains.
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