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Shipping Corporation, GE Shipping At Six-Month High Amid Israel-Iran Tensions, Fuel Tanker Rate Surge Hopes
- Shipping Corporation of India and Great Eastern Shipping Co. shares surged to a six-month high amid escalating tensions between Israel and Iran.
- Investors are anticipating a spike in tanker and container freight rates following Israel's military strike on Iran.
- Shipping Corporation of India shares rose nearly 15% to Rs 236.50, and GE Shipping rose 7.59% to Rs 1,049 per share.
- The rise in stock prices reflects expectations of disruptions in the supply chain and increased transportation costs along critical oil shipping routes.
- Geopolitical tensions heightened after Israel's attack on Iran's strategic location, leading to a state of emergency in Israel and threats of retaliation from Iran.
- Concerns arise over the potential closure of the critical global oil shipping checkpoint, the Strait of Hormuz, by Iran, which could impact material movement.
- Following the attack, stock markets experienced a decline, with the Nifty 50 and Sensex falling to their lowest levels in weeks.
- Oil prices in international markets surged as traders turned to safe-haven assets due to increased geopolitical tensions after Israel's air strikes in Iran.
- Brent crude August future contract reached $78.50 a barrel, the highest level since Jan. 27.
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