[Market Focus] Trump Announces "Israel-Iran Ceasefire Agreement"... Shipping Stocks Weaken

On June 24, shares of shipping companies, which had recently risen on expectations of increased freight rates, plunged following news of a ceasefire agreement between Israel and Iran.

As of 9:26 a.m. on this day, STX Green Logis was trading at 9,150 won, down 2,200 won (19.38%) from the previous trading day. Heung-A Shipping also plummeted by 424 won (19.01%) to 1,806 won.

At the same time, other shipping stocks were also generally weak, with Korea Line Corporation down 5.49%, HMM down 2.97%, KSS Line down 1.93%, and Pan Ocean down 1.91%.

Previously, after Israel launched an airstrike on Iran on June 12, armed clashes between the two sides intensified daily. During this period, U.S. forces attacked three Iranian nuclear facilities with bunker busters and other weapons, while Iran fired ballistic missiles targeting a U.S. military base in Qatar.

In particular, after the Iranian parliament decided to blockade the Strait of Hormuz, there were a series of forecasts that maritime freight rates would surge.

However, on June 23 (local time), U.S. President Donald Trump announced that a ceasefire had been reached between Israel and Iran, and that armed conflict between the two countries was expected to officially end on June 25.

On this day, President Trump wrote on his own social networking service, Truth Social, "Israel and Iran have agreed to a complete and comprehensive ceasefire for 12 hours," adding, "This ceasefire will begin six hours after Israel and Iran complete their current final missions and withdraw."

President Trump stated, "This war could have lasted for years and destroyed the entire Middle East," and added, "That did not happen, and it will never happen."