Oil marketing companies (OMCs) experienced a notable surge in stock prices during the morning trading session on the NSE on December 26. This upward trend was fueled by Denmark-based shipping giant Maersk’s announcement of the resumption of operations through the Red Sea route.
According to a December 25 report by Reuters, Maersk, a prominent shipping corporation, is set to recommence shipping activities in the Red Sea and the Gulf of Aden. The decision, reportedly influenced by the deployment of a US-led military operation aimed at ensuring the safety of vessels traversing these waters, marks a significant development. Earlier this month, major global shipping entities, including Maersk, had temporarily halted the use of the Red Sea-Suez Canal route due to attacks orchestrated by militants based in Yemen. These attacks were a direct response to the ongoing conflict between Israel and Hamas.
As of 12:22 pm, the shares of OMCs were in positive territory, reflecting the positive market sentiment following Maersk’s strategic move.
