Red Sea ship attacks: NYK Line shares rise on freight rate outlook

Japanese shipping group poised to benefit from demand for car carriers

20231218N Houthi rebels

Houthi rebels storm the vessel operated by NYK Line in this photo from Nov. 20. (Houthi Media Center via Getty/Kyodo)

SHUGO TAMURA, Nikkei staff writer

TOKYO -- Shares of Japanese shipping company Nippon Yusen, also known as NYK Line, rose as high as 7% on Monday as investors anticipated higher cargo fees resulting from vessel attacks in the Mideast.

NYK Line closed 6.2% higher at 4,155 yen, marking the eighth-biggest percentage gain on the Tokyo Stock Exchange's Prime market.

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