And so it starts, as the first of the shipping giants decides evacuation is the better part of valor. Reuters reports that shipping conglomerate Maersk has suspended shipping activities in Egypt. But fear not. The Suez Canal is open. For now. From Reuters: "Danish shipping and oil group A.P. Moller-Maersk has suspended its Egyptian port terminal operations and closed its shipping offices in the country rocked by turmoil, the company said on Monday." Surely this is bullish for stocks.
A.P. Moller-Maersk, whose Maersk Line is the world's biggest container shipping company, said the unrest in Egypt had affected its commercial and operational activities but all its employees in the country are accounted for.
"Today, there are no terminal operations in Egypt and Maersk Line, Safmarine and Damco offices are closed," A.P. Moller-Maersk said in a statement.