Shipping, oil stocks rally due to news of airstrikes

[Photo by Reuters / Yonhap]

South Korean shipping and oil refining stocks showed strong gains in early trading on Friday thanks to the news that the United States and the United Kingdom launched airstrikes on targets in Yemen linked to pro-Iranian Houthi rebels.

As of 9:05 a.m., Friday, shares of Heung-A Shipping Co. rose 25.91 percent, SM Korea Line Corp. 10.94 percent, HMM 3.37 percent, and Pan Ocean Co. 1.83 percent.

Oil refining stocks including S-Oil Corp. (0.91 percent), Kukdong Oil & Chemicals Co. (3.34 percent), Hung-Gu Oil Ltd. (14.06 percent), and Joong Ang Enervis Co. (6.38 percent) were also trending upwards.

The trend is attributable to the first airstrikes by a multinational force since the Houthis began attacking merchant ships in the Red Sea at the end of 2023.

Reuters reported earlier in the day that the United States and the United Kingdom began airstrikes on Houthi-linked targets in Yemen.